# EDGAR Filing Document

**Accession Number:** 0001738074
**File Stem:** 0001410368-25-032204
**Filing Date:** 2025-11
**Character Count:** 1254121
**Document Hash:** dfa90416c9bdf121ddc82b3e9a2eb3d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032204.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032204

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds IV
- **CENTRAL INDEX KEY:** 0001738074

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23341
- **FILM NUMBER:** 251525946

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

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

## Series and Classes Contracts Data

### BlackRock Systematic Multi-Strategy Fund (Series ID: S000062369)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000202321 | Investor A Shares    |  |
| C000202322 | Investor C Shares    |  |
| C000202323 | Institutional Shares |  |
| C000222461 | Class K              |  |

## Nport-Ex

September 30, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

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

---

| |
|:---|
| **BlackRock Funds IV** |
| • BlackRock Systematic Multi-Strategy Fund |

---

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

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

------

Schedule of Investments (unaudited)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| Affirm Asset Securitization Trust<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 6.16%, 02/15/29 | 5230 | &nbsp;&nbsp; $5252577 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 6.89%, 02/15/29 | 4170 | &nbsp;&nbsp; 4194715 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 5.93%, 02/15/29 | 3640 | &nbsp;&nbsp; 3654996 |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 5.06%, 09/15/29 | 4500 | &nbsp;&nbsp; 4505592 |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class D, 5.50%, 09/15/29 | 5500 | &nbsp;&nbsp; 5509302 |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class B, 6.34%, 05/15/29 | 1497 | &nbsp;&nbsp; 1498517 |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class C, 6.57%, 05/15/29 | 3333 | &nbsp;&nbsp; 3344112 |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class D, 7.29%, 05/15/29 | 6900 | &nbsp;&nbsp; 6997235 |
| &nbsp;&nbsp;&nbsp; Series 2024-X2, Class D, 6.08%, 12/17/29 | 3125 | &nbsp;&nbsp; 3156033 |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class B, 5.19%, 04/15/30 | 8600 | &nbsp;&nbsp; 8632530 |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class C, 5.34%, 04/15/30 | 4775 | &nbsp;&nbsp; 4784717 |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class D, 6.11%, 04/15/30 | 8000 | &nbsp;&nbsp; 8040817 |
| Affirm Master Trust<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.13%, 02/15/33 | 2500 | &nbsp;&nbsp; 2518044 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.28%, 02/15/33 | 3410 | &nbsp;&nbsp; 3431879 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.26%, 07/15/33 | 8100 | &nbsp;&nbsp; 8158747 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.60%, 07/15/33 | 3750 | &nbsp;&nbsp; 3776932 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class D, 5.09%, 10/16/34 | 7500 | &nbsp;&nbsp; 7470027 |
| &nbsp;&nbsp;&nbsp; Avant Loans Funding Trust, Series 2025-REV1, <br> Class C, 6.06%, 05/15/34<sup>(a)</sup><br>| 2110 | &nbsp;&nbsp; 2133962 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2021-N2, <br> Class B, 0.75%, 03/10/28<br>| 228 | &nbsp;&nbsp; 221975 |
| &nbsp;&nbsp;&nbsp; NetCredit Combined Receivables A LLC, <br> Series 2025-A, Class A, 7.29%, 10/20/31<sup>(a)</sup><br>| 8944 | &nbsp;&nbsp; 9119945 |
| NetCredit Combined Receivables LLC<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 7.78%, 12/20/27 | 3910 | &nbsp;&nbsp; 3914629 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 7.43%, 10/21/30 | 1478 | &nbsp;&nbsp; 1482490 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 8.31%, 10/21/30 | 6000 | &nbsp;&nbsp; 6130040 |
| &nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, Series 2019-2A, <br> Class A, 3.14%, 10/14/36<sup>(a)</sup><br>| 500 | &nbsp;&nbsp; 490486 |
| Sunbit Asset Securitization Trust5.36%, 07/15/30<sup>(a)</sup> | 8000 | &nbsp;&nbsp; 8033366 |
| **Total Asset-Backed Securities — 1.5%** <br>**(Cost: $115,672,850)** | **Total Asset-Backed Securities — 1.5%** <br>**(Cost: $115,672,850)** | &nbsp;&nbsp; 116453665 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |  |
| AeroVironment, Inc.<sup>(b)</sup> | 248 | &nbsp;&nbsp; 78093 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 148 | &nbsp;&nbsp; 106211 |
| BWX Technologies, Inc. | 390 | &nbsp;&nbsp; 71904 |
| Curtiss-Wright Corp. | 137 | &nbsp;&nbsp; 74383 |
| General Dynamics Corp. | 456 | &nbsp;&nbsp; 155496 |
| General Electric Co. | 1408 | &nbsp;&nbsp; 423555 |
| HEICO Corp. | 282 | &nbsp;&nbsp; 91035 |
| Howmet Aerospace, Inc. | 735 | &nbsp;&nbsp; 144229 |
| Kratos Defense & Security Solutions, Inc.<sup>(b)</sup> | 866 | &nbsp;&nbsp; 79126 |
| L3Harris Technologies, Inc. | 27550 | &nbsp;&nbsp; 8414045 |
| Loar Holdings, Inc.<sup>(b)</sup> | 730 | &nbsp;&nbsp; 58400 |
| Lockheed Martin Corp. | 16118 | &nbsp;&nbsp; 8046267 |
| Northrop Grumman Corp. | 11144 | &nbsp;&nbsp; 6790262 |
| RTX Corp. | 1835 | &nbsp;&nbsp; 307050 |
| TransDigm Group, Inc. | 107 | &nbsp;&nbsp; 141028 |
| Woodward, Inc. | 253 | &nbsp;&nbsp; 63936 |
|  |  | &nbsp;&nbsp; 25045020 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |  |
| CH Robinson Worldwide, Inc. | 510 | &nbsp;&nbsp; $67524 |
| Expeditors International of Washington, Inc. | 551 | &nbsp;&nbsp; 67547 |
|  |  | &nbsp;&nbsp; 135071 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |  |
| Gentex Corp. | 1917 | &nbsp;&nbsp; 54251 |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** |  |
| Tesla, Inc.<sup>(b)</sup> | 3353 | &nbsp;&nbsp; 1491146 |
| **Beverages — 0.1%** | **Beverages — 0.1%** |  |
| Brown-Forman Corp., Class B | 2150 | &nbsp;&nbsp; 58222 |
| Coca-Cola Co. | 5736 | &nbsp;&nbsp; 380412 |
| Constellation Brands, Inc., Class A | 498 | &nbsp;&nbsp; 67066 |
| Keurig Dr. Pepper, Inc. | 3248 | &nbsp;&nbsp; 82856 |
| Monster Beverage Corp.<sup>(b)</sup> | 1931 | &nbsp;&nbsp; 129976 |
| PepsiCo, Inc. | 55535 | &nbsp;&nbsp; 7799335 |
|  |  | &nbsp;&nbsp; 8517867 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |  |
| AbbVie, Inc. | 36919 | &nbsp;&nbsp; 8548225 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 255 | &nbsp;&nbsp; 116280 |
| Amgen, Inc. | 27667 | &nbsp;&nbsp; 7807627 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 1050 | &nbsp;&nbsp; 56868 |
| Exelixis, Inc.<sup>(b)</sup> | 1592 | &nbsp;&nbsp; 65750 |
| Gilead Sciences, Inc. | 70033 | &nbsp;&nbsp; 7773663 |
| Incyte Corp.<sup>(b)</sup> | 785 | &nbsp;&nbsp; 66576 |
| Insmed, Inc.<sup>(b)</sup> | 588 | &nbsp;&nbsp; 84678 |
| Natera, Inc.<sup>(b)</sup> | 438 | &nbsp;&nbsp; 70505 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 458 | &nbsp;&nbsp; 64294 |
| Regeneron Pharmaceuticals, Inc. | 203 | &nbsp;&nbsp; 114141 |
| Roivant Sciences Ltd.<sup>(b)</sup> | 4637 | &nbsp;&nbsp; 70158 |
| United Therapeutics Corp.<sup>(b)</sup> | 196 | &nbsp;&nbsp; 82165 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 417 | &nbsp;&nbsp; 163314 |
|  |  | &nbsp;&nbsp; 25084244 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |  |
| Amazon.com, Inc.<sup>(b)</sup> | 5266 | &nbsp;&nbsp; 1156256 |
| **Building Products — 0.0%** | **Building Products — 0.0%** |  |
| Allegion PLC | 374 | &nbsp;&nbsp; 66329 |
| Armstrong World Industries, Inc. | 288 | &nbsp;&nbsp; 56451 |
| Carlisle Cos., Inc. | 171 | &nbsp;&nbsp; 56252 |
| CSW Industrials, Inc. | 197 | &nbsp;&nbsp; 47822 |
| Lennox International, Inc. | 120 | &nbsp;&nbsp; 63523 |
| Masco Corp. | 863 | &nbsp;&nbsp; 60747 |
| Simpson Manufacturing Co., Inc. | 290 | &nbsp;&nbsp; 48563 |
| Trane Technologies PLC | 363 | &nbsp;&nbsp; 153171 |
| Zurn Elkay Water Solutions Corp. | 1225 | &nbsp;&nbsp; 57612 |
|  |  | &nbsp;&nbsp; 610470 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| FactSet Research Systems, Inc. | 170 | &nbsp;&nbsp; 48703 |
| Moody's Corp. | 301 | &nbsp;&nbsp; 143421 |
| MSCI, Inc., Class A | 174 | &nbsp;&nbsp; 98729 |
| S&P Global, Inc. | 450 | &nbsp;&nbsp; 219020 |
|  |  | &nbsp;&nbsp; 509873 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** |  |
| Corteva, Inc. | 1438 | &nbsp;&nbsp; 97252 |
| DuPont de Nemours, Inc. | 1088 | &nbsp;&nbsp; 84755 |
| Ecolab, Inc. | 498 | &nbsp;&nbsp; 136382 |
| Linde PLC | 639 | &nbsp;&nbsp; 303525 |
| NewMarket Corp. | 69 | &nbsp;&nbsp; 57147 |
| RPM International, Inc. | 521 | &nbsp;&nbsp; 61415 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** |  |
| Sensient Technologies Corp. | 476 | &nbsp;&nbsp; $44673 |
| Sherwin-Williams Co. | 410 | &nbsp;&nbsp; 141967 |
|  |  | &nbsp;&nbsp; 927116 |
| **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |  |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup> | 560 | &nbsp;&nbsp; 53133 |
| Cintas Corp. | 705 | &nbsp;&nbsp; 144708 |
| Clean Harbors, Inc.<sup>(b)</sup> | 263 | &nbsp;&nbsp; 61074 |
| Copart, Inc.<sup>(b)</sup> | 2116 | &nbsp;&nbsp; 95156 |
| GFL Environmental, Inc. | 1440 | &nbsp;&nbsp; 68227 |
| Republic Services, Inc. | 576 | &nbsp;&nbsp; 132180 |
| Rollins, Inc. | 1388 | &nbsp;&nbsp; 81531 |
| Veralto Corp. | 744 | &nbsp;&nbsp; 79318 |
| Waste Connections, Inc. | 567 | &nbsp;&nbsp; 99679 |
| Waste Management, Inc. | 696 | &nbsp;&nbsp; 153698 |
|  |  | &nbsp;&nbsp; 968704 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |  |
| Arista Networks, Inc.<sup>(b)</sup> | 1783 | &nbsp;&nbsp; 259801 |
| Cisco Systems, Inc. | 122621 | &nbsp;&nbsp; 8389729 |
| Motorola Solutions, Inc. | 294 | &nbsp;&nbsp; 134443 |
|  |  | &nbsp;&nbsp; 8783973 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| API Group Corp.<sup>(b)</sup> | 1832 | &nbsp;&nbsp; 62966 |
| EMCOR Group, Inc. | 126 | &nbsp;&nbsp; 81842 |
| Quanta Services, Inc. | 292 | &nbsp;&nbsp; 121011 |
| Stantec, Inc. | 552 | &nbsp;&nbsp; 59506 |
| Valmont Industries, Inc. | 154 | &nbsp;&nbsp; 59710 |
|  |  | &nbsp;&nbsp; 385035 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |  |
| CRH PLC | 1187 | &nbsp;&nbsp; 142321 |
| Eagle Materials, Inc. | 234 | &nbsp;&nbsp; 54532 |
| Martin Marietta Materials, Inc. | 147 | &nbsp;&nbsp; 92651 |
| Vulcan Materials Co. | 313 | &nbsp;&nbsp; 96285 |
|  |  | &nbsp;&nbsp; 385789 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |  |
| Albertsons Cos., Inc., Class A | 17898 | &nbsp;&nbsp; 313394 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 643 | &nbsp;&nbsp; 59960 |
| Casey's General Stores, Inc. | 137 | &nbsp;&nbsp; 77449 |
| Costco Wholesale Corp. | 558 | &nbsp;&nbsp; 516501 |
| Dollar General Corp. | 39951 | &nbsp;&nbsp; 4128936 |
| Kroger Co. | 117303 | &nbsp;&nbsp; 7907395 |
| Performance Food Group Co.<sup>(b)</sup> | 646 | &nbsp;&nbsp; 67210 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 452 | &nbsp;&nbsp; 49178 |
| Sysco Corp. | 41044 | &nbsp;&nbsp; 3379563 |
| U.S. Foods Holding Corp.<sup>(b)</sup> | 877 | &nbsp;&nbsp; 67196 |
| Walmart, Inc. | 9826 | &nbsp;&nbsp; 1012667 |
|  |  | &nbsp;&nbsp; 17579449 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |  |
| Amcor PLC | 439502 | &nbsp;&nbsp; 3595126 |
| AptarGroup, Inc. | 418 | &nbsp;&nbsp; 55870 |
| Avery Dennison Corp. | 5949 | &nbsp;&nbsp; 964749 |
| Packaging Corp. of America | 319 | &nbsp;&nbsp; 69520 |
|  |  | &nbsp;&nbsp; 4685265 |
| **Distributors — 0.1%** | **Distributors — 0.1%** |  |
| Genuine Parts Co. | 34293 | &nbsp;&nbsp; 4753010 |
| LKQ Corp. | 40167 | &nbsp;&nbsp; 1226700 |
|  |  | &nbsp;&nbsp; 5979710 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |  |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 270 | &nbsp;&nbsp; 59270 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |  |
| H&R Block, Inc. | 127239 | &nbsp;&nbsp; $6434476 |
| Stride, Inc.<sup>(b)</sup> | 340 | &nbsp;&nbsp; 50640 |
|  |  | &nbsp;&nbsp; 6544386 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |  |
| WP Carey, Inc. | 115199 | &nbsp;&nbsp; 7783996 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |  |
| AT&T, Inc. | 275201 | &nbsp;&nbsp; 7771676 |
| TELUS Corp. | 4665 | &nbsp;&nbsp; 73567 |
| Verizon Communications, Inc. | 5958 | &nbsp;&nbsp; 261854 |
|  |  | &nbsp;&nbsp; 8107097 |
| **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |  |
| Alliant Energy Corp. | 1041 | &nbsp;&nbsp; 70174 |
| American Electric Power Co., Inc. | 73626 | &nbsp;&nbsp; 8282925 |
| Duke Energy Corp. | 66370 | &nbsp;&nbsp; 8213288 |
| Emera, Inc. | 1363 | &nbsp;&nbsp; 65369 |
| Entergy Corp. | 1042 | &nbsp;&nbsp; 97104 |
| Evergy, Inc. | 33366 | &nbsp;&nbsp; 2536483 |
| Exelon Corp. | 169813 | &nbsp;&nbsp; 7643283 |
| FirstEnergy Corp. | 127851 | &nbsp;&nbsp; 5858133 |
| Fortis, Inc./Canada | 1559 | &nbsp;&nbsp; 79104 |
| IDACORP, Inc. | 9527 | &nbsp;&nbsp; 1258993 |
| OGE Energy Corp. | 70626 | &nbsp;&nbsp; 3267865 |
| Pinnacle West Capital Corp. | 27061 | &nbsp;&nbsp; 2426289 |
| PPL Corp. | 2153 | &nbsp;&nbsp; 80006 |
| Southern Co. | 87270 | &nbsp;&nbsp; 8270578 |
| Xcel Energy, Inc. | 1333 | &nbsp;&nbsp; 107506 |
|  |  | &nbsp;&nbsp; 48257100 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |  |
| AMETEK, Inc. | 520 | &nbsp;&nbsp; 97760 |
| Eaton Corp. PLC | 574 | &nbsp;&nbsp; 214819 |
| Hubbell, Inc. | 171 | &nbsp;&nbsp; 73583 |
| nVent Electric PLC | 689 | &nbsp;&nbsp; 67963 |
|  |  | &nbsp;&nbsp; 454125 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |  |
| Amphenol Corp., Class A | 1833 | &nbsp;&nbsp; 226834 |
| Badger Meter, Inc. | 289 | &nbsp;&nbsp; 51609 |
| Corning, Inc. | 1624 | &nbsp;&nbsp; 133217 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 142 | &nbsp;&nbsp; 83218 |
| Trimble, Inc.<sup>(b)</sup> | 820 | &nbsp;&nbsp; 66953 |
|  |  | &nbsp;&nbsp; 561831 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** |  |
| Electronic Arts, Inc. | 567 | &nbsp;&nbsp; 114364 |
| Netflix, Inc.<sup>(b)</sup> | 526 | &nbsp;&nbsp; 630632 |
| Spotify Technology SA<sup>(b)</sup> | 306 | &nbsp;&nbsp; 213588 |
| TKO Group Holdings, Inc., Class A | 469 | &nbsp;&nbsp; 94719 |
| Walt Disney Co. | 2513 | &nbsp;&nbsp; 287739 |
|  |  | &nbsp;&nbsp; 1341042 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** |  |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 2440 | &nbsp;&nbsp; 1226685 |
| Jack Henry & Associates, Inc. | 376 | &nbsp;&nbsp; 55998 |
| Mastercard, Inc., Class A | 1155 | &nbsp;&nbsp; 656975 |
| Visa, Inc., A Shares | 2478 | &nbsp;&nbsp; 845940 |
|  |  | &nbsp;&nbsp; 2785598 |
| **Food Products — 0.4%** | **Food Products — 0.4%** |  |
| Campbell's Co. | 114872 | &nbsp;&nbsp; 3627658 |
| General Mills, Inc. | 156738 | &nbsp;&nbsp; 7902730 |
| Hershey Co. | 14933 | &nbsp;&nbsp; 2793218 |
| Hormel Foods Corp. | 308040 | &nbsp;&nbsp; 7620909 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** |  |
| Ingredion, Inc. | 3770 | &nbsp;&nbsp; $460355 |
| Kraft Heinz Co. | 3110 | &nbsp;&nbsp; 80984 |
| McCormick & Co., Inc. | 982 | &nbsp;&nbsp; 65706 |
| Mondelez International, Inc., Class A | 129338 | &nbsp;&nbsp; 8079745 |
| Post Holdings, Inc.<sup>(b)</sup> | 490 | &nbsp;&nbsp; 52665 |
| Tyson Foods, Inc., Class A | 68578 | &nbsp;&nbsp; 3723785 |
|  |  | &nbsp;&nbsp; 34407755 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |  |
| Atmos Energy Corp. | 469 | &nbsp;&nbsp; 80082 |
| National Fuel Gas Co. | 653 | &nbsp;&nbsp; 60317 |
|  |  | &nbsp;&nbsp; 140399 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Canadian National Railway Co. | 1220 | &nbsp;&nbsp; 115046 |
| Canadian Pacific Kansas City Ltd. | 1685 | &nbsp;&nbsp; 125516 |
| CSX Corp. | 3628 | &nbsp;&nbsp; 128830 |
| Old Dominion Freight Line, Inc. | 565 | &nbsp;&nbsp; 79541 |
| Union Pacific Corp. | 919 | &nbsp;&nbsp; 217224 |
|  |  | &nbsp;&nbsp; 666157 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |  |
| Abbott Laboratories | 2389 | &nbsp;&nbsp; 319983 |
| Alcon AG | 1160 | &nbsp;&nbsp; 86432 |
| Becton Dickinson & Co. | 11447 | &nbsp;&nbsp; 2142535 |
| Boston Scientific Corp.<sup>(b)</sup> | 2158 | &nbsp;&nbsp; 210685 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 1269 | &nbsp;&nbsp; 98690 |
| Glaukos Corp.<sup>(b)</sup> | 536 | &nbsp;&nbsp; 43711 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 930 | &nbsp;&nbsp; 53261 |
| Hologic, Inc.<sup>(b)</sup> | 967 | &nbsp;&nbsp; 65263 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 165 | &nbsp;&nbsp; 105417 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 498 | &nbsp;&nbsp; 222720 |
| Medtronic PLC | 84471 | &nbsp;&nbsp; 8045018 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 591 | &nbsp;&nbsp; 49189 |
| Penumbra, Inc.<sup>(b)</sup> | 225 | &nbsp;&nbsp; 56997 |
| ResMed, Inc. | 344 | &nbsp;&nbsp; 94163 |
| STERIS PLC | 307 | &nbsp;&nbsp; 75964 |
| Stryker Corp. | 563 | &nbsp;&nbsp; 208124 |
|  |  | &nbsp;&nbsp; 11878152 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |  |
| Chemed Corp. | 121 | &nbsp;&nbsp; 54176 |
| Cigna Group | 24857 | &nbsp;&nbsp; 7165030 |
| Encompass Health Corp. | 495 | &nbsp;&nbsp; 62875 |
| Ensign Group, Inc. | 340 | &nbsp;&nbsp; 58742 |
| Labcorp Holdings, Inc. | 266 | &nbsp;&nbsp; 76358 |
| Quest Diagnostics, Inc. | 389 | &nbsp;&nbsp; 74136 |
|  |  | &nbsp;&nbsp; 7491317 |
| **Health Care Technology**<sup>(b)</sup> **— 0.0%** | **Health Care Technology**<sup>(b)</sup> **— 0.0%** |  |
| Doximity, Inc., Class A | 899 | &nbsp;&nbsp; 65762 |
| Veeva Systems, Inc., Class A | 353 | &nbsp;&nbsp; 105162 |
|  |  | &nbsp;&nbsp; 170924 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |  |
| Booking Holdings, Inc. | 46 | &nbsp;&nbsp; 248366 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 2683 | &nbsp;&nbsp; 105147 |
| Darden Restaurants, Inc. | 32628 | &nbsp;&nbsp; 6211066 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 681 | &nbsp;&nbsp; 185225 |
| Hilton Worldwide Holdings, Inc. | 453 | &nbsp;&nbsp; 117526 |
| Marriott International, Inc., Class A | 489 | &nbsp;&nbsp; 127355 |
| McDonald's Corp. | 994 | &nbsp;&nbsp; 302067 |
| Restaurant Brands International, Inc. | 1261 | &nbsp;&nbsp; 80881 |
| Royal Caribbean Cruises Ltd. | 451 | &nbsp;&nbsp; 145935 |
| Texas Roadhouse, Inc. | 355 | &nbsp;&nbsp; 58983 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |  |
| Vail Resorts, Inc. | 16396 | &nbsp;&nbsp; $2452350 |
| Viking Holdings Ltd.<sup>(b)</sup> | 1262 | &nbsp;&nbsp; 78446 |
| Yum! Brands, Inc. | 650 | &nbsp;&nbsp; 98800 |
|  |  | &nbsp;&nbsp; 10212147 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** |  |
| DR Horton, Inc. | 609 | &nbsp;&nbsp; 103207 |
| Garmin Ltd. | 421 | &nbsp;&nbsp; 103659 |
| NVR, Inc.<sup>(b)</sup> | 9 | &nbsp;&nbsp; 72312 |
| PulteGroup, Inc. | 578 | &nbsp;&nbsp; 76371 |
|  |  | &nbsp;&nbsp; 355549 |
| **Household Products — 0.3%** | **Household Products — 0.3%** |  |
| Church & Dwight Co., Inc. | 796 | &nbsp;&nbsp; 69754 |
| Clorox Co. | 528 | &nbsp;&nbsp; 65102 |
| Colgate-Palmolive Co. | 57328 | &nbsp;&nbsp; 4582800 |
| Kimberly-Clark Corp. | 61164 | &nbsp;&nbsp; 7605132 |
| Procter & Gamble Co. | 52057 | &nbsp;&nbsp; 7998558 |
|  |  | &nbsp;&nbsp; 20321346 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |  |
| Honeywell International, Inc. | 946 | &nbsp;&nbsp; 199133 |
| **Insurance — 0.1%** | **Insurance — 0.1%** |  |
| Old Republic International Corp. | 134218 | &nbsp;&nbsp; 5700238 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |  |
| Alphabet, Inc., Class A | 5615 | &nbsp;&nbsp; 1365007 |
| Meta Platforms, Inc., Class A | 1593 | &nbsp;&nbsp; 1169867 |
| Reddit, Inc., Class A<sup>(b)</sup> | 412 | &nbsp;&nbsp; 94756 |
|  |  | &nbsp;&nbsp; 2629630 |
| **IT Services — 0.1%** | **IT Services — 0.1%** |  |
| Amdocs Ltd. | 91933 | &nbsp;&nbsp; 7543103 |
| CGI, Inc., Class A | 758 | &nbsp;&nbsp; 67561 |
| Cognizant Technology Solutions Corp., Class A | 1225 | &nbsp;&nbsp; 82161 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 481 | &nbsp;&nbsp; 65815 |
| International Business Machines Corp. | 1253 | &nbsp;&nbsp; 353546 |
| Shopify, Inc., Class A<sup>(b)</sup> | 1815 | &nbsp;&nbsp; 269727 |
| VeriSign, Inc. | 283 | &nbsp;&nbsp; 79118 |
|  |  | &nbsp;&nbsp; 8461031 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |  |
| Agilent Technologies, Inc. | 708 | &nbsp;&nbsp; 90872 |
| Bio-Techne Corp. | 1027 | &nbsp;&nbsp; 57132 |
| Danaher Corp. | 1057 | &nbsp;&nbsp; 209561 |
| QIAGEN NV | 1250 | &nbsp;&nbsp; 55850 |
| Thermo Fisher Scientific, Inc. | 532 | &nbsp;&nbsp; 258031 |
| West Pharmaceutical Services, Inc. | 274 | &nbsp;&nbsp; 71878 |
|  |  | &nbsp;&nbsp; 743324 |
| **Machinery — 0.0%** | **Machinery — 0.0%** |  |
| Allison Transmission Holdings, Inc. | 637 | &nbsp;&nbsp; 54069 |
| Cummins, Inc. | 277 | &nbsp;&nbsp; 116997 |
| Donaldson Co., Inc. | 723 | &nbsp;&nbsp; 59178 |
| Dover Corp. | 427 | &nbsp;&nbsp; 71236 |
| Federal Signal Corp. | 458 | &nbsp;&nbsp; 54497 |
| Graco, Inc. | 745 | &nbsp;&nbsp; 63295 |
| IDEX Corp. | 383 | &nbsp;&nbsp; 62337 |
| Illinois Tool Works, Inc. | 513 | &nbsp;&nbsp; 133770 |
| Ingersoll Rand, Inc. | 1025 | &nbsp;&nbsp; 84686 |
| ITT, Inc. | 367 | &nbsp;&nbsp; 65605 |
| Kadant, Inc. | 158 | &nbsp;&nbsp; 47018 |
| Lincoln Electric Holdings, Inc. | 256 | &nbsp;&nbsp; 60372 |
| Mueller Industries, Inc. | 619 | &nbsp;&nbsp; 62587 |
| Nordson Corp. | 278 | &nbsp;&nbsp; 63092 |
| Otis Worldwide Corp. | 996 | &nbsp;&nbsp; 91064 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** |  |
| Parker-Hannifin Corp. | 207 | &nbsp;&nbsp; $156937 |
| Pentair PLC | 619 | &nbsp;&nbsp; 68560 |
| RBC Bearings, Inc.<sup>(b)</sup> | 161 | &nbsp;&nbsp; 62837 |
| Snap-on, Inc. | 210 | &nbsp;&nbsp; 72771 |
| SPX Technologies, Inc.<sup>(b)</sup> | 303 | &nbsp;&nbsp; 56594 |
| Watts Water Technologies, Inc., Class A | 206 | &nbsp;&nbsp; 57532 |
| Westinghouse Air Brake Technologies Corp. | 441 | &nbsp;&nbsp; 88407 |
| Xylem, Inc./New York | 613 | &nbsp;&nbsp; 90418 |
|  |  | &nbsp;&nbsp; 1743859 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |  |
| Kirby Corp.<sup>(b)</sup> | 560 | &nbsp;&nbsp; 46732 |
| **Media — 0.1%** | **Media — 0.1%** |  |
| Comcast Corp., Class A | 231418 | &nbsp;&nbsp; 7271154 |
| Fox Corp., Class A | 1284 | &nbsp;&nbsp; 80969 |
| New York Times Co., Class A | 988 | &nbsp;&nbsp; 56711 |
| News Corp., Class A | 2312 | &nbsp;&nbsp; 71001 |
|  |  | &nbsp;&nbsp; 7479835 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |  |
| Agnico Eagle Mines Ltd. | 924 | &nbsp;&nbsp; 155749 |
| Alamos Gold, Inc., Class A | 2059 | &nbsp;&nbsp; 71777 |
| Carpenter Technology Corp. | 246 | &nbsp;&nbsp; 60403 |
| Franco-Nevada Corp. | 475 | &nbsp;&nbsp; 105882 |
| Reliance, Inc. | 223 | &nbsp;&nbsp; 62625 |
| Royal Gold, Inc. | 339 | &nbsp;&nbsp; 67997 |
|  |  | &nbsp;&nbsp; 524433 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |  |
| Ameren Corp. | 805 | &nbsp;&nbsp; 84026 |
| CenterPoint Energy, Inc. | 2039 | &nbsp;&nbsp; 79113 |
| CMS Energy Corp. | 95283 | &nbsp;&nbsp; 6980433 |
| Consolidated Edison, Inc. | 79997 | &nbsp;&nbsp; 8041299 |
| NiSource, Inc. | 1654 | &nbsp;&nbsp; 71618 |
| Public Service Enterprise Group, Inc. | 1152 | &nbsp;&nbsp; 96146 |
| Sempra | 1384 | &nbsp;&nbsp; 124532 |
| WEC Energy Group, Inc. | 73619 | &nbsp;&nbsp; 8436001 |
|  |  | &nbsp;&nbsp; 23913168 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |  |
| Antero Midstream Corp. | 146553 | &nbsp;&nbsp; 2848990 |
| Cameco Corp. | 1107 | &nbsp;&nbsp; 92833 |
| Cheniere Energy, Inc. | 452 | &nbsp;&nbsp; 106211 |
| Chevron Corp. | 46780 | &nbsp;&nbsp; 7264466 |
| DT Midstream, Inc.<sup>(b)</sup> | 785 | &nbsp;&nbsp; 88752 |
| Enbridge, Inc. | 3533 | &nbsp;&nbsp; 178275 |
| EOG Resources, Inc. | 1031 | &nbsp;&nbsp; 115596 |
| Expand Energy Corp. | 772 | &nbsp;&nbsp; 82017 |
| Exxon Mobil Corp. | 77383 | &nbsp;&nbsp; 8724933 |
| Kinder Morgan, Inc. | 154593 | &nbsp;&nbsp; 4376528 |
| Pembina Pipeline Corp. | 1932 | &nbsp;&nbsp; 78169 |
| TC Energy Corp. | 2113 | &nbsp;&nbsp; 114969 |
| Viper Energy, Inc., Class A | 1626 | &nbsp;&nbsp; 62146 |
| Williams Cos., Inc. | 82414 | &nbsp;&nbsp; 5220927 |
|  |  | &nbsp;&nbsp; 29354812 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |  |
| West Fraser Timber Co. Ltd. | 720 | &nbsp;&nbsp; 48946 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |  |
| Bristol-Myers Squibb Co. | 166470 | &nbsp;&nbsp; 7507797 |
| Corcept Therapeutics, Inc.<sup>(b)</sup> | 799 | &nbsp;&nbsp; 66405 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |  |
| Eli Lilly & Co. | 1184 | &nbsp;&nbsp; $903392 |
| Johnson & Johnson | 47065 | &nbsp;&nbsp; 8726792 |
| Merck & Co., Inc. | 96099 | &nbsp;&nbsp; 8065589 |
| Zoetis, Inc., Class A | 814 | &nbsp;&nbsp; 119105 |
|  |  | &nbsp;&nbsp; 25389080 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** |  |
| Automatic Data Processing, Inc. | 27149 | &nbsp;&nbsp; 7968231 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 1298 | &nbsp;&nbsp; 57151 |
| Jacobs Solutions, Inc. | 456 | &nbsp;&nbsp; 68336 |
| Leidos Holdings, Inc. | 409 | &nbsp;&nbsp; 77285 |
| Paychex, Inc. | 771 | &nbsp;&nbsp; 97732 |
| Thomson Reuters Corp. | 804 | &nbsp;&nbsp; 124885 |
| Verisk Analytics, Inc. | 337 | &nbsp;&nbsp; 84759 |
|  |  | &nbsp;&nbsp; 8478379 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| CoStar Group, Inc.<sup>(b)</sup> | 985 | &nbsp;&nbsp; 83104 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |  |
| Mid-America Apartment Communities, Inc. | 41437 | &nbsp;&nbsp; 5789992 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |  |
| NNN REIT, Inc. | 102293 | &nbsp;&nbsp; 4354613 |
| Realty Income Corp. | 132356 | &nbsp;&nbsp; 8045921 |
| Regency Centers Corp. | 105696 | &nbsp;&nbsp; 7705239 |
|  |  | &nbsp;&nbsp; 20105773 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |  |
| Applied Materials, Inc. | 1144 | &nbsp;&nbsp; 234223 |
| NVIDIA Corp. | 6859 | &nbsp;&nbsp; 1279752 |
|  |  | &nbsp;&nbsp; 1513975 |
| **Software — 0.1%** | **Software — 0.1%** |  |
| Appfolio, Inc., Class A<sup>(b)</sup> | 210 | &nbsp;&nbsp; 57889 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 440 | &nbsp;&nbsp; 154554 |
| Descartes Systems Group, Inc.<sup>(b)</sup> | 560 | &nbsp;&nbsp; 52769 |
| Guidewire Software, Inc.<sup>(b)</sup> | 261 | &nbsp;&nbsp; 59994 |
| Intuit, Inc. | 390 | &nbsp;&nbsp; 266335 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 277 | &nbsp;&nbsp; 56779 |
| Microsoft Corp. | 2421 | &nbsp;&nbsp; 1253957 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 3076 | &nbsp;&nbsp; 561124 |
| PTC, Inc.<sup>(b)</sup> | 357 | &nbsp;&nbsp; 72478 |
| Roper Technologies, Inc. | 218 | &nbsp;&nbsp; 108714 |
| Synopsys, Inc.<sup>(b)</sup> | 290 | &nbsp;&nbsp; 143083 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 138 | &nbsp;&nbsp; 72196 |
|  |  | &nbsp;&nbsp; 2859872 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |  |
| CubeSmart | 49143 | &nbsp;&nbsp; 1998154 |
| Public Storage | 24929 | &nbsp;&nbsp; 7200742 |
| VICI Properties, Inc. | 233554 | &nbsp;&nbsp; 7616196 |
|  |  | &nbsp;&nbsp; 16815092 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |  |
| AutoZone, Inc.<sup>(b)</sup> | 31 | &nbsp;&nbsp; 132997 |
| Home Depot, Inc. | 4762 | &nbsp;&nbsp; 1929515 |
| Lowe's Cos., Inc. | 817 | &nbsp;&nbsp; 205320 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 1430 | &nbsp;&nbsp; 154168 |
| Ross Stores, Inc. | 695 | &nbsp;&nbsp; 105911 |
| TJX Cos., Inc. | 1648 | &nbsp;&nbsp; 238202 |
| Tractor Supply Co. | 1365 | &nbsp;&nbsp; 77628 |
|  |  | &nbsp;&nbsp; 2843741 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |  |
| Apple, Inc. | 5172 | &nbsp;&nbsp; $1316946 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |  |
| Deckers Outdoor Corp.<sup>(b)</sup> | 592 | &nbsp;&nbsp; 60011 |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** |  |
| Altria Group, Inc. | 2710 | &nbsp;&nbsp; 179022 |
| Philip Morris International, Inc. | 2084 | &nbsp;&nbsp; 338025 |
|  |  | &nbsp;&nbsp; 517047 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
| Applied Industrial Technologies, Inc. | 222 | &nbsp;&nbsp; 57953 |
| Fastenal Co. | 2367 | &nbsp;&nbsp; 116078 |
| Ferguson Enterprises, Inc. | 427 | &nbsp;&nbsp; 95896 |
| MSC Industrial Direct Co., Inc., Class A | 602 | &nbsp;&nbsp; 55468 |
| Watsco, Inc. | 164 | &nbsp;&nbsp; 66305 |
| WW Grainger, Inc. | 106 | &nbsp;&nbsp; 101014 |
|  |  | &nbsp;&nbsp; 492714 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |  |
| American Water Works Co., Inc. | 55208 | &nbsp;&nbsp; 7684402 |
| Essential Utilities, Inc. | 68329 | &nbsp;&nbsp; 2726327 |
|  |  | &nbsp;&nbsp; 10410729 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |
| Rogers Communications, Inc., Class B | 1947 | &nbsp;&nbsp; 67113 |
| T-Mobile U.S., Inc. | 1498 | &nbsp;&nbsp; 358591 |
|  |  | &nbsp;&nbsp; 425704 |
| **Total Common Stocks — 5.5%** <br>**(Cost: $404,534,000)** | **Total Common Stocks — 5.5%** <br>**(Cost: $404,534,000)** | &nbsp;&nbsp; 441725460 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 0.1%** | **Advertising Agencies — 0.1%** | **Advertising Agencies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 7.50%, <br> 06/01/29<sup>(a)</sup><br>| $7670 | &nbsp;&nbsp; 7449207 |
| Interpublic Group of Cos., Inc., 2.40%, 03/01/31 | 430 | &nbsp;&nbsp; 383757 |
|  |  | &nbsp;&nbsp; 7832964 |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 | 3532 | &nbsp;&nbsp; 3516465 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/28 | 1243 | &nbsp;&nbsp; 1240228 |
| Lockheed Martin Corp., 4.75%, 02/15/34 | 28270 | &nbsp;&nbsp; 28531036 |
| Moog, Inc., 4.25%, 12/15/27<sup>(a)</sup> | 145 | &nbsp;&nbsp; 142783 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/29 | 785 | &nbsp;&nbsp; 822704 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/31 | 1530 | &nbsp;&nbsp; 1651455 |
| &nbsp;&nbsp;&nbsp; 6.10%, 03/15/34 | 350 | &nbsp;&nbsp; 383248 |
| TransDigm, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/28 | 2730 | &nbsp;&nbsp; 2782031 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/29 | 4700 | &nbsp;&nbsp; 4805285 |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/15/30 | 4500 | &nbsp;&nbsp; 4662607 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/33 | 2495 | &nbsp;&nbsp; 2523051 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/34 | 160 | &nbsp;&nbsp; 164547 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/34 | 445 | &nbsp;&nbsp; 460112 |
|  |  | &nbsp;&nbsp; 51685552 |
| **Automobile Components**<sup>(a)</sup> **— 0.2%** | **Automobile Components**<sup>(a)</sup> **— 0.2%** | **Automobile Components**<sup>(a)</sup> **— 0.2%** |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<br>| 6571 | &nbsp;&nbsp; 6892999 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| IHO Verwaltungs GmbH<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (7.75% PIK), 7.75%, 11/15/30 | 3194 | &nbsp;&nbsp; $3341674 |
| &nbsp;&nbsp;&nbsp; (8.00% PIK), 8.00%, 11/15/32 | 3769 | &nbsp;&nbsp; 3955351 |
| Phinia, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/29 | 1631 | &nbsp;&nbsp; 1680241 |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/32 | 3594 | &nbsp;&nbsp; 3704095 |
|  |  | &nbsp;&nbsp; 19574360 |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(a)</sup><br>| 6599 | &nbsp;&nbsp; 6460789 |
| Carvana Co., (9.00% PIK), 9.00%, 06/01/31<sup>(a)(c)</sup> | 3351 | &nbsp;&nbsp; 3794234 |
| General Motors Financial Co., Inc., 2.35%, 02/26/27 | 14390 | &nbsp;&nbsp; 14017429 |
| Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2.53%, 03/10/27 | 4480 | &nbsp;&nbsp; 4382132 |
| &nbsp;&nbsp;&nbsp; 4.69%, 07/08/30 | 9080 | &nbsp;&nbsp; 9160077 |
| &nbsp;&nbsp;&nbsp; 5.34%, 07/08/35 | 10460 | &nbsp;&nbsp; 10657878 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive PLC, 4.50%, <br> 10/01/27<sup>(a)</sup><br>| 1457 | &nbsp;&nbsp; 1437210 |
| New Flyer Holdings, Inc., 9.25%, 07/01/30<sup>(a)</sup> | 3014 | &nbsp;&nbsp; 3226090 |
| Nissan Motor Acceptance Co. LLC<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 09/15/26 | 692 | &nbsp;&nbsp; 700970 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/29/28 | 565 | &nbsp;&nbsp; 565364 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/30/30 | 1840 | &nbsp;&nbsp; 1840629 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/17/30 | 1966 | &nbsp;&nbsp; 2063311 |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/17/32 | 4533 | &nbsp;&nbsp; 4797105 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/17/35 | 770 | &nbsp;&nbsp; 826591 |
| Toyota Motor Credit Corp., 4.95%, 01/09/30 | 5661 | &nbsp;&nbsp; 5831381 |
|  |  | &nbsp;&nbsp; 69761190 |
| **Banks — 2.1%** | **Banks — 2.1%** | **Banks — 2.1%** |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, (5-year CMT + <br> 3.25%), 7.75%<sup>(d)(e)</sup><br>| 5600 | &nbsp;&nbsp; 5938705 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/15/26 | 2260 | &nbsp;&nbsp; 2202165 |
| &nbsp;&nbsp;&nbsp; 5.72%, 09/25/28 | 3110 | &nbsp;&nbsp; 3248716 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, 0.95%, <br> 10/23/25<br>| 1870 | &nbsp;&nbsp; 1866063 |
| Fifth Third Bancorp<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.84%), 5.63%, 01/29/32 | 390 | &nbsp;&nbsp; 408857 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.34%), 6.34%, 07/27/29 | 2325 | &nbsp;&nbsp; 2449771 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., (1-day SOFR + 1.64%), <br> 5.58%, 07/23/36<sup>(e)</sup><br>| 10225 | &nbsp;&nbsp; 10600074 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp., (1-day SOFR + 2.80%), 7.41%, <br> 10/30/29<sup>(e)</sup><br>| 21874 | &nbsp;&nbsp; 23762066 |
| PNC Financial Services Group, Inc.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.26%), 4.81%, 10/21/32 | 12580 | &nbsp;&nbsp; 12753053 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.42%), 5.37%, 07/21/36 | 2910 | &nbsp;&nbsp; 2994588 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.60%), 5.40%, 07/23/35 | 1197 | &nbsp;&nbsp; 1239063 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 | 1495 | &nbsp;&nbsp; 1471482 |
| &nbsp;&nbsp;&nbsp; 2.05%, 01/21/27 | 8000 | &nbsp;&nbsp; 7809025 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/01/28 | 1220 | &nbsp;&nbsp; 1258096 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/01/29 | 1840 | &nbsp;&nbsp; 1890934 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/33 | 1880 | &nbsp;&nbsp; 1941663 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.83%), 4.97%, 01/24/29<sup>(e)</sup> | 6940 | &nbsp;&nbsp; 7059092 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., (1-day SOFR + <br> 2.14%), 6.34%, 05/31/35<sup>(e)</sup><br>| 5259 | &nbsp;&nbsp; 5604863 |
| Toronto-Dominion Bank, 4.69%, 09/15/27 | 6755 | &nbsp;&nbsp; 6842281 |
| Truist Financial Corp.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.86%), 1.89%, 06/07/29 | 199 | &nbsp;&nbsp; 187534 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Truist Financial Corp.<sup>(e)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.62%), 5.44%, 01/24/30 | 4635 | &nbsp;&nbsp; $4795853 |
| U.S. Bancorp<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.41%), 5.42%, 02/12/36 | 12910 | &nbsp;&nbsp; 13367576 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.86%), 5.68%, 01/23/35 | 1445 | &nbsp;&nbsp; 1521428 |
| Wells Fargo & Co.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.11%), 5.24%, 01/24/31 | 2631 | &nbsp;&nbsp; 2722053 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.50%), 3.35%, 03/02/33 | 1875 | &nbsp;&nbsp; 1745391 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.98%), 4.81%, 07/25/28 | 5564 | &nbsp;&nbsp; 5629674 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.10%), 2.39%, 06/02/28 | 3 | &nbsp;&nbsp; 2916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.26%), 2.57%, <br> 02/11/31<br>| 18075 | &nbsp;&nbsp; 16797637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.43%), 2.88%, <br> 10/30/30<br>| 13455 | &nbsp;&nbsp; 12739215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.57%), 3.58%, <br> 05/22/28<br>| 31 | &nbsp;&nbsp; 30720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 4.03%), 4.48%, <br> 04/04/31<br>| 5840 | &nbsp;&nbsp; 5871965 |
|  |  | &nbsp;&nbsp; 166752519 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Coca-Cola Co., 5.00%, 05/13/34 | 3770 | &nbsp;&nbsp; 3924446 |
| Coca-Cola Femsa SAB de C.V., 2.75%, 01/22/30 | 8207 | &nbsp;&nbsp; 7724839 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 05/09/27 | 5582 | &nbsp;&nbsp; 5598063 |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/01/30 | 310 | &nbsp;&nbsp; 290051 |
| Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/24/29 | 405 | &nbsp;&nbsp; 379076 |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/29/30 | 2710 | &nbsp;&nbsp; 2464601 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/24/33 | 18405 | &nbsp;&nbsp; 19390857 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc./Triton Water Holdings, <br> Inc., 4.38%, 04/30/29<sup>(a)</sup><br>| 2171 | &nbsp;&nbsp; 2105659 |
|  |  | &nbsp;&nbsp; 41877592 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 08/18/29 | 1225 | &nbsp;&nbsp; 1220247 |
| &nbsp;&nbsp;&nbsp; 3.35%, 02/22/32 | 3035 | &nbsp;&nbsp; 2849827 |
| Biocon Biologics Global PLC, 6.67%, 10/09/29<sup>(a)</sup> | 6743 | &nbsp;&nbsp; 6503556 |
| Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30 | 20690 | &nbsp;&nbsp; 18248423 |
|  |  | &nbsp;&nbsp; 28822053 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Builders FirstSource, Inc., 6.75%, 05/15/35<sup>(a)</sup> | 3835 | &nbsp;&nbsp; 4004248 |
| Carlisle Cos., Inc., 5.25%, 09/15/35 | 1865 | &nbsp;&nbsp; 1887567 |
| CRH America Finance, Inc., 5.50%, 01/09/35 | 16350 | &nbsp;&nbsp; 17064023 |
| Eagle Materials, Inc., 2.50%, 07/01/31 | 3285 | &nbsp;&nbsp; 2960808 |
| Martin Marietta Materials, Inc., 5.15%, 12/01/34 | 2055 | &nbsp;&nbsp; 2097230 |
| Masco Corp., 3.50%, 11/15/27 | 2925 | &nbsp;&nbsp; 2883672 |
| Sisecam U.K. PLC<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/02/29 | 2277 | &nbsp;&nbsp; 2354395 |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/02/32 | 5929 | &nbsp;&nbsp; 6151337 |
| Trane Technologies Financing Ltd., 3.50%, 03/21/26 | 1555 | &nbsp;&nbsp; 1549219 |
|  |  | &nbsp;&nbsp; 40952499 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Home Depot, Inc., 2.50%, 04/15/27 | 150 | &nbsp;&nbsp; 147049 |
| Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/03/27 | 9171 | &nbsp;&nbsp; 9037581 |
| &nbsp;&nbsp;&nbsp; 2.63%, 04/01/31 | 1155 | &nbsp;&nbsp; 1054072 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Patrick Industries, Inc., 6.38%, 11/01/32<sup>(a)</sup> | 2920 | &nbsp;&nbsp; $2962655 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(a)</sup> | 5629 | &nbsp;&nbsp; 5828245 |
|  |  | &nbsp;&nbsp; 19029602 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/15/28 | 7590 | &nbsp;&nbsp; 7945460 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/33 | 7000 | &nbsp;&nbsp; 7253559 |
| ARES Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 | 3936 | &nbsp;&nbsp; 3866797 |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/27 | 6210 | &nbsp;&nbsp; 6060335 |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 | 7695 | &nbsp;&nbsp; 7346740 |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/15/31 | 1750 | &nbsp;&nbsp; 1737378 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/30/28 | 332 | &nbsp;&nbsp; 321803 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.15%), 3.99%, 06/13/28<sup>(e)</sup> | 73 | &nbsp;&nbsp; 72972 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.17%), 4.54%, 02/01/29<sup>(e)</sup> | 4130 | &nbsp;&nbsp; 4176399 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR Index + 1.80%), 5.80%, 10/25/28<sup>(e)</sup> | 427 | &nbsp;&nbsp; 442063 |
| Blue Owl Finance LLC, 6.25%, 04/18/34 | 6150 | &nbsp;&nbsp; 6449650 |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 01/25/28 | 55 | &nbsp;&nbsp; 54607 |
| &nbsp;&nbsp;&nbsp; 5.33%, 01/15/36 | 6230 | &nbsp;&nbsp; 6262888 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 | 2135 | &nbsp;&nbsp; 2097811 |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/24/26 | 6560 | &nbsp;&nbsp; 6656645 |
| &nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 | 1495 | &nbsp;&nbsp; 1462663 |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 | 129 | &nbsp;&nbsp; 126731 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 | 13 | &nbsp;&nbsp; 12418 |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 | 84 | &nbsp;&nbsp; 73022 |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 | 394 | &nbsp;&nbsp; 354837 |
| &nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 | 3118 | &nbsp;&nbsp; 2705357 |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 | 148 | &nbsp;&nbsp; 134918 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.88%), 6.20%, 11/17/29<sup>(e)</sup> | 6824 | &nbsp;&nbsp; 7242167 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.21%), 5.64%, 05/19/29<sup>(e)</sup> | 2734 | &nbsp;&nbsp; 2839243 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.50%), 5.85%, 05/19/34<sup>(e)</sup> | 2347 | &nbsp;&nbsp; 2511840 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 | 5275 | &nbsp;&nbsp; 5125344 |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 | 2810 | &nbsp;&nbsp; 2715478 |
| &nbsp;&nbsp;&nbsp; 3.13%, 10/12/28 | 4080 | &nbsp;&nbsp; 3781690 |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/15/30 | 3617 | &nbsp;&nbsp; 3600848 |
| Golub Capital BDC, Inc., 2.50%, 08/24/26 | 620 | &nbsp;&nbsp; 609105 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/29 | 3011 | &nbsp;&nbsp; 3038852 |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/29<sup>(a)</sup> | 2391 | &nbsp;&nbsp; 2401562 |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/15/30 | 2428 | &nbsp;&nbsp; 2341121 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/33<sup>(a)</sup><br>| 1660 | &nbsp;&nbsp; 1724133 |
| LPL Holdings, Inc., 5.65%, 03/15/35 | 6855 | &nbsp;&nbsp; 6984298 |
| Osaic Holdings, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/01/32 | 280 | &nbsp;&nbsp; 289194 |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/01/33 | 120 | &nbsp;&nbsp; 124368 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/32<sup>(a)</sup> | 2960 | &nbsp;&nbsp; 3046777 |
| StoneX Group, Inc., 7.88%, 03/01/31<sup>(a)</sup> | 5447 | &nbsp;&nbsp; 5728109 |
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, <br> 06/15/31<sup>(a)</sup><br>| 6513 | &nbsp;&nbsp; 6736292 |
|  |  | &nbsp;&nbsp; 126455474 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| Air Products and Chemicals, Inc., 2.05%, 05/15/30 | 1125 | &nbsp;&nbsp; 1027402 |
| &nbsp;&nbsp;&nbsp; CVR Partners LP/CVR Nitrogen Finance Corp., <br> 6.13%, 06/15/28<sup>(a)</sup><br>| 6009 | &nbsp;&nbsp; 5999271 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Ecolab, Inc., 2.13%, 02/01/32 | 1920 | &nbsp;&nbsp; $1680889 |
| LYB International Finance II BV, 3.50%, 03/02/27 | 2480 | &nbsp;&nbsp; 2450497 |
| PPG Industries, Inc., 1.20%, 03/15/26 | 8910 | &nbsp;&nbsp; 8787501 |
| Rain Carbon, Inc., 12.25%, 09/01/29<sup>(a)</sup> | 3261 | &nbsp;&nbsp; 3492100 |
| Sherwin-Williams Co., 4.80%, 09/01/31 | 4335 | &nbsp;&nbsp; 4425890 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(a)</sup> | 6407 | &nbsp;&nbsp; 6270900 |
|  |  | &nbsp;&nbsp; 34134450 |
| **Commercial Services & Supplies**<sup>(a)</sup> **— 0.5%** | **Commercial Services & Supplies**<sup>(a)</sup> **— 0.5%** | **Commercial Services & Supplies**<sup>(a)</sup> **— 0.5%** |
| ADT Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/29 | 3000 | &nbsp;&nbsp; 2901048 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/32 | 3150 | &nbsp;&nbsp; 3050607 |
| &nbsp;&nbsp;&nbsp; 10/15/33<sup>(f)</sup> | 1585 | &nbsp;&nbsp; 1585000 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/30 | 2131 | &nbsp;&nbsp; 2210572 |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/31 | 2702 | &nbsp;&nbsp; 2795273 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/32 | 3496 | &nbsp;&nbsp; 3656645 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29 | 2074 | &nbsp;&nbsp; 2101033 |
| Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/29 | 4390 | &nbsp;&nbsp; 4379738 |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/29 | 3992 | &nbsp;&nbsp; 4168510 |
| FTAI Aviation Investors LLC, 7.88%, 12/01/30 | 900 | &nbsp;&nbsp; 956382 |
| NESCO Holdings II, Inc., 5.50%, 04/15/29 | 5000 | &nbsp;&nbsp; 4896675 |
| Upbound Group, Inc., 6.38%, 02/15/29 | 3666 | &nbsp;&nbsp; 3617825 |
|  |  | &nbsp;&nbsp; 36319308 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| CommScope LLC<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 | 7409 | &nbsp;&nbsp; 7489977 |
| &nbsp;&nbsp;&nbsp; 7.13%, 07/01/28 | 4010 | &nbsp;&nbsp; 4024737 |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/15/31 | 1873 | &nbsp;&nbsp; 1938744 |
| Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/23/29 | 650 | &nbsp;&nbsp; 656990 |
| &nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 | 200 | &nbsp;&nbsp; 180784 |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 | 3485 | &nbsp;&nbsp; 3181308 |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 | 11250 | &nbsp;&nbsp; 11842702 |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/15/34 | 5765 | &nbsp;&nbsp; 5975695 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/35 | 4950 | &nbsp;&nbsp; 5156759 |
| Viasat, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 | 1629 | &nbsp;&nbsp; 1592178 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/30/31 | 5189 | &nbsp;&nbsp; 4869356 |
|  |  | &nbsp;&nbsp; 46909230 |
| **Construction & Engineering**<sup>(a)</sup> **— 0.0%** | **Construction & Engineering**<sup>(a)</sup> **— 0.0%** | **Construction & Engineering**<sup>(a)</sup> **— 0.0%** |
| Dycom Industries, Inc., 4.50%, 04/15/29 | 1476 | &nbsp;&nbsp; 1441527 |
| Tutor Perini Corp., 11.88%, 04/30/29 | 1988 | &nbsp;&nbsp; 2226503 |
|  |  | &nbsp;&nbsp; 3668030 |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| Automatic Data Processing, Inc., 4.75%, 05/08/32 | 3805 | &nbsp;&nbsp; 3896142 |
| Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/30 | 4900 | &nbsp;&nbsp; 4574371 |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/15/32 | 5895 | &nbsp;&nbsp; 5174289 |
| RELX Capital, Inc., 5.25%, 03/27/35 | 1090 | &nbsp;&nbsp; 1124920 |
| Williams Scotsman, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/29 | 560 | &nbsp;&nbsp; 572799 |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/30 | 492 | &nbsp;&nbsp; 506398 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/31 | 1698 | &nbsp;&nbsp; 1773293 |
|  |  | &nbsp;&nbsp; 17622212 |
| **Consumer Finance — 1.8%** | **Consumer Finance — 1.8%** | **Consumer Finance — 1.8%** |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 05/03/29 | 3650 | &nbsp;&nbsp; 3656804 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| American Express Co. (continued) |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.22%), 4.92%, 07/20/33<sup>(e)</sup> | 5130 | &nbsp;&nbsp; $5219305 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.93%), 5.63%, 07/28/34<sup>(e)</sup> | 1440 | &nbsp;&nbsp; 1503929 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR Index + 1.32%), 5.44%, 01/30/36<sup>(e)</sup> | 7670 | &nbsp;&nbsp; 7977376 |
| Atlanticus Holdings Corp., 9.75%, 09/01/30<sup>(a)</sup> | 3155 | &nbsp;&nbsp; 3134890 |
| Bread Financial Holdings, Inc., 9.75%, 03/15/29<sup>(a)</sup> | 8010 | &nbsp;&nbsp; 8549762 |
| Capital One Financial Corp.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.56%), 5.46%, 07/26/30 | 10255 | &nbsp;&nbsp; 10616498 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.79%), 3.27%, 03/01/30 | 69 | &nbsp;&nbsp; 66496 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.04%), 6.18%, 01/30/36 | 2250 | &nbsp;&nbsp; 2334049 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.26%), 6.05%, 02/01/35 | 12755 | &nbsp;&nbsp; 13539654 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.37%), 5.27%, 05/10/33 | 3079 | &nbsp;&nbsp; 3148688 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.60%), 5.25%, 07/26/30 | 595 | &nbsp;&nbsp; 611593 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.64%), 6.31%, 06/08/29 | 2746 | &nbsp;&nbsp; 2880587 |
| Enova International, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.25%, 12/15/28 | 4007 | &nbsp;&nbsp; 4261428 |
| &nbsp;&nbsp;&nbsp; 9.13%, 08/01/29 | 1464 | &nbsp;&nbsp; 1537446 |
| Equifax, Inc., 4.80%, 09/15/29 | 5130 | &nbsp;&nbsp; 5213185 |
| EZCORP, Inc., 7.38%, 04/01/32<sup>(a)</sup> | 1021 | &nbsp;&nbsp; 1087858 |
| goeasy Ltd.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/01/28 | 1282 | &nbsp;&nbsp; 1338100 |
| &nbsp;&nbsp;&nbsp; 7.63%, 07/01/29 | 5941 | &nbsp;&nbsp; 6020609 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/30 | 1075 | &nbsp;&nbsp; 1080390 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/30 | 1625 | &nbsp;&nbsp; 1616858 |
| Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 06/01/29 | 260 | &nbsp;&nbsp; 251238 |
| &nbsp;&nbsp;&nbsp; 1.90%, 03/15/31 | 167 | &nbsp;&nbsp; 148743 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/32 | 8000 | &nbsp;&nbsp; 8286525 |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/15/35 | 4385 | &nbsp;&nbsp; 4375436 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/30 | 5379 | &nbsp;&nbsp; 5691816 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/31 | 5851 | &nbsp;&nbsp; 6116412 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/31 | 1143 | &nbsp;&nbsp; 1185272 |
| S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 | 11965 | &nbsp;&nbsp; 11718153 |
| &nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 | 115 | &nbsp;&nbsp; 107854 |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/30 | 1905 | &nbsp;&nbsp; 1659488 |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 | 11640 | &nbsp;&nbsp; 10660761 |
| SLM Corp., 6.50%, 01/31/30 | 2516 | &nbsp;&nbsp; 2621842 |
| Synchrony Financial, 7.25%, 02/02/33 | 6319 | &nbsp;&nbsp; 6742970 |
|  |  | &nbsp;&nbsp; 144962015 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Costco Wholesale Corp., 1.60%, 04/20/30 | 1375 | &nbsp;&nbsp; 1239643 |
| Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 05/01/30 | 40 | &nbsp;&nbsp; 36605 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/34 | 4110 | &nbsp;&nbsp; 4144892 |
| QVC, Inc., 6.88%, 04/15/29<sup>(a)</sup> | 7374 | &nbsp;&nbsp; 3985504 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(a)</sup> | 2155 | &nbsp;&nbsp; 2154829 |
|  |  | &nbsp;&nbsp; 11561473 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, 09/01/29<sup>(a)</sup><br>| 11406 | &nbsp;&nbsp; 10556443 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/26<sup>(g)</sup> | 7034 | &nbsp;&nbsp; 6752640 |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 | 4922 | &nbsp;&nbsp; 1870360 |
| Klabin Austria GmbH<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/12/31 | 3084 | &nbsp;&nbsp; 2782261 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| Klabin Austria GmbH<sup>(a)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/03/49 | 3987 | &nbsp;&nbsp; $4208079 |
| Packaging Corp. of America, 5.70%, 12/01/33 | 10640 | &nbsp;&nbsp; 11266361 |
|  |  | &nbsp;&nbsp; 37436144 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| RB Global Holdings, Inc., 6.75%, 03/15/28<sup>(a)</sup> | 1848 | &nbsp;&nbsp; 1889295 |
| WW Grainger, Inc., 4.45%, 09/15/34 | 8340 | &nbsp;&nbsp; 8241662 |
|  |  | &nbsp;&nbsp; 10130957 |
| **Diversified REITs — 0.9%** | **Diversified REITs — 0.9%** | **Diversified REITs — 0.9%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/15/28 | 3975 | &nbsp;&nbsp; 4150799 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/31/30 | 1215 | &nbsp;&nbsp; 1243376 |
| &nbsp;&nbsp;&nbsp; 5.40%, 01/31/35 | 730 | &nbsp;&nbsp; 754311 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 | 7183 | &nbsp;&nbsp; 7108349 |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 | 1116 | &nbsp;&nbsp; 1103049 |
| &nbsp;&nbsp;&nbsp; 2.10%, 04/01/31 | 6112 | &nbsp;&nbsp; 5351167 |
| Equinix, Inc., 1.45%, 05/15/26 | 3465 | &nbsp;&nbsp; 3405364 |
| ERP Operating LP, 4.65%, 09/15/34 | 3185 | &nbsp;&nbsp; 3147326 |
| Extra Space Storage LP, 4.95%, 01/15/33 | 2430 | &nbsp;&nbsp; 2444332 |
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., 5.25%, <br> 02/15/33<br>| 11500 | &nbsp;&nbsp; 11518745 |
| Iron Mountain, Inc., 5.25%, 03/15/28<sup>(a)</sup> | 1508 | &nbsp;&nbsp; 1505379 |
| Mid-America Apartments LP, 1.10%, 09/15/26 | 260 | &nbsp;&nbsp; 253023 |
| Millrose Properties, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/30 | 5937 | &nbsp;&nbsp; 6037870 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/32 | 2394 | &nbsp;&nbsp; 2400257 |
| Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/28 | 1245 | &nbsp;&nbsp; 1273491 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/33 | 3435 | &nbsp;&nbsp; 3464751 |
| Rithm Capital Corp.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 | 5857 | &nbsp;&nbsp; 5995003 |
| &nbsp;&nbsp;&nbsp; 8.00%, 07/15/30 | 1015 | &nbsp;&nbsp; 1039106 |
| VICI Properties LP, 5.63%, 04/01/35 | 6575 | &nbsp;&nbsp; 6732207 |
| VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/27 | 160 | &nbsp;&nbsp; 161997 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/27 | 615 | &nbsp;&nbsp; 608220 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/29 | 620 | &nbsp;&nbsp; 605330 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/29 | 100 | &nbsp;&nbsp; 99015 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/30 | 300 | &nbsp;&nbsp; 289930 |
|  |  | &nbsp;&nbsp; 70692397 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 | 19033 | &nbsp;&nbsp; 18809074 |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 | 1125 | &nbsp;&nbsp; 1091758 |
| &nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 | 162 | &nbsp;&nbsp; 162719 |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/01/31 | 10350 | &nbsp;&nbsp; 9485929 |
| &nbsp;&nbsp;&nbsp; 4.55%, 11/01/32 | 11500 | &nbsp;&nbsp; 11448980 |
| Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/24/32 | 5450 | &nbsp;&nbsp; 5634973 |
| &nbsp;&nbsp;&nbsp; 5.05%, 02/26/34 | 3320 | &nbsp;&nbsp; 3434096 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(a)</sup><br>| 3168 | &nbsp;&nbsp; 3330850 |
| EchoStar Corp., 10.75%, 11/30/29 | 3755 | &nbsp;&nbsp; 4131138 |
| GCI LLC, 4.75%, 10/15/28<sup>(a)</sup> | 5112 | &nbsp;&nbsp; 4967847 |
| Hughes Satellite Systems Corp., 6.63%, 08/01/26 | 3344 | &nbsp;&nbsp; 3179980 |
| Level 3 Financing, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 | 2500 | &nbsp;&nbsp; 2337454 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/30 | 5000 | &nbsp;&nbsp; 4568750 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/30 | 3000 | &nbsp;&nbsp; 2619281 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/33 | 3470 | &nbsp;&nbsp; 3536555 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Level 3 Financing, Inc.<sup>(a)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/34 | 1475 | &nbsp;&nbsp; $1500531 |
| Lumen Technologies, Inc., 10.00%, 10/15/32<sup>(a)</sup> | 2909 | &nbsp;&nbsp; 2942914 |
| Sprint Capital Corp., 8.75%, 03/15/32 | 2510 | &nbsp;&nbsp; 3057892 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.68%, 10/30/30 | 2273 | &nbsp;&nbsp; 1998703 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/35 | 7765 | &nbsp;&nbsp; 7896336 |
|  |  | &nbsp;&nbsp; 96135760 |
| **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** |
| AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 06/01/28 | 50 | &nbsp;&nbsp; 49606 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/33 | 125 | &nbsp;&nbsp; 128547 |
| AEP Transmission Co. LLC, 5.15%, 04/01/34 | 565 | &nbsp;&nbsp; 576341 |
| AES Corp., 1.38%, 01/15/26 | 3584 | &nbsp;&nbsp; 3550974 |
| Alabama Power Co., 3.05%, 03/15/32 | 1465 | &nbsp;&nbsp; 1352432 |
| Ameren Corp., 3.50%, 01/15/31 | 140 | &nbsp;&nbsp; 133636 |
| Ameren Illinois Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 09/01/32 | 2750 | &nbsp;&nbsp; 2639681 |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/01/33 | 470 | &nbsp;&nbsp; 482423 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., Series N, 1.00%, <br> 11/01/25<br>| 3000 | &nbsp;&nbsp; 2990746 |
| Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; Series AA, 2.70%, 04/01/31 | 800 | &nbsp;&nbsp; 729044 |
| &nbsp;&nbsp;&nbsp; Series BB, 4.50%, 08/01/32 | 2120 | &nbsp;&nbsp; 2097767 |
| Arizona Public Service Co., 2.20%, 12/15/31 | 2310 | &nbsp;&nbsp; 2016287 |
| Atlantic City Electric Co., 4.00%, 10/15/28 | 50 | &nbsp;&nbsp; 49908 |
| Avangrid, Inc., 3.80%, 06/01/29 | 100 | &nbsp;&nbsp; 98170 |
| Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/15/28 | 100 | &nbsp;&nbsp; 98220 |
| &nbsp;&nbsp;&nbsp; 3.70%, 07/15/30 | 5170 | &nbsp;&nbsp; 5061564 |
| &nbsp;&nbsp;&nbsp; 1.65%, 05/15/31 | 245 | &nbsp;&nbsp; 212251 |
| Black Hills Corp., 3.15%, 01/15/27 | 1960 | &nbsp;&nbsp; 1933922 |
| CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series AG, 3.00%, 03/01/32 | 635 | &nbsp;&nbsp; 580786 |
| &nbsp;&nbsp;&nbsp; Series AI, 4.45%, 10/01/32 | 1850 | &nbsp;&nbsp; 1839452 |
| &nbsp;&nbsp;&nbsp; Series AQ, 4.95%, 08/15/35 | 575 | &nbsp;&nbsp; 572916 |
| Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 03/01/30 | 170 | &nbsp;&nbsp; 156545 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/01/33 | 665 | &nbsp;&nbsp; 678243 |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/01/34 | 3570 | &nbsp;&nbsp; 3726201 |
| Connecticut Light and Power Co., 4.95%, 01/15/30 | 1780 | &nbsp;&nbsp; 1830900 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/34 | 3845 | &nbsp;&nbsp; 4007997 |
| &nbsp;&nbsp;&nbsp; Series 20A, 3.35%, 04/01/30 | 330 | &nbsp;&nbsp; 319524 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 | 165 | &nbsp;&nbsp; 165267 |
| &nbsp;&nbsp;&nbsp; Series A, 1.45%, 04/15/26 | 621 | &nbsp;&nbsp; 611622 |
| &nbsp;&nbsp;&nbsp; Series B, 3.60%, 03/15/27 | 1300 | &nbsp;&nbsp; 1289960 |
| &nbsp;&nbsp;&nbsp; Series C, 3.38%, 04/01/30 | 916 | &nbsp;&nbsp; 879832 |
| &nbsp;&nbsp;&nbsp; Series C, 2.25%, 08/15/31 | 1375 | &nbsp;&nbsp; 1216811 |
| DTE Electric Co., Series C, 2.63%, 03/01/31 | 390 | &nbsp;&nbsp; 358090 |
| DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 10/01/26 | 5000 | &nbsp;&nbsp; 4938530 |
| &nbsp;&nbsp;&nbsp; 5.85%, 06/01/34 | 610 | &nbsp;&nbsp; 648126 |
| &nbsp;&nbsp;&nbsp; Series C, 3.40%, 06/15/29 | 122 | &nbsp;&nbsp; 117953 |
| Duke Energy Carolinas LLC, 4.95%, 01/15/33 | 4050 | &nbsp;&nbsp; 4163808 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 09/01/26 | 4283 | &nbsp;&nbsp; 4231029 |
| &nbsp;&nbsp;&nbsp; 3.40%, 06/15/29 | 255 | &nbsp;&nbsp; 247798 |
| &nbsp;&nbsp;&nbsp; 2.55%, 06/15/31 | 3870 | &nbsp;&nbsp; 3498667 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/33 | 640 | &nbsp;&nbsp; 679783 |
| Duke Energy Florida LLC, 1.75%, 06/15/30 | 115 | &nbsp;&nbsp; 102940 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/33 | $755 | &nbsp;&nbsp; $785636 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/35 | 980 | &nbsp;&nbsp; 995793 |
| Entergy Arkansas LLC, 5.30%, 09/15/33 | 720 | &nbsp;&nbsp; 746447 |
| Entergy Louisiana LLC, 1.60%, 12/15/30 | 2520 | &nbsp;&nbsp; 2210245 |
| Entergy Mississippi LLC, 5.00%, 09/01/33 | 920 | &nbsp;&nbsp; 936439 |
| Entergy Texas, Inc., 4.00%, 03/30/29 | 50 | &nbsp;&nbsp; 49709 |
| Evergy Kansas Central, Inc., 5.90%, 11/15/33 | 860 | &nbsp;&nbsp; 925492 |
| Evergy, Inc., 2.90%, 09/15/29 | 100 | &nbsp;&nbsp; 94844 |
| Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/33 | 3070 | &nbsp;&nbsp; 3112754 |
| &nbsp;&nbsp;&nbsp; Series M, 3.30%, 01/15/28 | 1000 | &nbsp;&nbsp; 978909 |
| Exelon Corp., 5.15%, 03/15/28 | 2050 | &nbsp;&nbsp; 2096767 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/50 | 2590 | &nbsp;&nbsp; 1808198 |
| Florida Power & Light Co., 2.45%, 02/03/32 | 190 | &nbsp;&nbsp; 170630 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/30/27 | 50 | &nbsp;&nbsp; 49472 |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/16/28 | 3000 | &nbsp;&nbsp; 3044463 |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 | 900 | &nbsp;&nbsp; 910867 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/55 | 900 | &nbsp;&nbsp; 897270 |
| &nbsp;&nbsp;&nbsp; Series B, 2.65%, 09/15/29 | 700 | &nbsp;&nbsp; 662848 |
| Interstate Power and Light Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 | 310 | &nbsp;&nbsp; 283202 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/30/34 | 900 | &nbsp;&nbsp; 894906 |
| ITC Holdings Corp., 3.35%, 11/15/27 | 5420 | &nbsp;&nbsp; 5320470 |
| MidAmerican Energy Co., 3.65%, 04/15/29 | 310 | &nbsp;&nbsp; 305480 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 06/15/26 | 6475 | &nbsp;&nbsp; 6336716 |
| &nbsp;&nbsp;&nbsp; 5.05%, 09/15/28 | 790 | &nbsp;&nbsp; 810828 |
| &nbsp;&nbsp;&nbsp; 3.70%, 03/15/29 | 100 | &nbsp;&nbsp; 98580 |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 | 1105 | &nbsp;&nbsp; 1026698 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/33 | 2350 | &nbsp;&nbsp; 2521121 |
| Nevada Power Co., Series DD, 2.40%, 05/01/30 | 700 | &nbsp;&nbsp; 648097 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 | 1335 | &nbsp;&nbsp; 1261959 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/29 | 150 | &nbsp;&nbsp; 146615 |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/01/29 | 1005 | &nbsp;&nbsp; 949951 |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/32 | 1405 | &nbsp;&nbsp; 1459058 |
| &nbsp;&nbsp;&nbsp; 5.05%, 02/28/33 | 7450 | &nbsp;&nbsp; 7609593 |
| Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/33 | 500 | &nbsp;&nbsp; 506817 |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/01/34 | 1295 | &nbsp;&nbsp; 1354007 |
| Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 05/15/28 | 1405 | &nbsp;&nbsp; 1413777 |
| &nbsp;&nbsp;&nbsp; 4.15%, 06/01/32 | 555 | &nbsp;&nbsp; 542746 |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/15/32 | 385 | &nbsp;&nbsp; 384406 |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/15/33 | 355 | &nbsp;&nbsp; 377846 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 01/01/26 | 2350 | &nbsp;&nbsp; 2342521 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/28 | 1265 | &nbsp;&nbsp; 1219520 |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/01/30 | 35 | &nbsp;&nbsp; 34757 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 | 1265 | &nbsp;&nbsp; 1126991 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 | 1750 | &nbsp;&nbsp; 1609203 |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/15/33 | 3358 | &nbsp;&nbsp; 3609662 |
| PacifiCorp, 5.30%, 02/15/31 | 725 | &nbsp;&nbsp; 751610 |
| PECO Energy Co., 4.90%, 06/15/33 | 1510 | &nbsp;&nbsp; 1542083 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | 603 | &nbsp;&nbsp; 597419 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/30 | 9009 | &nbsp;&nbsp; 8884181 |
| PPL Capital Funding, Inc., 3.10%, 05/15/26 | 1070 | &nbsp;&nbsp; 1062447 |
| PPL Electric Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/33 | 500 | &nbsp;&nbsp; 514570 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| PPL Electric Utilities Corp. (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/15/34 | 2265 | &nbsp;&nbsp; $2290891 |
| Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/34 | 2085 | &nbsp;&nbsp; 2153505 |
| &nbsp;&nbsp;&nbsp; Series 38, 4.10%, 06/01/32 | 1370 | &nbsp;&nbsp; 1343161 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of New Hampshire, Series V, <br> 2.20%, 06/15/31<br>| 380 | &nbsp;&nbsp; 339552 |
| Public Service Co. of Oklahoma, 5.20%, 01/15/35 | 1900 | &nbsp;&nbsp; 1923457 |
| Public Service Electric and Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 01/15/30 | 1350 | &nbsp;&nbsp; 1259888 |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/33 | 1575 | &nbsp;&nbsp; 1583280 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/01/33 | 740 | &nbsp;&nbsp; 768451 |
| &nbsp;&nbsp;&nbsp; 4.85%, 08/01/34 | 270 | &nbsp;&nbsp; 272510 |
| &nbsp;&nbsp;&nbsp; Series Q, 5.05%, 03/01/35 | 4490 | &nbsp;&nbsp; 4579644 |
| Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.60%, 08/15/30 | 110 | &nbsp;&nbsp; 96468 |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/34 | 300 | &nbsp;&nbsp; 310519 |
| Puget Energy, Inc., 2.38%, 06/15/28 | 170 | &nbsp;&nbsp; 161413 |
| Puget Sound Energy, Inc., 5.69%, 06/15/54 | 240 | &nbsp;&nbsp; 243357 |
| San Diego Gas & Electric Co., 4.95%, 08/15/28 | 3365 | &nbsp;&nbsp; 3446724 |
| Sempra |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/01/28 | 50 | &nbsp;&nbsp; 49053 |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 | 350 | &nbsp;&nbsp; 342965 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/33 | 640 | &nbsp;&nbsp; 667066 |
| Southern Co., 5.20%, 06/15/33 | 1320 | &nbsp;&nbsp; 1357033 |
| Southern Power Co., 0.90%, 01/15/26 | 2000 | &nbsp;&nbsp; 1980851 |
| Southwestern Electric Power Co., 5.30%, 04/01/33 | 920 | &nbsp;&nbsp; 940336 |
| System Energy Resources, Inc., 5.30%, 12/15/34 | 10440 | &nbsp;&nbsp; 10508343 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(a)</sup> | 1862 | &nbsp;&nbsp; 1976586 |
| Tampa Electric Co., 5.15%, 03/01/35 | 7765 | &nbsp;&nbsp; 7872245 |
| Tucson Electric Power Co., 1.50%, 08/01/30 | 30 | &nbsp;&nbsp; 26219 |
| Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 | 50 | &nbsp;&nbsp; 48996 |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/15/30 | 240 | &nbsp;&nbsp; 228045 |
| Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 11/15/31 | 5135 | &nbsp;&nbsp; 4538060 |
| &nbsp;&nbsp;&nbsp; 5.30%, 08/15/33 | 310 | &nbsp;&nbsp; 321509 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/35 | 1670 | &nbsp;&nbsp; 1700525 |
| WEC Energy Group, Inc., 5.60%, 09/12/26 | 516 | &nbsp;&nbsp; 522815 |
| Wisconsin Electric Power Co., 1.70%, 06/15/28 | 175 | &nbsp;&nbsp; 165053 |
| Wisconsin Power and Light Co., 3.95%, 09/01/32 | 1155 | &nbsp;&nbsp; 1108610 |
| Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/01/32 | 860 | &nbsp;&nbsp; 853238 |
| &nbsp;&nbsp;&nbsp; 5.45%, 08/15/33 | 260 | &nbsp;&nbsp; 268983 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/34 | 350 | &nbsp;&nbsp; 361169 |
|  |  | &nbsp;&nbsp; 195699439 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/30/26 | 785 | &nbsp;&nbsp; 787096 |
| &nbsp;&nbsp;&nbsp; 2.80%, 02/15/30 | 1000 | &nbsp;&nbsp; 946175 |
| CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.28%, 12/01/28 | 1763 | &nbsp;&nbsp; 1702971 |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 | 9100 | &nbsp;&nbsp; 8715808 |
| &nbsp;&nbsp;&nbsp; 3.57%, 12/01/31 | 15580 | &nbsp;&nbsp; 14545230 |
| Honeywell International, Inc., 4.50%, 01/15/34 | 7150 | &nbsp;&nbsp; 7083301 |
| Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 04/15/26 | 2580 | &nbsp;&nbsp; 2545393 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/27 | 4140 | &nbsp;&nbsp; 4140338 |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/01/29 | 3345 | &nbsp;&nbsp; 3451847 |
| Keysight Technologies, Inc., 4.95%, 10/15/34 | 2055 | &nbsp;&nbsp; 2068002 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Steelcase, Inc., 5.13%, 01/18/29 | 1838 | &nbsp;&nbsp; $1833497 |
| WESCO Distribution, Inc., 6.38%, 03/15/33<sup>(a)</sup> | 1195 | &nbsp;&nbsp; 1238771 |
|  |  | &nbsp;&nbsp; 49058429 |
| **Energy Equipment & Services**<sup>(a)</sup> **— 0.1%** | **Energy Equipment & Services**<sup>(a)</sup> **— 0.1%** | **Energy Equipment & Services**<sup>(a)</sup> **— 0.1%** |
| Bristow Group, Inc., 6.88%, 03/01/28 | 472 | &nbsp;&nbsp; 474601 |
| Tidewater, Inc., 9.13%, 07/15/30 | 4145 | &nbsp;&nbsp; 4445304 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/29 | 3184 | &nbsp;&nbsp; 3283736 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/33 | 715 | &nbsp;&nbsp; 717735 |
| Viridien, 10.00%, 10/15/30 | 325 | &nbsp;&nbsp; 334095 |
| Weatherford International Ltd., 8.63%, 04/30/30 | 2482 | &nbsp;&nbsp; 2537227 |
|  |  | &nbsp;&nbsp; 11792698 |
| **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/25 | 2553 | &nbsp;&nbsp; 2541436 |
| &nbsp;&nbsp;&nbsp; 3.95%, 05/15/28 | 2485 | &nbsp;&nbsp; 2485619 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/30 | 9280 | &nbsp;&nbsp; 9506030 |
| Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/28 | 4000 | &nbsp;&nbsp; 4024826 |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/01/30 | 110 | &nbsp;&nbsp; 103239 |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/01/32 | 1390 | &nbsp;&nbsp; 1287111 |
| Waste Management, Inc., 4.95%, 07/03/31 | 9985 | &nbsp;&nbsp; 10323370 |
|  |  | &nbsp;&nbsp; 30271631 |
| **Financial Services — 6.8%** | **Financial Services — 6.8%** | **Financial Services — 6.8%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust, 4.95%, 09/10/34<br>| 13416 | &nbsp;&nbsp; 13354388 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, <br> 01/17/40<sup>(e)</sup><br>| 2451 | &nbsp;&nbsp; 2450157 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, (1-year CMT + 0.90%), 1.72%, <br> 09/14/27<sup>(e)</sup><br>| 2800 | &nbsp;&nbsp; 2732294 |
| Bank of America Corp.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.96%), 1.73%, 07/22/27 | 14345 | &nbsp;&nbsp; 14058510 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.05%), 2.55%, 02/04/28 | 1625 | &nbsp;&nbsp; 1591494 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.21%), 2.57%, 10/20/32 | 655 | &nbsp;&nbsp; 587052 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.32%), 2.69%, 04/22/32 | 290 | &nbsp;&nbsp; 264184 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.33%), 2.97%, 02/04/33 | 3252 | &nbsp;&nbsp; 2961390 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.83%), 4.57%, 04/27/33 | 1625 | &nbsp;&nbsp; 1624664 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.91%), 5.29%, 04/25/34 | 11570 | &nbsp;&nbsp; 11970549 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.99%), 6.20%, 11/10/28 | 8160 | &nbsp;&nbsp; 8503529 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.04%), 4.95%, 07/22/28 | 5610 | &nbsp;&nbsp; 5690762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.25%), 2.50%, <br> 02/13/31<br>| 28465 | &nbsp;&nbsp; 26344457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.30%), 3.42%, <br> 12/20/28<br>| 3765 | &nbsp;&nbsp; 3707558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.32%), 3.56%, <br> 04/23/27<br>| 1500 | &nbsp;&nbsp; 1494009 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp; 1.05%, 03/02/26 | 3798 | &nbsp;&nbsp; 3748629 |
| &nbsp;&nbsp;&nbsp; 1.35%, 06/24/26 | 14962 | &nbsp;&nbsp; 14676517 |
| Burford Capital Global Finance LLC<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/28 | 1217 | &nbsp;&nbsp; 1219165 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/30 | 2595 | &nbsp;&nbsp; 2608646 |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/31 | 7468 | &nbsp;&nbsp; 7935243 |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/15/33 | 970 | &nbsp;&nbsp; 987072 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/29/27 | 240 | &nbsp;&nbsp; 240977 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.14%), 4.64%, 05/07/28<sup>(e)</sup> | 7590 | &nbsp;&nbsp; 7642492 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.35%), 3.06%, 01/25/33<sup>(e)</sup> | 18490 | &nbsp;&nbsp; 16832936 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.11%), 2.57%, 06/03/31<sup>(e)</sup> | 23540 | &nbsp;&nbsp; 21658886 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Coinbase Global, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/01/28 | $8250 | &nbsp;&nbsp; $7830101 |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 | 881 | &nbsp;&nbsp; 786182 |
| Credit Acceptance Corp.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/15/28 | 5458 | &nbsp;&nbsp; 5734344 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/30 | 2356 | &nbsp;&nbsp; 2359911 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/21/25 | 8100 | &nbsp;&nbsp; 8094665 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 | 75 | &nbsp;&nbsp; 74830 |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 | 3090 | &nbsp;&nbsp; 2894337 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.79%), 1.09%, 12/09/26<sup>(e)</sup> | 6100 | &nbsp;&nbsp; 6061786 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.80%), 1.43%, 03/09/27<sup>(e)</sup> | 14815 | &nbsp;&nbsp; 14624289 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.25%), 2.38%, 07/21/32<sup>(e)</sup> | 8880 | &nbsp;&nbsp; 7925389 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.28%), 2.62%, 04/22/32<sup>(e)</sup> | 1545 | &nbsp;&nbsp; 1401654 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.51%), 4.39%, 06/15/27<sup>(e)</sup> | 5985 | &nbsp;&nbsp; 5991319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.42%), 3.81%, <br> 04/23/29<sup>(e)</sup><br>| 3015 | &nbsp;&nbsp; 2989295 |
| HSBC Holdings PLC<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.29%), 5.29%, 11/19/30 | 23435 | &nbsp;&nbsp; 24173289 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.56%), 5.45%, 03/03/36 | 11560 | &nbsp;&nbsp; 11929454 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.61%), 5.21%, 08/11/28 | 15205 | &nbsp;&nbsp; 15464697 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.98%), 6.55%, 06/20/34 | 1900 | &nbsp;&nbsp; 2050885 |
| Intercontinental Exchange, Inc., 1.85%, 09/15/32 | 10687 | &nbsp;&nbsp; 9020084 |
| JPMorgan Chase & Co.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.77%), 1.47%, 09/22/27 | 22140 | &nbsp;&nbsp; 21581852 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.80%), 1.05%, 11/19/26 | 8505 | &nbsp;&nbsp; 8466897 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.80%), 4.92%, 01/24/29 | 852 | &nbsp;&nbsp; 867361 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.04%), 4.60%, 10/22/30 | 1300 | &nbsp;&nbsp; 1315199 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.26%), 2.96%, 01/25/33 | 3385 | &nbsp;&nbsp; 3096747 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.34%), 4.95%, 10/22/35 | 2650 | &nbsp;&nbsp; 2672510 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.46%), 5.29%, 07/22/35 | 3389 | &nbsp;&nbsp; 3500414 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.85%), 5.35%, 06/01/34 | 8025 | &nbsp;&nbsp; 8361707 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.99%), 4.85%, 07/25/28 | 14675 | &nbsp;&nbsp; 14869026 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 2.08%), 4.91%, 07/25/33 | 5300 | &nbsp;&nbsp; 5404447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.11%), 1.76%, <br> 11/19/31<br>| 5525 | &nbsp;&nbsp; 4877915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.25%), 2.58%, <br> 04/22/32<br>| 428 | &nbsp;&nbsp; 388972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.52%), 4.20%, <br> 07/23/29<br>| 35 | &nbsp;&nbsp; 35068 |
| LD Holdings Group LLC, 6.13%, 04/01/28<sup>(a)</sup> | 5050 | &nbsp;&nbsp; 4670408 |
| Lloyds Banking Group PLC, 4.58%, 12/10/25 | 3110 | &nbsp;&nbsp; 3110599 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (1-year CMT + 0.67%), 1.64%, 10/13/27 | 4770 | &nbsp;&nbsp; 4645571 |
| &nbsp;&nbsp;&nbsp; (1-year CMT + 0.83%), 2.34%, 01/19/28 | 485 | &nbsp;&nbsp; 473768 |
| &nbsp;&nbsp;&nbsp; (1-year CMT + 1.97%), 5.41%, 04/19/34 | 780 | &nbsp;&nbsp; 816735 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., (1-year CMT + 0.92%), <br> 4.71%, 07/08/31<sup>(e)</sup><br>| 8120 | &nbsp;&nbsp; 8215583 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/23/27 | 509 | &nbsp;&nbsp; 507884 |
| &nbsp;&nbsp;&nbsp; 3.59%, 07/22/28<sup>(e)</sup> | 325 | &nbsp;&nbsp; 321580 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 0.72%), 0.99%, 12/10/26<sup>(e)</sup> | 14490 | &nbsp;&nbsp; 14394828 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.00%), 2.48%, 01/21/28<sup>(e)</sup> | 13 | &nbsp;&nbsp; 12724 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.03%), 1.79%, 02/13/32<sup>(e)</sup> | 19064 | &nbsp;&nbsp; 16627206 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.14%), 2.70%, 01/22/31<sup>(e)</sup> | 14427 | &nbsp;&nbsp; 13481085 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.18%), 2.24%, 07/21/32<sup>(e)</sup> | 3212 | &nbsp;&nbsp; 2836820 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.20%), 2.51%, 10/20/32<sup>(e)</sup> | 19787 | &nbsp;&nbsp; 17653122 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.42%), 5.59%, 01/18/36<sup>(e)</sup> | 2595 | &nbsp;&nbsp; 2716982 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.45%), 5.17%, 01/16/30<sup>(e)</sup> | 2005 | &nbsp;&nbsp; 2060688 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.58%), 5.83%, 04/19/35<sup>(e)</sup> | 4540 | &nbsp;&nbsp; 4839835 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.73%), 5.47%, 01/18/35<sup>(e)</sup> | 1115 | &nbsp;&nbsp; 1161322 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.87%), 5.25%, 04/21/34<sup>(e)</sup> | 10910 | &nbsp;&nbsp; 11250651 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Nationstar Mortgage Holdings, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/29 | 2890 | &nbsp;&nbsp; $2964816 |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 | 2079 | &nbsp;&nbsp; 2097295 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 | 2751 | &nbsp;&nbsp; 2779894 |
| PennyMac Financial Services, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 | 2861 | &nbsp;&nbsp; 2979051 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/31 | 4416 | &nbsp;&nbsp; 4377692 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/32 | 1281 | &nbsp;&nbsp; 1327368 |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/33 | 1619 | &nbsp;&nbsp; 1672600 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/34 | 385 | &nbsp;&nbsp; 392733 |
| Rocket Cos., Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/30 | 1125 | &nbsp;&nbsp; 1154610 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/33 | 1295 | &nbsp;&nbsp; 1336588 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.46%, 01/13/26 | 5130 | &nbsp;&nbsp; 5148169 |
| &nbsp;&nbsp;&nbsp; 1.40%, 09/17/26 | 7800 | &nbsp;&nbsp; 7610379 |
| &nbsp;&nbsp;&nbsp; 2.17%, 01/14/27 | 2735 | &nbsp;&nbsp; 2672026 |
| &nbsp;&nbsp;&nbsp; 5.52%, 01/13/28 | 5590 | &nbsp;&nbsp; 5767139 |
| United Wholesale Mortgage LLC, 5.50%, 04/15/29<sup>(a)</sup> | 5278 | &nbsp;&nbsp; 5205448 |
| UWM Holdings LLC<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/30 | 6033 | &nbsp;&nbsp; 6137269 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/31 | 1075 | &nbsp;&nbsp; 1069880 |
|  |  | &nbsp;&nbsp; 544220534 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Hershey Co., 4.50%, 05/04/33 | 7530 | &nbsp;&nbsp; 7554498 |
| Mondelez International, Inc., 2.63%, 03/17/27 | 2070 | &nbsp;&nbsp; 2027027 |
| Post Holdings, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/33 | 3131 | &nbsp;&nbsp; 3160147 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/34 | 1053 | &nbsp;&nbsp; 1061764 |
|  |  | &nbsp;&nbsp; 13803436 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |
| Canadian National Railway Co., 3.85%, 08/05/32 | 1400 | &nbsp;&nbsp; 1346812 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | 4903 | &nbsp;&nbsp; 5109845 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | 6885 | &nbsp;&nbsp; 6908951 |
| Zimmer Biomet Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/19/27 | 12420 | &nbsp;&nbsp; 12508606 |
| &nbsp;&nbsp;&nbsp; 5.35%, 12/01/28 | 2700 | &nbsp;&nbsp; 2796333 |
|  |  | &nbsp;&nbsp; 27323735 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., 4.25%, <br> 05/01/28<sup>(a)</sup><br>| 2391 | &nbsp;&nbsp; 2338523 |
| DaVita, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 | 5360 | &nbsp;&nbsp; 5136964 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/32 | 3488 | &nbsp;&nbsp; 3603230 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/33 | 985 | &nbsp;&nbsp; 1015730 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(a)</sup> | 4440 | &nbsp;&nbsp; 4204415 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 | 3740 | &nbsp;&nbsp; 3572306 |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/31 | 7947 | &nbsp;&nbsp; 8260743 |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/32 | 9030 | &nbsp;&nbsp; 8471512 |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/34 | 13781 | &nbsp;&nbsp; 14305845 |
| MPH Acquisition Holdings LLC, 5.75%, 12/31/30<sup>(a)</sup> | 1387 | &nbsp;&nbsp; 1211404 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 | 1717 | &nbsp;&nbsp; 1701290 |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/01/28 | 2424 | &nbsp;&nbsp; 2425403 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/30 | 2103 | &nbsp;&nbsp; 2045264 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 | 3585 | &nbsp;&nbsp; $3249620 |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/31 | 10340 | &nbsp;&nbsp; 10601859 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 10/15/30 | 1918 | &nbsp;&nbsp; 1731595 |
| &nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 | 5782 | &nbsp;&nbsp; 5029708 |
|  |  | &nbsp;&nbsp; 78905411 |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/15/30<sup>(a)</sup> | 245 | &nbsp;&nbsp; 249001 |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/31 | 3107 | &nbsp;&nbsp; 2744699 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 | 1997 | &nbsp;&nbsp; 1934549 |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 | 5032 | &nbsp;&nbsp; 4199301 |
| &nbsp;&nbsp;&nbsp; 8.50%, 02/15/32<sup>(a)</sup> | 475 | &nbsp;&nbsp; 504717 |
| Omega Healthcare Investors, Inc., 5.20%, 07/01/30 | 11600 | &nbsp;&nbsp; 11776536 |
| Ventas Realty LP, 5.10%, 07/15/32 | 6700 | &nbsp;&nbsp; 6856335 |
| Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/30 | 5730 | &nbsp;&nbsp; 5783457 |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/15/32 | 6180 | &nbsp;&nbsp; 5920801 |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/01/35 | 6840 | &nbsp;&nbsp; 6966412 |
|  |  | &nbsp;&nbsp; 46935808 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Host Hotels & Resorts LP, 5.50%, 04/15/35 | 2150 | &nbsp;&nbsp; 2164184 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(a)</sup> | 3032 | &nbsp;&nbsp; 2863161 |
|  |  | &nbsp;&nbsp; 5027345 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| Amer Sports Co., 6.75%, 02/16/31<sup>(a)</sup> | 4226 | &nbsp;&nbsp; 4401083 |
| Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 05/01/27 | 10 | &nbsp;&nbsp; 9952 |
| &nbsp;&nbsp;&nbsp; 4.35%, 10/15/27 | 1055 | &nbsp;&nbsp; 1059041 |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/29 | 1755 | &nbsp;&nbsp; 1764220 |
| &nbsp;&nbsp;&nbsp; 6.30%, 10/10/33 | 2820 | &nbsp;&nbsp; 3053739 |
| &nbsp;&nbsp;&nbsp; Genting New York LLC/GENNY Capital, Inc., 7.25%, <br> 10/01/29<sup>(a)</sup><br>| 4000 | &nbsp;&nbsp; 4131844 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 | 1889 | &nbsp;&nbsp; 1816578 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/31 | 3757 | &nbsp;&nbsp; 3506187 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/32 | 434 | &nbsp;&nbsp; 440794 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/30/27 | 2180 | &nbsp;&nbsp; 2221050 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/31 | 4855 | &nbsp;&nbsp; 4964320 |
| Las Vegas Sands Corp., 6.00%, 08/15/29 | 2260 | &nbsp;&nbsp; 2353846 |
| Light & Wonder International, Inc., 6.25%, 10/01/33<sup>(a)</sup> | 715 | &nbsp;&nbsp; 716216 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<sup>(a)</sup> | 2410 | &nbsp;&nbsp; 2456489 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 | 2480 | &nbsp;&nbsp; 2523157 |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/15/28 | 2120 | &nbsp;&nbsp; 2201516 |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/29 | 605 | &nbsp;&nbsp; 617604 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/15/32 | 2495 | &nbsp;&nbsp; 2560643 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/34 | 2620 | &nbsp;&nbsp; 2691044 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/15/35 | 4400 | &nbsp;&nbsp; 4439169 |
| &nbsp;&nbsp;&nbsp; Series AA, 4.65%, 12/01/28 | 193 | &nbsp;&nbsp; 195342 |
| &nbsp;&nbsp;&nbsp; Series FF, 4.63%, 06/15/30 | 170 | &nbsp;&nbsp; 171697 |
| &nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/31 | 8145 | &nbsp;&nbsp; 7495306 |
| McDonald's Corp., 4.60%, 09/09/32 | 12453 | &nbsp;&nbsp; 12626718 |
| Royal Caribbean Cruises Ltd., 01/15/36<sup>(f)</sup> | 2755 | &nbsp;&nbsp; 2771066 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Sabre GLBL, Inc., 11.25%, 12/15/27<sup>(a)</sup> | 3627 | &nbsp;&nbsp; $3782294 |
| Starbucks Corp., 3.55%, 08/15/29 | 40 | &nbsp;&nbsp; 39191 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 | 2955 | &nbsp;&nbsp; 2707519 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 | 8745 | &nbsp;&nbsp; 6981308 |
|  |  | &nbsp;&nbsp; 84698933 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/27 | 285 | &nbsp;&nbsp; 284311 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 | 3618 | &nbsp;&nbsp; 3393105 |
| Century Communities, Inc., 6.63%, 09/15/33<sup>(a)</sup> | 690 | &nbsp;&nbsp; 696044 |
| Forestar Group, Inc., 6.50%, 03/15/33<sup>(a)</sup> | 1428 | &nbsp;&nbsp; 1460848 |
| NVR, Inc., 3.00%, 05/15/30 | 10320 | &nbsp;&nbsp; 9754062 |
| Somnigroup International, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 | 2697 | &nbsp;&nbsp; 2588439 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 | 1713 | &nbsp;&nbsp; 1568890 |
| Toll Brothers Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 02/15/28 | 5010 | &nbsp;&nbsp; 5024792 |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/01/29 | 2750 | &nbsp;&nbsp; 2691966 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 | 1115 | &nbsp;&nbsp; 1123733 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/50 | 775 | &nbsp;&nbsp; 579314 |
|  |  | &nbsp;&nbsp; 29165504 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| NRG Energy, Inc., 7.00%, 03/15/33<sup>(a)</sup> | 7070 | &nbsp;&nbsp; 7817285 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| Eaton Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 05/18/28 | 1820 | &nbsp;&nbsp; 1840871 |
| &nbsp;&nbsp;&nbsp; 4.15%, 03/15/33 | 1715 | &nbsp;&nbsp; 1688598 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(a)</sup> | 435 | &nbsp;&nbsp; 444589 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(a)</sup> | 3406 | &nbsp;&nbsp; 3359924 |
| Pentair Finance SARL, 4.50%, 07/01/29 | 4300 | &nbsp;&nbsp; 4320071 |
| Teledyne Technologies, Inc., 2.75%, 04/01/31 | 3000 | &nbsp;&nbsp; 2755717 |
|  |  | &nbsp;&nbsp; 14409770 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., 6.75%, <br> 07/01/32<sup>(a)</sup><br>| 510 | &nbsp;&nbsp; 525139 |
| Aflac, Inc., 1.13%, 03/15/26 | 2360 | &nbsp;&nbsp; 2328389 |
| Allstate Corp., 5.05%, 06/24/29 | 5130 | &nbsp;&nbsp; 5274906 |
| American International Group, Inc., 4.85%, 05/07/30 | 5385 | &nbsp;&nbsp; 5508367 |
| Aon Corp., 2.80%, 05/15/30 | 405 | &nbsp;&nbsp; 380132 |
| &nbsp;&nbsp;&nbsp; Aon Corp./Aon Global Holdings PLC, 2.85%, <br> 05/28/27<br>| 495 | &nbsp;&nbsp; 485350 |
| Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 11/09/31 | 1450 | &nbsp;&nbsp; 1287295 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/02/33 | 3360 | &nbsp;&nbsp; 3499016 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/34 | 8190 | &nbsp;&nbsp; 9080967 |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/15/34 | 1400 | &nbsp;&nbsp; 1449796 |
| Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/27/28 | 4810 | &nbsp;&nbsp; 4866339 |
| &nbsp;&nbsp;&nbsp; 3.70%, 02/22/30 | 3500 | &nbsp;&nbsp; 3392520 |
| &nbsp;&nbsp;&nbsp; Assured Guaranty U.S. Holdings, Inc., 6.13%, <br> 09/15/28<br>| 4188 | &nbsp;&nbsp; 4403010 |
| Athene Holding Ltd., 3.50%, 01/15/31 | 1665 | &nbsp;&nbsp; 1579952 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(a)</sup><br>| 4082 | &nbsp;&nbsp; 4237320 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/29 | 4320 | &nbsp;&nbsp; 4328988 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Brown & Brown, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/17/32 | 7940 | &nbsp;&nbsp; $7660971 |
| CNA Financial Corp., 5.20%, 08/15/35 | 4800 | &nbsp;&nbsp; 4809179 |
| Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/03/31 | 1005 | &nbsp;&nbsp; 947994 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/16/32 | 6370 | &nbsp;&nbsp; 6619347 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/07/33 | 14566 | &nbsp;&nbsp; 15484538 |
| Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/30 | 4215 | &nbsp;&nbsp; 3819098 |
| &nbsp;&nbsp;&nbsp; 2.38%, 12/15/31 | 2381 | &nbsp;&nbsp; 2120303 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/01/32 | 21330 | &nbsp;&nbsp; 22876512 |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/33 | 9993 | &nbsp;&nbsp; 10485731 |
| MGIC Investment Corp., 5.25%, 08/15/28 | 597 | &nbsp;&nbsp; 595845 |
| Principal Financial Group, Inc., 5.38%, 03/15/33 | 2650 | &nbsp;&nbsp; 2753291 |
| Progressive Corp., 3.20%, 03/26/30 | 4830 | &nbsp;&nbsp; 4646090 |
| RenaissanceRe Holdings Ltd., 5.75%, 06/05/33 | 6590 | &nbsp;&nbsp; 6916791 |
| Unum Group, 4.00%, 06/15/29 | 4996 | &nbsp;&nbsp; 4931869 |
| Willis North America, Inc., 5.35%, 05/15/33 | 12160 | &nbsp;&nbsp; 12583583 |
|  |  | &nbsp;&nbsp; 159878628 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Alphabet, Inc., 4.50%, 05/15/35 | 2250 | &nbsp;&nbsp; 2251930 |
| Baidu, Inc., 1.72%, 04/09/26 | 2170 | &nbsp;&nbsp; 2142615 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/30 | 2890 | &nbsp;&nbsp; 2983359 |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/34 | 170 | &nbsp;&nbsp; 172215 |
| Snap, Inc., 6.88%, 03/01/33<sup>(a)</sup> | 2042 | &nbsp;&nbsp; 2087125 |
|  |  | &nbsp;&nbsp; 9637244 |
| **Internet Software & Services — 0.7%** | **Internet Software & Services — 0.7%** | **Internet Software & Services — 0.7%** |
| ANGI Group LLC, 3.88%, 08/15/28<sup>(a)</sup> | 3990 | &nbsp;&nbsp; 3750001 |
| Getty Images, Inc., 11.25%, 02/21/30<sup>(a)</sup> | 31 | &nbsp;&nbsp; 29229 |
| GrubHub Holdings, Inc., 07/31/30<sup>(a)(f)</sup> | 5126 | &nbsp;&nbsp; 5123897 |
| Match Group Holdings II LLC, 4.13%, 08/01/30<sup>(a)</sup> | 1626 | &nbsp;&nbsp; 1535745 |
| Rakuten Group, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/15/27 | 1151 | &nbsp;&nbsp; 1247506 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/29 | 9927 | &nbsp;&nbsp; 11162562 |
| Uber Technologies, Inc., 4.80%, 09/15/34 | 4000 | &nbsp;&nbsp; 4007508 |
| VeriSign, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/15/31 | 14505 | &nbsp;&nbsp; 13073640 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/32 | 2345 | &nbsp;&nbsp; 2408842 |
| Wayfair LLC<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/31/29 | 6696 | &nbsp;&nbsp; 6903848 |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/15/30 | 4025 | &nbsp;&nbsp; 4221200 |
|  |  | &nbsp;&nbsp; 53463978 |
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| Accenture Capital, Inc., 4.50%, 10/04/34 | 605 | &nbsp;&nbsp; 596666 |
| ASGN, Inc., 4.63%, 05/15/28<sup>(a)</sup> | 1611 | &nbsp;&nbsp; 1581383 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(a)</sup> | 3082 | &nbsp;&nbsp; 3179239 |
| CGI, Inc., 4.95%, 03/14/30<sup>(a)</sup> | 8740 | &nbsp;&nbsp; 8897793 |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC/Conduent State & <br> Local Solutions, Inc., 6.00%, 11/01/29<sup>(a)</sup><br>| 4005 | &nbsp;&nbsp; 3868872 |
| Fair Isaac Corp., 6.00%, 05/15/33<sup>(a)</sup> | 1375 | &nbsp;&nbsp; 1392109 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/02/28 | 950 | &nbsp;&nbsp; 976680 |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/21/28 | 7660 | &nbsp;&nbsp; 7898428 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/02/33 | 9930 | &nbsp;&nbsp; 10404552 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/34 | 2800 | &nbsp;&nbsp; 2893571 |
| Fortinet, Inc., 2.20%, 03/15/31 | 750 | &nbsp;&nbsp; 668072 |
| IBM International Capital Pte. Ltd., 4.75%, 02/05/31 | 16600 | &nbsp;&nbsp; 16930272 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 | 5120 | &nbsp;&nbsp; 4997304 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| International Business Machines Corp. (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 | 19620 | &nbsp;&nbsp; $19704396 |
| Leidos, Inc., 2.30%, 02/15/31 | 5070 | &nbsp;&nbsp; 4523959 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/26/30 | 4305 | &nbsp;&nbsp; 4302888 |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/26/32 | 3995 | &nbsp;&nbsp; 3999804 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/26/35 | 4040 | &nbsp;&nbsp; 4062246 |
|  |  | &nbsp;&nbsp; 100878234 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Life Time, Inc., 6.00%, 11/15/31<sup>(a)</sup> | 1770 | &nbsp;&nbsp; 1798256 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| IDEX Corp., 2.63%, 06/15/31 | 4980 | &nbsp;&nbsp; 4508324 |
| Otis Worldwide Corp., 2.29%, 04/05/27 | 65 | &nbsp;&nbsp; 63398 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., 5.61%, <br> 03/11/34<br>| 4940 | &nbsp;&nbsp; 5190087 |
|  |  | &nbsp;&nbsp; 9761809 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/29 | 1061 | &nbsp;&nbsp; 1075574 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31 | 17056 | &nbsp;&nbsp; 17598125 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 | 6501 | &nbsp;&nbsp; 5779784 |
| CSC Holdings LLC<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 | 2524 | &nbsp;&nbsp; 2395600 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28 | 2852 | &nbsp;&nbsp; 2640262 |
| Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/20/37 | 5545 | &nbsp;&nbsp; 4757832 |
| &nbsp;&nbsp;&nbsp; 6.35%, 06/01/40 | 3005 | &nbsp;&nbsp; 2757598 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/26<sup>(a)</sup> | 2333 | &nbsp;&nbsp; 2292392 |
| &nbsp;&nbsp;&nbsp; 7.38%, 07/01/28 | 847 | &nbsp;&nbsp; 780455 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 | 1272 | &nbsp;&nbsp; 1087776 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(a)</sup> | 3747 | &nbsp;&nbsp; 3965289 |
| FactSet Research Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 | 9015 | &nbsp;&nbsp; 8850052 |
| &nbsp;&nbsp;&nbsp; 3.45%, 03/01/32 | 5934 | &nbsp;&nbsp; 5482277 |
| Live Nation Entertainment, Inc., 3.75%, 01/15/28<sup>(a)</sup> | 1447 | &nbsp;&nbsp; 1411775 |
| Nexstar Media, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 | 1077 | &nbsp;&nbsp; 1075437 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/28 | 6984 | &nbsp;&nbsp; 6816679 |
| Sinclair Television Group, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 | 2675 | &nbsp;&nbsp; 2273750 |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/31/32 | 1578 | &nbsp;&nbsp; 1120380 |
| &nbsp;&nbsp;&nbsp; 9.75%, 02/15/33 | 2150 | &nbsp;&nbsp; 2359625 |
| Sirius XM Radio LLC, 4.13%, 07/01/30<sup>(a)</sup> | 6216 | &nbsp;&nbsp; 5830046 |
|  |  | &nbsp;&nbsp; 80350708 |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
| Algoma Steel, Inc., 9.13%, 04/15/29<sup>(a)</sup> | 2353 | &nbsp;&nbsp; 2004945 |
| Aris Mining Corp., 8.00%, 10/31/29<sup>(a)</sup> | 2824 | &nbsp;&nbsp; 2919310 |
| BHP Billiton Finance USA Ltd., 4.75%, 02/28/28 | 23560 | &nbsp;&nbsp; 23936258 |
| Champion Iron Canada, Inc., 7.88%, 07/15/32<sup>(a)</sup> | 3595 | &nbsp;&nbsp; 3758691 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/31 | 768 | &nbsp;&nbsp; 791605 |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/01/33 | 3358 | &nbsp;&nbsp; 3428081 |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/15/34 | 3688 | &nbsp;&nbsp; 3800134 |
| Eldorado Gold Corp., 6.25%, 09/01/29<sup>(a)</sup> | 4445 | &nbsp;&nbsp; 4461735 |
| Endeavour Mining PLC, 7.00%, 05/28/30<sup>(a)</sup> | 3280 | &nbsp;&nbsp; 3380466 |
| First Quantum Minerals Ltd.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 03/01/29 | 3874 | &nbsp;&nbsp; 4097917 |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/31 | 2878 | &nbsp;&nbsp; 3022792 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/01/33 | 2665 | &nbsp;&nbsp; 2812628 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| First Quantum Minerals Ltd.<sup>(a)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/34 | 1035 | &nbsp;&nbsp; $1066309 |
| Fortescue Treasury Pty. Ltd.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/31 | 1773 | &nbsp;&nbsp; 1692750 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/15/32 | 3864 | &nbsp;&nbsp; 3992876 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/28 | 975 | &nbsp;&nbsp; 969306 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/01/28 | 240 | &nbsp;&nbsp; 238710 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/01/30 | 750 | &nbsp;&nbsp; 741436 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(a)</sup> | 4602 | &nbsp;&nbsp; 4755017 |
| Mineral Resources Ltd., 04/01/31<sup>(a)(f)</sup> | 1853 | &nbsp;&nbsp; 1876970 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(a)</sup> | 340 | &nbsp;&nbsp; 356124 |
| Novelis Corp.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/30 | 1881 | &nbsp;&nbsp; 1812654 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/30 | 5105 | &nbsp;&nbsp; 5293752 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/15/33 | 1260 | &nbsp;&nbsp; 1273023 |
| Park-Ohio Industries, Inc., 8.50%, 08/01/30<sup>(a)</sup> | 970 | &nbsp;&nbsp; 1005531 |
| Reliance, Inc., 2.15%, 08/15/30 | 2000 | &nbsp;&nbsp; 1795091 |
| Rio Tinto Finance USA Ltd., 7.13%, 07/15/28 | 699 | &nbsp;&nbsp; 755246 |
| Rio Tinto Finance USA PLC, 5.25%, 03/14/35 | 8315 | &nbsp;&nbsp; 8568445 |
| Stillwater Mining Co.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/16/26 | 3801 | &nbsp;&nbsp; 3755388 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/16/29 | 4969 | &nbsp;&nbsp; 4624276 |
| SunCoke Energy, Inc., 4.88%, 06/30/29<sup>(a)</sup> | 4245 | &nbsp;&nbsp; 3967507 |
| Taseko Mines Ltd., 8.25%, 05/01/30<sup>(a)</sup> | 4255 | &nbsp;&nbsp; 4506658 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(a)</sup> | 1968 | &nbsp;&nbsp; 2096835 |
|  |  | &nbsp;&nbsp; 113558466 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(a)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(a)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(a)</sup> **— 0.2%** |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., 4.63%, <br> 06/15/29<br>| 2673 | &nbsp;&nbsp; 2568787 |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29 | 2991 | &nbsp;&nbsp; 3155723 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/29 | 3691 | &nbsp;&nbsp; 3875717 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 | 955 | &nbsp;&nbsp; 969515 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/30 | 1523 | &nbsp;&nbsp; 1573209 |
|  |  | &nbsp;&nbsp; 12142951 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/20/27 | 3628 | &nbsp;&nbsp; 3627196 |
| &nbsp;&nbsp;&nbsp; 9.38%, 06/01/28<sup>(a)</sup> | 3617 | &nbsp;&nbsp; 3715925 |
| &nbsp;&nbsp;&nbsp; 9.50%, 06/01/30<sup>(a)</sup> | 1370 | &nbsp;&nbsp; 1434223 |
| Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/33 | 690 | &nbsp;&nbsp; 748237 |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/15/35 | 80 | &nbsp;&nbsp; 81900 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., 5.25%, <br> 03/01/28<br>| 885 | &nbsp;&nbsp; 907805 |
| National Fuel Gas Co., 5.95%, 03/15/35 | 4450 | &nbsp;&nbsp; 4640739 |
| ONE Gas, Inc., 4.25%, 09/01/32 | 1625 | &nbsp;&nbsp; 1607013 |
| Piedmont Natural Gas Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/29 | 50 | &nbsp;&nbsp; 48772 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/15/33 | 1255 | &nbsp;&nbsp; 1304315 |
| Southern California Gas Co., 5.20%, 06/01/33 | 2630 | &nbsp;&nbsp; 2718100 |
| Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/33 | 380 | &nbsp;&nbsp; 402724 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/15/34 | 1220 | &nbsp;&nbsp; 1223562 |
| Southwest Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 06/15/30 | 25 | &nbsp;&nbsp; 22715 |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 | 2995 | &nbsp;&nbsp; 2879509 |
|  |  | &nbsp;&nbsp; 25362735 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** |
| California Resources Corp.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/15/29 | $7923 | &nbsp;&nbsp; $8262461 |
| &nbsp;&nbsp;&nbsp; 01/15/34<sup>(f)</sup> | 565 | &nbsp;&nbsp; 561111 |
| &nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, 5.13%, <br> 06/30/27<br>| 3417 | &nbsp;&nbsp; 3454287 |
| Cheniere Energy Partners LP, 5.55%, 10/30/35<sup>(a)</sup> | 2455 | &nbsp;&nbsp; 2508059 |
| Cheniere Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/28 | 3590 | &nbsp;&nbsp; 3578776 |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/15/34 | 3200 | &nbsp;&nbsp; 3298689 |
| Chevron Corp., 2.24%, 05/11/30 | 170 | &nbsp;&nbsp; 157207 |
| Chevron USA, Inc., 4.98%, 04/15/35 | 16530 | &nbsp;&nbsp; 16951278 |
| Chord Energy Corp.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/30 | 835 | &nbsp;&nbsp; 829186 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/33 | 3406 | &nbsp;&nbsp; 3450921 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(a)</sup> | 489 | &nbsp;&nbsp; 468920 |
| CNX Resources Corp.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 | 193 | &nbsp;&nbsp; 193079 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/31 | 1370 | &nbsp;&nbsp; 1412474 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/01/32 | 2055 | &nbsp;&nbsp; 2131912 |
| Comstock Resources, Inc., 6.75%, 03/01/29<sup>(a)</sup> | 9410 | &nbsp;&nbsp; 9385067 |
| CVR Energy, Inc., 8.50%, 01/15/29<sup>(a)</sup> | 4672 | &nbsp;&nbsp; 4775055 |
| DCP Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/29 | 2440 | &nbsp;&nbsp; 2495102 |
| &nbsp;&nbsp;&nbsp; 8.13%, 08/16/30 | 240 | &nbsp;&nbsp; 275578 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/29 | 9388 | &nbsp;&nbsp; 9789806 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/33 | 655 | &nbsp;&nbsp; 666067 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(a)</sup><br>| 4467 | &nbsp;&nbsp; 4733617 |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 | 545 | &nbsp;&nbsp; 587188 |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/18/34 | 8065 | &nbsp;&nbsp; 8233416 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 | 1690 | &nbsp;&nbsp; 1690204 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/05/34 | 2615 | &nbsp;&nbsp; 2729551 |
| Energean PLC, 6.50%, 04/30/27<sup>(a)</sup> | 3310 | &nbsp;&nbsp; 3292416 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/27<sup>(a)</sup> | 4250 | &nbsp;&nbsp; 4251890 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/33 | 5945 | &nbsp;&nbsp; 6231742 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 | 1809 | &nbsp;&nbsp; 1886635 |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/30 | 1150 | &nbsp;&nbsp; 1217476 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/32 | 3639 | &nbsp;&nbsp; 3795309 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/33 | 1431 | &nbsp;&nbsp; 1496753 |
| &nbsp;&nbsp;&nbsp; Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(a)</sup><br>| 3522 | &nbsp;&nbsp; 3714527 |
| Greenfire Resources Ltd., 12.00%, 10/01/28<sup>(a)</sup> | 1810 | &nbsp;&nbsp; 1923941 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(a)</sup> | 5190 | &nbsp;&nbsp; 5325945 |
| Hess Corp., 4.30%, 04/01/27 | 1255 | &nbsp;&nbsp; 1259144 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(a)</sup> | 7410 | &nbsp;&nbsp; 7741716 |
| Karoon USA Finance, Inc., 10.50%, 05/14/29<sup>(a)</sup> | 1669 | &nbsp;&nbsp; 1746275 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/15/26 | 3850 | &nbsp;&nbsp; 3749763 |
| &nbsp;&nbsp;&nbsp; 5.10%, 08/01/29 | 9430 | &nbsp;&nbsp; 9690741 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC/Magnolia Oil & <br> Gas Finance Corp., 6.88%, 12/01/32<sup>(a)</sup><br>| 3731 | &nbsp;&nbsp; 3828808 |
| Matador Resources Co., 6.88%, 04/15/28<sup>(a)</sup> | 1182 | &nbsp;&nbsp; 1206277 |
| MEG Energy Corp., 5.88%, 02/01/29<sup>(a)</sup> | 1708 | &nbsp;&nbsp; 1707905 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 | 8000 | &nbsp;&nbsp; 7916115 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/27 | 12830 | &nbsp;&nbsp; 12842496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| MPLX LP (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/33 | 20410 | &nbsp;&nbsp; $20415072 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | 7188 | &nbsp;&nbsp; 7440004 |
| Northern Oil & Gas, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 03/01/28 | 2045 | &nbsp;&nbsp; 2073873 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/15/31 | 2750 | &nbsp;&nbsp; 2841011 |
| &nbsp;&nbsp;&nbsp; 10/15/33<sup>(f)</sup> | 925 | &nbsp;&nbsp; 921340 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 | 8156 | &nbsp;&nbsp; 8177903 |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 | 2330 | &nbsp;&nbsp; 2501987 |
| Ovintiv, Inc., 5.38%, 01/01/26 | 605 | &nbsp;&nbsp; 605067 |
| Parkland Corp., 6.63%, 08/15/32<sup>(a)</sup> | 1606 | &nbsp;&nbsp; 1650265 |
| Pioneer Natural Resources Co., 5.10%, 03/29/26 | 1070 | &nbsp;&nbsp; 1075229 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | 5320 | &nbsp;&nbsp; 5552118 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 | 3162 | &nbsp;&nbsp; 3052982 |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/34 | 1485 | &nbsp;&nbsp; 1530631 |
| &nbsp;&nbsp;&nbsp; Strathcona Resources Ltd./Alberta, 6.88%, <br> 08/01/26<sup>(a)</sup><br>| 3843 | &nbsp;&nbsp; 3845406 |
| Sunoco LP, 7.00%, 05/01/29<sup>(a)</sup> | 2528 | &nbsp;&nbsp; 2617506 |
| Talos Production, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/29 | 5108 | &nbsp;&nbsp; 5281815 |
| &nbsp;&nbsp;&nbsp; 9.38%, 02/01/31 | 3636 | &nbsp;&nbsp; 3786989 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/27 | 4680 | &nbsp;&nbsp; 4753752 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/35 | 9930 | &nbsp;&nbsp; 10127804 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 | 4159 | &nbsp;&nbsp; 4163647 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 | 5230 | &nbsp;&nbsp; 5245275 |
| Venture Global LNG, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/29 | 998 | &nbsp;&nbsp; 1099821 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31 | 6109 | &nbsp;&nbsp; 6414269 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/32 | 5901 | &nbsp;&nbsp; 6424556 |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, 6.75%, <br> 01/15/36<sup>(a)</sup><br>| 2035 | &nbsp;&nbsp; 2161530 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/15/29 | 860 | &nbsp;&nbsp; 904752 |
| &nbsp;&nbsp;&nbsp; 6.15%, 04/01/33 | 2560 | &nbsp;&nbsp; 2704436 |
| Williams Cos., Inc., 2.60%, 03/15/31 | 11280 | &nbsp;&nbsp; 10242063 |
|  |  | &nbsp;&nbsp; 305055988 |
| **Passenger Airlines**<sup>(a)</sup> **— 0.2%** | **Passenger Airlines**<sup>(a)</sup> **— 0.2%** | **Passenger Airlines**<sup>(a)</sup> **— 0.2%** |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/28 | 6963 | &nbsp;&nbsp; 7133280 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/29 | 1761 | &nbsp;&nbsp; 1836993 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<br>| 6971 | &nbsp;&nbsp; 7070490 |
|  |  | &nbsp;&nbsp; 16040763 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 | 3818 | &nbsp;&nbsp; 3774169 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/34 | 7360 | &nbsp;&nbsp; 7573619 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(a)</sup> | 700 | &nbsp;&nbsp; 723949 |
| Bausch Health Cos., Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 09/30/28 | 5797 | &nbsp;&nbsp; 6028991 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/15/29 | 6093 | &nbsp;&nbsp; 4755435 |
| Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/15/26 | 5700 | &nbsp;&nbsp; 5739244 |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/34 | 4420 | &nbsp;&nbsp; 4543326 |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/15/35 | 1700 | &nbsp;&nbsp; 1710120 |
| Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 12/15/27 | 849 | &nbsp;&nbsp; 837055 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Cencora, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 | 7190 | &nbsp;&nbsp; $6593520 |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/15/35 | 560 | &nbsp;&nbsp; 571890 |
| CVS Health Corp., 5.45%, 09/15/35 | 7200 | &nbsp;&nbsp; 7326737 |
| Eli Lilly & Co., 4.70%, 02/27/33 | 1010 | &nbsp;&nbsp; 1030474 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(a)</sup> | 3715 | &nbsp;&nbsp; 3619288 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 12/10/31 | 1500 | &nbsp;&nbsp; 1325142 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/17/33 | 3805 | &nbsp;&nbsp; 3825644 |
| Novartis Capital Corp., 2.20%, 08/14/30 | 180 | &nbsp;&nbsp; 165482 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/19/30 | 2600 | &nbsp;&nbsp; 2648757 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/19/33 | 3885 | &nbsp;&nbsp; 3924828 |
| Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 | 11280 | &nbsp;&nbsp; 11081763 |
| &nbsp;&nbsp;&nbsp; 3.90%, 08/20/28 | 250 | &nbsp;&nbsp; 249493 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 | 2215 | &nbsp;&nbsp; 2014168 |
|  |  | &nbsp;&nbsp; 80063094 |
| **Real Estate Management & Development**<sup>(a)</sup> **— 0.2%** | **Real Estate Management & Development**<sup>(a)</sup> **— 0.2%** | **Real Estate Management & Development**<sup>(a)</sup> **— 0.2%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Anywhere Co-<br> Issuer Corp., 7.00%, 04/15/30<br>| 4800 | &nbsp;&nbsp; 4857612 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp., 9.75%, 04/15/30<br>| 4040 | &nbsp;&nbsp; 4408985 |
| Howard Hughes Corp., 4.38%, 02/01/31 | 2973 | &nbsp;&nbsp; 2787382 |
|  |  | &nbsp;&nbsp; 12053979 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Realty Income Corp., 4.75%, 02/15/29 | 7390 | &nbsp;&nbsp; 7530227 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc./BPR Cumulus <br> LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, <br> 05/15/26<sup>(a)</sup><br>| 1499 | &nbsp;&nbsp; 1494878 |
| Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp; 1.38%, 01/15/27 | 2920 | &nbsp;&nbsp; 2823433 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/08/33 | 2760 | &nbsp;&nbsp; 2912764 |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/26/34 | 4320 | &nbsp;&nbsp; 4293708 |
|  |  | &nbsp;&nbsp; 11524783 |
| **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |
| ams-OSRAM AG, 12.25%, 03/30/29<sup>(a)</sup> | 1522 | &nbsp;&nbsp; 1631709 |
| Analog Devices, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 10/01/28 | 1770 | &nbsp;&nbsp; 1657620 |
| &nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 | 1335 | &nbsp;&nbsp; 1180319 |
| &nbsp;&nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance Ltd., <br> 3.88%, 01/15/27<br>| 12295 | &nbsp;&nbsp; 12285771 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 | 520 | &nbsp;&nbsp; 519201 |
| &nbsp;&nbsp;&nbsp; 1.95%, 02/15/28<sup>(a)</sup> | 2460 | &nbsp;&nbsp; 2343673 |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/15/30 | 6951 | &nbsp;&nbsp; 7188871 |
| Kioxia Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/24/30 | 7410 | &nbsp;&nbsp; 7558230 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/24/33 | 1050 | &nbsp;&nbsp; 1079432 |
| NVIDIA Corp., 2.85%, 04/01/30 | 25 | &nbsp;&nbsp; 23890 |
| Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 05/04/30 | 145 | &nbsp;&nbsp; 130920 |
| &nbsp;&nbsp;&nbsp; 1.90%, 09/15/31 | 2445 | &nbsp;&nbsp; 2158104 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/14/33 | 12480 | &nbsp;&nbsp; 12853720 |
|  |  | &nbsp;&nbsp; 50611460 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| Autodesk, Inc., 5.30%, 06/15/35 | 4170 | &nbsp;&nbsp; 4285347 |
| CoreWeave, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/30 | 7398 | &nbsp;&nbsp; 7640610 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| CoreWeave, Inc.<sup>(a)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/31 | 3154 | &nbsp;&nbsp; $3232468 |
| Electronic Arts, Inc., 1.85%, 02/15/31 | 2000 | &nbsp;&nbsp; 1899019 |
| Intuit, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 07/15/30 | 438 | &nbsp;&nbsp; 391083 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/33 | 7585 | &nbsp;&nbsp; 7929670 |
| Microsoft Corp., 1.35%, 09/15/30 | 250 | &nbsp;&nbsp; 221523 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 | 4960 | &nbsp;&nbsp; 4901381 |
| &nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 | 21445 | &nbsp;&nbsp; 19691581 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/03/32 | 4810 | &nbsp;&nbsp; 4958854 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/33 | 7650 | &nbsp;&nbsp; 7719219 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/35 | 8060 | &nbsp;&nbsp; 8291370 |
| Pagaya U.S. Holdings Co. LLC, 8.88%, 08/01/30<sup>(a)</sup> | 3942 | &nbsp;&nbsp; 3670549 |
| Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 | 5950 | &nbsp;&nbsp; 6006659 |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/30/30 | 75 | &nbsp;&nbsp; 67374 |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/15/35 | 1400 | &nbsp;&nbsp; 1411298 |
| ServiceNow, Inc., 1.40%, 09/01/30 | 1000 | &nbsp;&nbsp; 875689 |
| VMware LLC, 4.65%, 05/15/27 | 2000 | &nbsp;&nbsp; 2000819 |
|  |  | &nbsp;&nbsp; 85194513 |
| **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| Advance Auto Parts, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/30 | 7025 | &nbsp;&nbsp; 7227691 |
| &nbsp;&nbsp;&nbsp; 7.38%, 08/01/33 | 2620 | &nbsp;&nbsp; 2701875 |
| AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/26 | 8785 | &nbsp;&nbsp; 8850873 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/28 | 3325 | &nbsp;&nbsp; 3354300 |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/15/34 | 1455 | &nbsp;&nbsp; 1509009 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/35 | 5959 | &nbsp;&nbsp; 6197491 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/01/36 | 5391 | &nbsp;&nbsp; 5547619 |
| FirstCash, Inc.<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/30 | 965 | &nbsp;&nbsp; 963601 |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/32 | 2712 | &nbsp;&nbsp; 2803145 |
| Gap, Inc., 3.88%, 10/01/31<sup>(a)</sup> | 3493 | &nbsp;&nbsp; 3173781 |
| Kohl's Corp., 5.13%, 05/01/31 | 2555 | &nbsp;&nbsp; 2017044 |
| Macy's Retail Holdings LLC<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/32 | 2415 | &nbsp;&nbsp; 2417330 |
| &nbsp;&nbsp;&nbsp; 7.38%, 08/01/33 | 2400 | &nbsp;&nbsp; 2502538 |
|  |  | &nbsp;&nbsp; 49266297 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Adobe, Inc., 2.30%, 02/01/30 | 2130 | &nbsp;&nbsp; 1982411 |
| Apple, Inc., 3.35%, 08/08/32 | 2195 | &nbsp;&nbsp; 2098492 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(a)</sup> | 694 | &nbsp;&nbsp; 732076 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | 6568 | &nbsp;&nbsp; 7110004 |
| NetApp, Inc., 5.70%, 03/17/35 | 3777 | &nbsp;&nbsp; 3948217 |
|  |  | &nbsp;&nbsp; 15871200 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Ralph Lauren Corp., 5.00%, 06/15/32 | 13000 | &nbsp;&nbsp; 13318720 |
| Tapestry, Inc., 5.10%, 03/11/30 | 9216 | &nbsp;&nbsp; 9425633 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(a)</sup> | 473 | &nbsp;&nbsp; 472415 |
| VF Corp., 2.95%, 04/23/30 | 4610 | &nbsp;&nbsp; 4061391 |
| Wolverine World Wide, Inc., 4.00%, 08/15/29<sup>(a)</sup> | 4374 | &nbsp;&nbsp; 4001682 |
|  |  | &nbsp;&nbsp; 31279841 |
| **Tobacco — 1.5%** | **Tobacco — 1.5%** | **Tobacco — 1.5%** |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/14/29 | 70 | &nbsp;&nbsp; 71085 |
| &nbsp;&nbsp;&nbsp; 3.40%, 05/06/30 | 265 | &nbsp;&nbsp; 254280 |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 | 22040 | &nbsp;&nbsp; 19401157 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/33 | 8120 | &nbsp;&nbsp; 9175109 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco (continued)** | **Tobacco (continued)** | **Tobacco (continued)** |
| Altria Group, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/06/35 | 1125 | &nbsp;&nbsp; $1167904 |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/06/35 | 3420 | &nbsp;&nbsp; 3457676 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.34%, 08/02/30 | 7307 | &nbsp;&nbsp; 7888067 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/22/33 | 9630 | &nbsp;&nbsp; 9529572 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/20/34 | 780 | &nbsp;&nbsp; 833216 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/35 | 6630 | &nbsp;&nbsp; 6888592 |
| BAT International Finance PLC, 1.67%, 03/25/26 | 5000 | &nbsp;&nbsp; 4939432 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 | 7476 | &nbsp;&nbsp; 7346530 |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/17/27 | 50 | &nbsp;&nbsp; 49242 |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/29 | 4436 | &nbsp;&nbsp; 4312455 |
| &nbsp;&nbsp;&nbsp; 5.63%, 11/17/29 | 19819 | &nbsp;&nbsp; 20853966 |
| &nbsp;&nbsp;&nbsp; 2.10%, 05/01/30 | 790 | &nbsp;&nbsp; 719930 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/07/30 | 13 | &nbsp;&nbsp; 13669 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/17/32 | 7800 | &nbsp;&nbsp; 8310464 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/33 | 2340 | &nbsp;&nbsp; 2443698 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/07/33 | 4590 | &nbsp;&nbsp; 4868078 |
| &nbsp;&nbsp;&nbsp; 4.90%, 11/01/34 | 8240 | &nbsp;&nbsp; 8304810 |
| Turning Point Brands, Inc., 7.63%, 03/15/32<sup>(a)</sup> | 1088 | &nbsp;&nbsp; 1151322 |
|  |  | &nbsp;&nbsp; 121980254 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Clue Opco LLC, 9.50%, 10/15/31<sup>(a)</sup> | 5000 | &nbsp;&nbsp; 5347445 |
| United Parcel Service, Inc., 4.45%, 04/01/30 | 1200 | &nbsp;&nbsp; 1220319 |
|  |  | &nbsp;&nbsp; 6567764 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 06/01/32 | 2055 | &nbsp;&nbsp; 2050837 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/01/34 | 505 | &nbsp;&nbsp; 520477 |
| Essential Utilities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.57%, 05/01/29 | 55 | &nbsp;&nbsp; 53531 |
| &nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 | 220 | &nbsp;&nbsp; 204806 |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/15/34 | 645 | &nbsp;&nbsp; 660270 |
|  |  | &nbsp;&nbsp; 3489921 |
| **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** |
| Millicom International Cellular SA<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/27/31 | 4997 | &nbsp;&nbsp; 4708223 |
| &nbsp;&nbsp;&nbsp; 7.38%, 04/02/32 | 7629 | &nbsp;&nbsp; 7955140 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/28 | 6900 | &nbsp;&nbsp; 6578537 |
| &nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 | 4975 | &nbsp;&nbsp; 4586802 |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/15/34 | 3045 | &nbsp;&nbsp; 3114959 |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/35 | 9750 | &nbsp;&nbsp; 9575480 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/35 | 7870 | &nbsp;&nbsp; 8060314 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(a)</sup> | 6287 | &nbsp;&nbsp; 6692512 |
|  |  | &nbsp;&nbsp; 51271967 |
| **Total Corporate Bonds — 45.3%** <br>**(Cost: $3,560,216,456)** | **Total Corporate Bonds — 45.3%** <br>**(Cost: $3,560,216,456)** | &nbsp;&nbsp; 3637427611 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 24.0%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 24.0%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 24.0%** |
| Connecticut Avenue Securities Trust<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1, Class 1B1, (30-day Avg SOFR <br> + 6.86%), 11.22%, 02/25/40<br>| 5419 | &nbsp;&nbsp; 5731025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1, Class 1M2, (30-day Avg SOFR <br> + 3.76%), 8.12%, 02/25/40<br>| 74984 | &nbsp;&nbsp; 77720297 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Connecticut Avenue Securities Trust<sup>(a)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, (30-day Avg SOFR + <br> 3.10%), 7.46%, 10/25/41<br>| $68368 | &nbsp;&nbsp; $69657585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, (30-day Avg SOFR + <br> 3.30%), 7.66%, 11/25/41<br>| 59545 | &nbsp;&nbsp; 60717441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, (30-day Avg SOFR + <br> 2.00%), 6.36%, 11/25/41<br>|  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1B1, (30-day Avg SOFR + <br> 2.75%), 7.11%, 12/25/41<br>| 39240 | &nbsp;&nbsp; 39911102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, (30-day Avg SOFR + <br> 3.15%), 7.51%, 12/25/41<br>| 75317 | &nbsp;&nbsp; 77129363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.86%, 01/25/42<br>| 65302 | &nbsp;&nbsp; 67710455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 7.36%, 01/25/42<br>| 70803 | &nbsp;&nbsp; 72241009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, (30-day Avg SOFR + <br> 6.25%), 10.61%, 03/25/42<br>| 46113 | &nbsp;&nbsp; 49255106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, (30-day Avg SOFR + <br> 5.25%), 9.61%, 03/25/42<br>| 47092 | &nbsp;&nbsp; 49795321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, (30-day Avg SOFR + <br> 3.10%), 7.46%, 03/25/42<br>| 2000 | &nbsp;&nbsp; 2054680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.86%, 04/25/42<br>| 20011 | &nbsp;&nbsp; 20916378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2B2, (30-day Avg SOFR + <br> 7.00%), 11.36%, 04/25/42<br>| 7000 | &nbsp;&nbsp; 7514860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 7.36%, 04/25/42<br>| 12130 | &nbsp;&nbsp; 12454428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07 1B-1, Class B1, (30-day Avg <br> SOFR + 6.80%), 11.15%, 06/25/42<br>| 12955 | &nbsp;&nbsp; 14149321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, (30-day Avg SOFR + <br> 5.60%), 9.96%, 07/25/42<br>| 23162 | &nbsp;&nbsp; 24826885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R09, Class 2M2, (30-day Avg SOFR + <br> 4.75%), 9.10%, 09/25/42<br>| 3750 | &nbsp;&nbsp; 3996112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1B1, (30-day Avg SOFR + <br> 5.55%), 9.91%, 01/25/43<br>| 5000 | &nbsp;&nbsp; 5412500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1B1, (30-day Avg SOFR + <br> 4.75%), 9.10%, 06/25/43<br>| 5000 | &nbsp;&nbsp; 5367200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class 1B1, (30-day Avg SOFR + <br> 2.70%), 7.06%, 01/25/44<br>| 63264 | &nbsp;&nbsp; 64760719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1B1, (30-day Avg SOFR + <br> 2.50%), 6.86%, 02/25/44<br>| 15516 | &nbsp;&nbsp; 15777839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M2, (30-day Avg SOFR + <br> 1.80%), 6.16%, 02/25/44<br>| 2250 | &nbsp;&nbsp; 2268507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2B1, (30-day Avg SOFR + <br> 2.00%), 6.36%, 07/25/44<br>| 11450 | &nbsp;&nbsp; 11449952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, (30-day Avg SOFR + <br> 1.70%), 6.06%, 07/25/44<br>| 4852 | &nbsp;&nbsp; 4872475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1B1, (30-day Avg SOFR + <br> 2.05%), 6.41%, 09/25/44<br>| 6297 | &nbsp;&nbsp; 6306823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1B1, (30-day Avg SOFR + <br> 1.95%), 6.30%, 02/25/45<br>| 2750 | &nbsp;&nbsp; 2753436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1M2, (30-day Avg SOFR + <br> 1.60%), 5.95%, 02/25/45<br>| 6925 | &nbsp;&nbsp; 6935717 |
| Fannie Mae Connecticut Avenue Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C03, Class 1M2C, (30-day Avg SOFR <br> + 3.11%), 7.47%, 10/25/29<br>| 1897 | &nbsp;&nbsp; 1925575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class 1M2C, (30-day Avg SOFR <br> + 2.76%), 7.12%, 02/25/30<br>| 5049 | &nbsp;&nbsp; 5151095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class 1M2C, (30-day Avg SOFR <br> + 2.36%), 6.72%, 07/25/30<br>| 3760 | &nbsp;&nbsp; 3794810 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| &nbsp;&nbsp;&nbsp; Fannie Mae Connecticut Avenue <br> Securities (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C02, Class 2M2, (30-day Avg SOFR + <br> 2.31%), 6.67%, 08/25/30<br>| $995 | &nbsp;&nbsp; $1010094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C04, Class 2M2, (30-day Avg SOFR + <br> 2.66%), 7.02%, 12/25/30<br>| 1689 | &nbsp;&nbsp; 1737403 |
| Freddie Mac STACR REMIC Trust<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA5, Class B1, (30-day Avg SOFR + <br> 4.00%), 8.36%, 11/25/50<br>| 34063 | &nbsp;&nbsp; 37682152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA1, Class B1, (30-day Avg SOFR + <br> 2.65%), 7.01%, 01/25/51<br>| 51949 | &nbsp;&nbsp; 54221247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA1, Class B2, (30-day Avg SOFR + <br> 4.75%), 9.11%, 01/25/51<br>| 29443 | &nbsp;&nbsp; 32556474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA2, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.76%, 08/25/33<br>| 56875 | &nbsp;&nbsp; 63006472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA2, Class B2, (30-day Avg SOFR + <br> 6.00%), 10.36%, 08/25/33<br>| 18266 | &nbsp;&nbsp; 22332264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class B1, (30-day Avg SOFR + <br> 3.50%), 7.86%, 10/25/33<br>| 43269 | &nbsp;&nbsp; 48177685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class B2, (30-day Avg SOFR + <br> 6.25%), 10.61%, 10/25/33<br>| 14794 | &nbsp;&nbsp; 18207495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class B1, (30-day Avg SOFR + <br> 3.05%), 7.41%, 01/25/34<br>| 49122 | &nbsp;&nbsp; 52099892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class B2, (30-day Avg SOFR + <br> 5.50%), 9.86%, 01/25/34<br>| 28545 | &nbsp;&nbsp; 33870204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.76%, 10/25/41<br>| 69408 | &nbsp;&nbsp; 70969122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class B1, (30-day Avg SOFR + <br> 3.65%), 8.01%, 11/25/41<br>| 78692 | &nbsp;&nbsp; 80777307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class B1, (30-day Avg SOFR + <br> 3.00%), 7.36%, 08/25/33<br>| 77265 | &nbsp;&nbsp; 83542442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class B2, (30-day Avg SOFR + <br> 5.00%), 9.36%, 08/25/33<br>| 14160 | &nbsp;&nbsp; 16385469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA2, Class B1, (30-day Avg SOFR + <br> 3.15%), 7.51%, 12/25/33<br>| 7450 | &nbsp;&nbsp; 8169439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA2, Class B2, (30-day Avg SOFR + <br> 5.45%), 9.81%, 12/25/33<br>| 14800 | &nbsp;&nbsp; 17276201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class B1, (30-day Avg SOFR + <br> 3.35%), 7.71%, 09/25/41<br>| 59777 | &nbsp;&nbsp; 60804897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class M2, (30-day Avg SOFR <br> + 2.10%), 6.46%, 09/25/41<br>| 30450 | &nbsp;&nbsp; 30611689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class B1, (30-day Avg SOFR + <br> 3.75%), 8.11%, 12/25/41<br>| 57744 | &nbsp;&nbsp; 59238929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2, (30-day Avg SOFR <br> + 2.35%), 6.71%, 12/25/41<br>| 4010 | &nbsp;&nbsp; 4050100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.76%, 01/25/42<br>| 27820 | &nbsp;&nbsp; 28462297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M2, (30-day Avg SOFR <br> + 2.50%), 6.86%, 01/25/42<br>| 6040 | &nbsp;&nbsp; 6138816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class B1, (30-day Avg SOFR + <br> 4.75%), 9.11%, 02/25/42<br>| 21344 | &nbsp;&nbsp; 22231057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M2, (30-day Avg SOFR <br> + 3.75%), 8.11%, 02/25/42<br>| 11377 | &nbsp;&nbsp; 11757447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class B1, (30-day Avg SOFR + <br> 5.65%), 10.01%, 04/25/42<br>| 1620 | &nbsp;&nbsp; 1718723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M2, (30-day Avg SOFR <br> + 4.35%), 8.71%, 04/25/42<br>| 28341 | &nbsp;&nbsp; 29641400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M2, (30-day Avg SOFR <br> + 5.25%), 9.61%, 05/25/42<br>| 36250 | &nbsp;&nbsp; 38561532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M2, (30-day Avg SOFR <br> + 6.75%), 11.11%, 06/25/42<br>| 7500 | &nbsp;&nbsp; 8174148 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Freddie Mac STACR REMIC Trust<sup>(a)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M2, (30-day Avg SOFR <br> + 5.75%), 10.11%, 09/25/42<br>| 8000 | &nbsp;&nbsp; $8689581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M2, (30-day Avg SOFR <br> + 7.00%), 11.36%, 03/25/52<br>| 33705 | &nbsp;&nbsp; 37359970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class B1, (30-day Avg SOFR + <br> 7.00%), 11.36%, 03/25/42<br>| 16439 | &nbsp;&nbsp; 17685423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M2, (30-day Avg SOFR <br> + 5.25%), 9.61%, 03/25/42<br>| 79033 | &nbsp;&nbsp; 83274353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M2, (30-day Avg SOFR <br> + 6.00%), 10.36%, 07/25/42<br>| 25860 | &nbsp;&nbsp; 27848117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA3, Class M2, (30-day Avg SOFR <br> + 3.35%), 7.71%, 11/25/43<br>| 3724 | &nbsp;&nbsp; 3928438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M2, (30-day Avg SOFR <br> + 2.00%), 6.36%, 03/25/44<br>| 3805 | &nbsp;&nbsp; 3843020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2, (30-day Avg SOFR <br> + 1.65%), 6.01%, 02/25/45<br>| 5200 | &nbsp;&nbsp; 5199996 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR Securitized Participation <br> Interests Trust<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-SPI1, Class M2, 3.78%, 02/25/48 | 45 | &nbsp;&nbsp; 43583 |
| &nbsp;&nbsp;&nbsp; Series 2018-SPI2, Class M2, 3.85%, 05/25/48 | 63 | &nbsp;&nbsp; 60593 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR Trust, Series 2018-DNA3, <br> Class B2, (30-day Avg SOFR + 7.86%), 12.22%, <br> 09/25/48<sup>(a)</sup><br>| 2000 | &nbsp;&nbsp; 2310165 |
|  |  | &nbsp;&nbsp; 1926213652 |
| **Commercial Mortgage-Backed Securities**<sup>(a)(e)</sup> **— 0.3%** | **Commercial Mortgage-Backed Securities**<sup>(a)(e)</sup> **— 0.3%** | **Commercial Mortgage-Backed Securities**<sup>(a)(e)</sup> **— 0.3%** |
| Multifamily Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class M10, (30-day Avg SOFR + <br> 3.36%), 7.72%, 10/25/49<br>| 20080 | &nbsp;&nbsp; 20385247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M7, (30-day Avg SOFR + <br> 2.75%), 7.11%, 07/25/54<br>| 5206 | &nbsp;&nbsp; 5273533 |
|  |  | &nbsp;&nbsp; 25658780 |
| **Total Non-Agency Mortgage-Backed Securities — 24.3%** <br>**(Cost: $1,935,524,637)** | **Total Non-Agency Mortgage-Backed Securities — 24.3%** <br>**(Cost: $1,935,524,637)** | &nbsp;&nbsp; 1951872432 |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Collateralized Mortgage Obligations — 0.2%** | **Collateralized Mortgage Obligations — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust, Series 2020-<br> DNA6, Class B1, (30-day Avg SOFR + 3.00%), <br> 7.36%, 12/25/50<sup>(a)(e)</sup><br>| 16535 | &nbsp;&nbsp; 17665677 |
| **Mortgage-Backed Securities — 11.0%** | **Mortgage-Backed Securities — 11.0%** |  |
| &nbsp;&nbsp;&nbsp; Fannie Mae Mortgage-Backed Securities, 4.00%, <br> 02/01/47 - 02/01/57<br>| 54 | &nbsp;&nbsp; 51959 |
| Freddie Mac Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/42 - 01/01/49 | 68 | &nbsp;&nbsp; 67330 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/44 - 06/01/49 | 245 | &nbsp;&nbsp; 229946 |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/46 - 02/01/47 | 12 | &nbsp;&nbsp; 10468 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/46 - 01/01/49 | 34 | &nbsp;&nbsp; 33074 |
| Ginnie Mae Mortgage-Backed Securities<sup>(h)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/20/42 - 10/20/55 | 26582 | &nbsp;&nbsp; 24312418 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/20/45 - 10/20/55<sup>(i)</sup> | 34667 | &nbsp;&nbsp; 31002403 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/20/47 - 10/20/55<sup>(i)</sup> | 15481 | &nbsp;&nbsp; 14600064 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/20/48 - 10/20/55 | 20347 | &nbsp;&nbsp; 19751246 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/20/48 - 10/15/54 | 14881 | &nbsp;&nbsp; 14809150 |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/20/50 - 10/20/55 | 41542 | &nbsp;&nbsp; 35689544 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/20/52 - 10/15/54 | 20378 | &nbsp;&nbsp; 20532660 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/15/54 | 16850 | &nbsp;&nbsp; 17136679 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/54 | 9825 | &nbsp;&nbsp; 10090483 |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/20/55 | 73475 | &nbsp;&nbsp; 60718958 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
| Uniform Mortgage-Backed Securities<sup>(h)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/01/30 - 10/14/55 | 90745 | &nbsp;&nbsp; $81524677 |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/01/32 - 10/14/55 | 129892 | &nbsp;&nbsp; 110698789 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/39 - 10/14/55 | 47869 | &nbsp;&nbsp; 45438784 |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/16/40 - 10/14/55 | 164936 | &nbsp;&nbsp; 137185145 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/16/40 - 10/14/55<sup>(i)</sup> | 48635 | &nbsp;&nbsp; 44708954 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/41 - 10/14/55 | 43662 | &nbsp;&nbsp; 43325285 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/44 - 10/14/55<sup>(i)</sup> | 30227 | &nbsp;&nbsp; 29385436 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/52 - 10/15/54 | 51842 | &nbsp;&nbsp; 52350738 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/15/54 | 43850 | &nbsp;&nbsp; 44796619 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/54 | 25550 | &nbsp;&nbsp; 26402953 |
| &nbsp;&nbsp;&nbsp; 1.50%, 10/16/40 - 10/14/55 | 23100 | &nbsp;&nbsp; 18033699 |
|  |  | &nbsp;&nbsp; 882887461 |
| **Total U.S. Government Sponsored Agency Securities — 11.2%** <br>**(Cost: $911,246,507)** | **Total U.S. Government Sponsored Agency Securities — 11.2%** <br>**(Cost: $911,246,507)** | &nbsp;&nbsp; 900553138 |
| **Total Long-Term Investments — 87.8%** <br>**(Cost: $6,927,194,450)** | **Total Long-Term Investments — 87.8%** <br>**(Cost: $6,927,194,450)** | &nbsp;&nbsp; 7048032306 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.01%<sup>(j)(k)</sup><br>| 327086668 | &nbsp;&nbsp; 327086668 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 16.2%** | **U.S. Treasury Obligations — 16.2%** |  |
| U.S. Treasury Bills<sup>(l)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.24%, 10/02/25 | $250250 | &nbsp;&nbsp; 250222047 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |  |
| U.S. Treasury Bills<sup>(l)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 4.08%, 10/07/25 - 10/14/25 | 582800 | &nbsp;&nbsp; $582145071 |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/23/25 | 85000 | &nbsp;&nbsp; 84790794 |
| &nbsp;&nbsp;&nbsp; 4.35%, 10/23/25<sup>(m)</sup> | 75300 | &nbsp;&nbsp; 75114668 |
| &nbsp;&nbsp;&nbsp; 4.12%, 10/28/25 | 55900 | &nbsp;&nbsp; 55730430 |
| &nbsp;&nbsp;&nbsp; 4.22%, 11/06/25<sup>(m)</sup> | 250000 | &nbsp;&nbsp; 248994375 |
|  |  | &nbsp;&nbsp; 1296997385 |
| **Total Short-Term Securities — 20.3%** <br>**(Cost: $1,624,087,801)** | **Total Short-Term Securities — 20.3%** <br>**(Cost: $1,624,087,801)** | &nbsp;&nbsp; 1624084053 |
| **Total Investments — 108.1%** <br>**(Cost: $8,551,282,251)** | **Total Investments — 108.1%** <br>**(Cost: $8,551,282,251)** | &nbsp;&nbsp; 8672116359 |
| **Liabilities in Excess of Other Assets — (8.1)%** | **Liabilities in Excess of Other Assets — (8.1)%** | &nbsp;&nbsp; (646217047)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $8025899312 |

---

&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> Non-income producing security.

<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. 

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

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

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

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

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

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

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

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

<sup>(l)</sup> Rates are discount rates or a range of discount rates as of period end.

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 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>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| $9202298<br> $317884370 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $327086668 | 327086668 | $6479376 | $— |

---

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 2009 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; $150685 | &nbsp;&nbsp;&nbsp;&nbsp; $(304963)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 5076 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $584137 | &nbsp;&nbsp;&nbsp;&nbsp; $4898643 |
| &nbsp;&nbsp;&nbsp; Long Gilt | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 61085 | &nbsp;&nbsp;&nbsp;&nbsp; 288528 |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 12960 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2700439 | &nbsp;&nbsp;&nbsp;&nbsp; 880854 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 2756 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300878 | &nbsp;&nbsp;&nbsp;&nbsp; (298210)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5464852 |
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro Bund | &nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 89361 | &nbsp;&nbsp;&nbsp;&nbsp; (564911)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year Canadian Bond | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 31678 | &nbsp;&nbsp;&nbsp;&nbsp; (706639)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 10408 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1170900 | &nbsp;&nbsp;&nbsp;&nbsp; (2191589)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 1352 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 157677 | &nbsp;&nbsp;&nbsp;&nbsp; (3097166)<br>|
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45311 | &nbsp;&nbsp;&nbsp;&nbsp; (1298028)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (7858333)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(2393481)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 3743000 | USD | 2474000 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4975 |
| AUD | 14015500 | USD | 9266600 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15813 |
| BRL | 29810250 | USD | 5371023 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130761 |
| BRL | 13281000 | USD | 2398518 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52625 |
| BRL | 30328000 | USD | 5495895 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101444 |
| BRL | 43886000 | USD | 8062774 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36832 |
| CAD | 11141000 | USD | 8018884 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15225 |
| CZK | 95295000 | EUR | 3895435 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10830 |
| CZK | 102435000 | EUR | 4194477 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3180 |
| CZK | 9217250 | EUR | 377618 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| EUR | 5486343 | CHF | 5104000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681 |
| EUR | 55242253 | CHF | 51250000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187360 |
| EUR | 2466847 | CHF | 2293000 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2755 |
| EUR | 4084017 | CHF | 3790000 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12423 |
| EUR | 3243344 | CHF | 3017000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 |
| EUR | 4898837 | CHF | 4556000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2430 |
| EUR | 4443797 | CZK | 108187000 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12901 |
| EUR | 5490784 | CZK | 133615420 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18894 |
| EUR | 2036600 | NOK | 23748000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21374 |
| EUR | 2039136 | NOK | 23827000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16446 |
| EUR | 2171269 | NOK | 25345000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20114 |
| EUR | 3286511 | NOK | 38588000 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7903 |
| EUR | 72757730 | PLN | 311547000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187899 |
| EUR | 3699047 | PLN | 15868000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1649 |
| EUR | 5249415 | PLN | 22484000 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11875 |
| EUR | 44818224 | SEK | 492874000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247311 |
| EUR | 3186650 | SEK | 35153000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5968 |
| EUR | 9994695 | SEK | 110333000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10374 |
| EUR | 11903000 | USD | 14024127 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11877 |
| GBP | 6153950 | USD | 8273236 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4046 |
| GBP | 10787200 | USD | 14410124 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99044 |
| HUF | 4444925000 | EUR | 11258390 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43669 |
| HUF | 5161759000 | EUR | 13056470 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71421 |
| HUF | 14457228530 | EUR | 36358702 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448024 |
| HUF | 2517556000 | EUR | 6392170 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6405 |
| HUF | 2935579000 | EUR | 7441355 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21844 |
| HUF | 2731415000 | EUR | 6931162 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11670 |
| JPY | 889627000 | USD | 5986521 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75381 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| JPY | 384962000 | USD | 2617542 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5582 |
| MXN | 35707000 | USD | 1927064 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6976 |
| MXN | 82380000 | USD | 4456238 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5806 |
| MXN | 159599500 | USD | 8484797 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159777 |
| NOK | 245233000 | EUR | 20824488 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22673 |
| NOK | 57874000 | EUR | 4916030 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3541 |
| NOK | 39148000 | EUR | 3319969 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8770 |
| NZD | 16458000 | USD | 9519587 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49785 |
| SEK | 88192000 | EUR | 7968819 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15525 |
| TWD | 55767000 | USD | 1838250 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2911 |
| USD | 6199085 | AUD | 9283000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50989 |
| USD | 13749328 | AUD | 20654000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70261 |
| USD | 3603851 | BRL | 19463000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11757 |
| USD | 10795061 | CAD | 14875000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68252 |
| USD | 7903280 | CAD | 10845000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82625 |
| USD | 2036870 | CAD | 2824000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 |
| USD | 2216971 | CAD | 3049000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18245 |
| USD | 2404897 | CAD | 3297000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27331 |
| USD | 1918443 | CLP | 1833034000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11956 |
| USD | 10057397 | CLP | 9623420000 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48351 |
| USD | 2404730 | COP | 9495270000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7405 |
| USD | 199343548 | EUR | 168633000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491715 |
| USD | 25610654 | EUR | 21655000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75104 |
| USD | 31266343 | EUR | 26288000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267564 |
| USD | 19736010 | GBP | 14610500 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84367 |
| USD | 149973915 | GBP | 110624250 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1180361 |
| USD | 10634727 | IDR | 175962193800 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110794 |
| USD | 5234011 | IDR | 86105242000 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84236 |
| USD | 5270154 | IDR | 87458205057 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39461 |
| USD | 6734713 | IDR | 110752348500 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110845 |
| USD | 2404531 | INR | 213354000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13758 |
| USD | 6517512 | INR | 577301000 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48472 |
| USD | 2041813 | INR | 181950000 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2942 |
| USD | 1608953 | INR | 143471000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1266 |
| USD | 2390185 | JPY | 349345000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9754 |
| USD | 10334537 | NZD | 17306000 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272103 |
| USD | 4698596 | NZD | 7936000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84273 |
| USD | 10418141 | NZD | 17484000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252210 |
| USD | 3347148 | NZD | 5586000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99213 |
| USD | 6439110 | PHP | 367477420 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153396 |
| USD | 5958077 | SGD | 7596000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36018 |
| USD | 10345913 | SGD | 13200000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54815 |
| USD | 11453007 | SGD | 14605000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66530 |
| USD | 2630983 | SGD | 3364000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8312 |
| USD | 3830209 | SGD | 4869000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34197 |
| USD | 4418309 | THB | 141894000 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12713 |
| USD | 2410737 | TWD | 71805000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40077 |
| ZAR | 42697000 | USD | 2415235 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43701 |
| ZAR | 1039189000 | USD | 58929983 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917291 |
| ZAR | 33095000 | USD | 1902594 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3359 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7212047 |
| AUD | 9440500 | USD | 6274992 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22584)<br>|
| BRL | 28315000 | USD | 5249400 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23580)<br>|
| CAD | 4663000 | USD | 3374962 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12333)<br>|
| CAD | 15040000 | USD | 10911169 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65374)<br>|
| CAD | 4660000 | USD | 3374586 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14120)<br>|
| CAD | 3405000 | USD | 2469050 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13602)<br>|
| CAD | 23978750 | USD | 17420442 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (128645)<br>|
| CHF | 3732000 | EUR | 4013778 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3107)<br>|
| CHF | 5172000 | EUR | 5574664 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18645)<br>|
| CLP | 2234959000 | USD | 2335825 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11307)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CLP | 2281018000 | USD | 2404742 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(32320)<br>|
| COP | 118494256000 | USD | 29937912 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20986)<br>|
| CZK | 727684000 | EUR | 29845719 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34884)<br>|
| CZK | 66833000 | EUR | 2744389 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7042)<br>|
| CZK | 98426000 | EUR | 4035506 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3063)<br>|
| EUR | 6391238 | CHF | 5957000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13360)<br>|
| EUR | 1422792 | CZK | 34736000 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (568)<br>|
| EUR | 43359258 | HUF | 17238067000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (525966)<br>|
| EUR | 2204395 | HUF | 878488000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33034)<br>|
| EUR | 2040397 | HUF | 807633000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14099)<br>|
| EUR | 31060091 | NOK | 365750000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31878)<br>|
| EUR | 778000 | USD | 918395 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (979)<br>|
| EUR | 20514000 | USD | 24392131 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (202046)<br>|
| EUR | 24808700 | USD | 29328572 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74183)<br>|
| EUR | 68644420 | USD | 81001212 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55793)<br>|
| GBP | 5004500 | USD | 6758127 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26896)<br>|
| GBP | 12045000 | USD | 16435801 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (234847)<br>|
| GBP | 10198000 | USD | 13753319 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36646)<br>|
| GBP | 21527000 | USD | 29379189 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (424607)<br>|
| HUF | 796770000 | EUR | 2029357 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5435)<br>|
| HUF | 2384457640 | EUR | 6066935 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8918)<br>|
| IDR | 135856105750 | USD | 8237697 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112426)<br>|
| INR | 227951000 | USD | 2574272 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19930)<br>|
| INR | 3788587000 | USD | 42732120 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (278497)<br>|
| JPY | 888261000 | USD | 6082292 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29698)<br>|
| JPY | 350499000 | USD | 2392230 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3936)<br>|
| JPY | 488916000 | USD | 3331856 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (391)<br>|
| JPY | 5456758000 | USD | 37521298 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (339046)<br>|
| JPY | 350239000 | USD | 2406327 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19804)<br>|
| KRW | 5940116000 | USD | 4292504 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47256)<br>|
| KRW | 7847342000 | USD | 5645001 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36707)<br>|
| KRW | 4423217000 | USD | 3205857 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44697)<br>|
| KRW | 4499706000 | USD | 3273085 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57260)<br>|
| KRW | 40834476400 | USD | 29551869 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (368516)<br>|
| MXN | 47493000 | USD | 2574764 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2345)<br>|
| NZD | 67605000 | USD | 40307953 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (999570)<br>|
| NZD | 5620000 | USD | 3314459 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46756)<br>|
| NZD | 11419500 | USD | 6692573 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52796)<br>|
| NZD | 16469500 | USD | 9689671 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113612)<br>|
| PHP | 189547000 | USD | 3311617 | Bank of America N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69409)<br>|
| PHP | 204148000 | USD | 3568584 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76626)<br>|
| PHP | 502501000 | USD | 8808853 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (213556)<br>|
| PHP | 322892000 | USD | 5631968 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108890)<br>|
| PHP | 168151550 | USD | 2940226 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63989)<br>|
| PHP | 209114000 | USD | 3651294 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74392)<br>|
| PLN | 23725800 | EUR | 5529897 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1393)<br>|
| PLN | 116430000 | EUR | 27170689 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46618)<br>|
| PLN | 8867000 | EUR | 2071854 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6624)<br>|
| SEK | 2650250 | EUR | 240977 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1310)<br>|
| SEK | 27837000 | EUR | 2521543 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2480)<br>|
| SEK | 73951000 | EUR | 6743336 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59267)<br>|
| SEK | 65073000 | EUR | 5946356 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66980)<br>|
| SEK | 35344000 | EUR | 3229421 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36019)<br>|
| SGD | 15217000 | USD | 11947327 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83718)<br>|
| SGD | 27486200 | USD | 21594150 | Royal Bank of Canada | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165121)<br>|
| THB | 1267147280 | USD | 40220514 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (877484)<br>|
| TWD | 71629000 | USD | 2399382 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34533)<br>|
| TWD | 229643000 | USD | 7643556 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61835)<br>|
| TWD | 116472500 | USD | 3882934 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37566)<br>|
| TWD | 584528000 | USD | 19540935 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (242597)<br>|
| TWD | 245523000 | USD | 8132836 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26833)<br>|
| USD | 1734505 | AUD | 2652689 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22360)<br>|

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 8743840 | AUD | 13217500 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10060)<br>|
| USD | 5071452 | AUD | 7667811 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6910)<br>|
| USD | 20434079 | AUD | 30931500 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51737)<br>|
| USD | 9532131 | AUD | 14572561 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119221)<br>|
| USD | 9752088 | AUD | 14752689 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18562)<br>|
| USD | 10674770 | CLP | 10310867500 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49270)<br>|
| USD | 1664302 | COP | 6617977000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6576)<br>|
| USD | 11177473 | EUR | 9528000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57933)<br>|
| USD | 1418849 | EUR | 1206000 | Toronto-Dominion Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3264)<br>|
| USD | 3950575 | IDR | 66361489330 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18367)<br>|
| USD | 5248767 | MXN | 98934000 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109911)<br>|
| USD | 7115771 | MXN | 131662000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15592)<br>|
| USD | 22454536 | NZD | 38622150 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2003)<br>|
| USD | 1623047 | SGD | 2087000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4038)<br>|
| USD | 3675502 | ZAR | 64236000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23873)<br>|
| USD | 3536019 | ZAR | 61735000 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19322)<br>|
| USD | 3896777 | ZAR | 68065000 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23111)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7593440)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(381393)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> % <br>| Quarterly | 06/20/30<br> B | USD | 303763 | &nbsp;&nbsp;&nbsp; $24675514 | &nbsp;&nbsp;&nbsp; $22462257 | &nbsp;&nbsp;&nbsp; $2213257 |

---

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

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

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

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.92% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/27 | JPY | 23787000 | $(331385)<br>| $766 | $(332151)<br>|
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.06% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/27 | EUR | 246250 | (634082)<br>| (186832)<br>| (447250)<br>|
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.15% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/27 | EUR | 68670 | (28927)<br>| 8204 | (37131)<br>|
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.16% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/27 | EUR | 72000 | (27369)<br>| (17372)<br>| (9997)<br>|
| 3.09% | Annual | 1-day SOFR, 4.24% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/27 | USD | 1067383 | 4256380 | 589330 | 3667050 |
| 1-day SOFR, 4.24% | Annual | 3.15% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/27 | USD | 43670 | (126107)<br>| (7697)<br>| (118410)<br>|
| 1-day SOFR, 4.24% | Annual | 3.17% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/27 | USD | 133540 | (344051)<br>| 40923 | (384974)<br>|
| 3.65% | Annual | 1-day SONIA, 3.97% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/27 | GBP | 216090 | 461059 | 139947 | 321112 |
| 3.70% | Annual | 1-day SONIA, 3.97% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/27 | GBP | 32230 | 25735 | 6595 | 19140 |
| 2.30% | Annual | 6-mo. EURIBOR, 2.10% | Semi-Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/30 | EUR | 102170 | 595317 | 249933 | 345384 |
| 2.38% | Annual | 6-mo. EURIBOR, 2.10% | Semi-Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/30 | EUR | 28508 | 40765 | (11362)<br>| 52127 |
| 2.40% | Annual | 6-mo. EURIBOR, 2.10% | Semi-Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/30 | EUR | 29980 | 20771 | 22129 | (1358)<br>|
| 1-day SOFR, 4.24% | Annual | 3.16% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/30 | USD | 448750 | (4238041)<br>| (363326)<br>| (3874715)<br>|
| 3.16% | Annual | 1-day SOFR, 4.24% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/30 | USD | 321655 | 3037743 | 261725 | 2776018 |
| 3.19% | Annual | 1-day SOFR, 4.24% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/30 | USD | 18710 | 152722 | 13858 | 138864 |
| 3.22% | Annual | 1-day SOFR, 4.24% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/30 | USD | 55440 | 387724 | (41577)<br>| 429301 |
| 3.74% | Annual | 1-day SONIA, 3.97% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/30 | GBP | 54175 | 341116 | 32627 | 308489 |
| 1-day SONIA, 3.97% | Annual | 3.74% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/30 | GBP | 2037 | (12828)<br>| (2293)<br>| (10535)<br>|
| 1-day SONIA, 3.97% | Annual | 3.81% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/30 | GBP | 13730 | (25300)<br>| (6965)<br>| (18335)<br>|
| 7.33% | Monthly | &nbsp;&nbsp;&nbsp; 1-day TIIEFONDEO, <br> 7.85%<br>| Monthly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/12/31 | MXN | 50530 | 5157 | 25 | 5132 |
| 0.15% | Annual | 1-day SSARON, (0.05%) | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CHF | 7260 | 25310 | 5927 | 19383 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 0.18% | Annual | 1-day SSARON, (0.05%) | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CHF | 6430 | $11371 | $90 | $11281 |
| 0.19% | Annual | 1-day SSARON, (0.05%) | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CHF | 5020 | 4534 | (1092)<br>| 5626 |
| 0.20% | Annual | 1-day SSARON, (0.05%) | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CHF | 2690 | 2011 | (6684)<br>| 8695 |
| 1.06% | Quarterly | 1-day THOR, 1.50% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | THB | 358810 | 47691 | 126 | 47565 |
| 1.08% | Quarterly | 1-day THOR, 1.50% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | THB | 593230 | 63279 | 208 | 63071 |
| 1.09% | Quarterly | 1-day THOR, 1.50% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | THB | 242530 | 22415 | 85 | 22330 |
| 1.10% | Quarterly | 1-day THOR, 1.50% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | THB | 411150 | 34484 | 144 | 34340 |
| 1.14% | Quarterly | 1-day THOR, 1.50% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | THB | 429000 | 7962 | 149 | 7813 |
| 1.18% | Quarterly | 1-day THOR, 1.50% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | THB | 601540 | (24245)<br>| 209 | (24454)<br>|
| 1.18% | At Termination | 1-day THOR, 1.50% | At Termination<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | THB | 218590 | (9958)<br>| 75 | (10033)<br>|
| 1-day SORA, 1.20% | Semi-Annual | 1.46% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | SGD | 15960 | (66774)<br>| 139 | (66913)<br>|
| 1-day SORA, 1.20% | Semi-Annual | 1.50% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | SGD | 7980 | (21929)<br>| 69 | (21998)<br>|
| 1.60% | Semi-Annual | 1-day SORA, 1.20% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | SGD | 2910 | (2098)<br>| 25 | (2123)<br>|
| 3-mo. STIBOR, 1.89% | Quarterly | 2.27% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | SEK | 82400 | (70880)<br>| (3776)<br>| (67104)<br>|
| 3-mo. STIBOR, 1.89% | Quarterly | 2.30% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | SEK | 70240 | (51222)<br>| (10296)<br>| (40926)<br>|
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.40% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | EUR | 84400 | (209787)<br>| 230261 | (440048)<br>|
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.43% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | EUR | 8370 | (6465)<br>| 5975 | (12440)<br>|
| 2.48% | Quarterly | 3-mo. KRW CDC, 2.57% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | KRW | 11425740 | 70772 | 91 | 70681 |
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.49% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | EUR | 14610 | 42325 | 17916 | 24409 |
| 3-mo. KRW CDC, 2.57% | Quarterly | 2.51% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | KRW | 286930390 | (1537188)<br>| 2304 | (1539492)<br>|
| 2.53% | Quarterly | 3-mo. KRW CDC, 2.57% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | KRW | 8010280 | 36882 | 64 | 36818 |
| 3-mo. KRW CDC, 2.57% | Quarterly | 2.60% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | KRW | 11465900 | (23242)<br>| 91 | (23333)<br>|
| 3-mo. KRW CDC, 2.57% | Quarterly | 2.65% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | KRW | 10891040 | (7314)<br>| 86 | (7400)<br>|
| 2.82% | Quarterly | 3-mo. HIBOR, 3.53% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | HKD | 65380 | 52733 | 94 | 52639 |
| 2.83% | Quarterly | 3-mo. HIBOR, 3.53% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | HKD | 101190 | 78591 | 145 | 78446 |
| 2.95% | Quarterly | 3-mo. HIBOR, 3.53% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | HKD | 8601 | 640 | 12 | 628 |
| 3.00% | Quarterly | 3-mo. HIBOR, 3.53% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | HKD | 9699 | (2176)<br>| 14 | (2190)<br>|
| 3.00% | Quarterly | 3-mo. HIBOR, 3.53% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | HKD | 36900 | (8831)<br>| 53 | (8884)<br>|
| 3.15% | Annual | 1-day SOFR, 4.24% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | USD | 148530 | 1423261 | 7752 | 1415509 |
| 3.16% | Annual | 1-day SOFR, 4.24% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | USD | 11180 | 103155 | 18537 | 84618 |
| 3-mo. BBR, 3.23% | Quarterly | 3.25% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | NZD | 11890 | 7067 | 77 | 6990 |
| 3-mo. BBR, 3.23% | Quarterly | 3.27% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | NZD | 15970 | 15857 | 103 | 15754 |
| 3.38% | Annual | 1-day SOFR, 4.24% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | USD | 10610 | (8912)<br>| 118 | (9030)<br>|
| 3.38% | Annual | 1-day SOFR, 4.24% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | USD | 7140 | (5045)<br>| (1071)<br>| (3974)<br>|
| 3-mo. BBR, 3.23% | Quarterly | 3.44% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | NZD | 38160 | 218400 | 251 | 218149 |
| 3.75% | Annual | 1-day SHIR, 0.00% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ILS | 28330 | 15693 | 95 | 15598 |
| 6-mo. PRIBOR, 3.50% | Semi-Annual | 3.79% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CZK | 177600 | (76294)<br>| 94 | (76388)<br>|
| 6-mo. NIBOR, 4.23% | Semi-Annual | 3.81% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | NOK | 471180 | (459853)<br>| 93842 | (553695)<br>|
| 6-mo. PRIBOR, 3.50% | Semi-Annual | 3.81% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CZK | 266530 | (102550)<br>| 144 | (102694)<br>|
| 6-mo. PRIBOR, 3.50% | Semi-Annual | 3.81% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CZK | 99320 | (39734)<br>| 54 | (39788)<br>|
| 6-mo. BBSW, 3.75% | Semi-Annual | 3.82% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | AUD | 99270 | (412960)<br>| 725 | (413685)<br>|
| 3.83% | Annual | 1-day SHIR, 0.00% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ILS | 24560 | (9875)<br>| 82 | (9957)<br>|
| 6-mo. PRIBOR, 3.50% | Semi-Annual | 3.83% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CZK | 190940 | (64895)<br>| (2927)<br>| (61968)<br>|
| 3.84% | Annual | 1-day SHIR, 0.00% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ILS | 7670 | (4917)<br>| 26 | (4943)<br>|
| 6-mo. PRIBOR, 3.50% | Semi-Annual | 3.84% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CZK | 195460 | (65376)<br>| 105 | (65481)<br>|
| 3.86% | Annual | 1-day SONIA, 3.97% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | GBP | 85880 | (15893)<br>| (445826)<br>| 429933 |
| 6-mo. NIBOR, 4.23% | Semi-Annual | 3.89% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | NOK | 78210 | (48628)<br>| (4790)<br>| (43838)<br>|
| 6-mo. NIBOR, 4.23% | Semi-Annual | 3.90% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | NOK | 97370 | (60084)<br>| (7307)<br>| (52777)<br>|
| 6-mo. PRIBOR, 3.50% | Semi-Annual | 3.92% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CZK | 223540 | (36156)<br>| 121 | (36277)<br>|
| 6-mo. NIBOR, 4.23% | Semi-Annual | 3.97% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | NOK | 132920 | (37863)<br>| (29915)<br>| (7948)<br>|
| 6-mo. NIBOR, 4.23% | Semi-Annual | 4.03% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | NOK | 69200 | (945)<br>| (1799)<br>| 854 |
| 4.06% | Annual | 6-mo. WIBOR, 4.58% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | PLN | 293960 | 238814 | 908 | 237906 |
| 4.08% | Annual | 6-mo. WIBOR, 4.58% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | PLN | 26540 | 15073 | 82 | 14991 |
| 4.08% | Annual | 6-mo. WIBOR, 4.58% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | PLN | 35840 | 20995 | 110 | 20885 |
| 4.16% | Annual | 6-mo. WIBOR, 4.58% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | PLN | 22540 | (9108)<br>| 69 | (9177)<br>|
| 1-day MIBOR, 5.74% | Semi-Annual | 5.74% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | INR | 1056030 | (23924)<br>| 134 | (24058)<br>|
| 6.10% | Annual | 6-mo. BUBOR, 6.48% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | HUF | 843530 | 16070 | 28 | 16042 |
| 3-mo. JIBAR, 7.00% | Quarterly | 7.06% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ZAR | 335910 | (53060)<br>| 216 | (53276)<br>|
| 3-mo. JIBAR, 7.00% | Quarterly | 7.08% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ZAR | 201630 | (23471)<br>| 130 | (23601)<br>|
| 3-mo. JIBAR, 7.00% | Quarterly | 7.10% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ZAR | 187580 | (13820)<br>| 120 | (13940)<br>|
| 3-mo. JIBAR, 7.00% | Quarterly | 7.14% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ZAR | 269220 | 6053 | 172 | 5881 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1.43% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | JPY | 5058000 | $336218 | $621 | $335597 |
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.63% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | EUR | 78529 | (558709)<br>| (105615)<br>| (453094)<br>|
| 3.50% | Annual | 1-day SOFR, 4.24% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | USD | 119327 | 1559247 | (50906)<br>| 1610153 |
| 3.50% | Annual | 1-day SOFR, 4.24% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | USD | 10400 | 137190 | 21776 | 115414 |
| 1-day SOFR, 4.24% | Annual | 3.51% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | USD | 473625 | (5872417)<br>| (661662)<br>| (5210755)<br>|
| 3.52% | Annual | 1-day SOFR, 4.24% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | USD | 46440 | 522227 | (49469)<br>| 571696 |
| 1-day SONIA, 3.97% | Annual | 4.10% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | GBP | 21947 | (238100)<br>| (29547)<br>| (208553)<br>|
| 4.10% | Annual | 1-day SONIA, 3.97% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | GBP | 6965 | 8358 | 284 | 8074 |
| 4.10% | Annual | 1-day SONIA, 3.97% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | GBP | 8477 | 70222 | 29746 | 40476 |
| 4.11% | Annual | 1-day SONIA, 3.97% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | GBP | 15280 | 94833 | 13830 | 81003 |
| 4.11% | Annual | 1-day SONIA, 3.97% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | GBP | 7010 | 43833 | (14889)<br>| 58722 |
| 1-day SONIA, 3.97% | Annual | 4.12% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | GBP | 356444 | (1955545)<br>| (451185)<br>| (1504360)<br>|
| 4.13% | Annual | 1-day SONIA, 3.97% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | GBP | 106132 | 429889 | (316797)<br>| 746686 |
| 4.13% | Annual | 1-day SONIA, 3.97% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/35 | GBP | 14900 | 66129 | (15021)<br>| 81150 |
| 2.79% | Annual | 6-mo. EURIBOR, 2.10% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/36 | EUR | 7840 | (45575)<br>| (16763)<br>| (28812)<br>|
| 2.88% | Annual | 6-mo. EURIBOR, 2.10% | Semi-Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | EUR | 34396 | 207573 | 154944 | 52629 |
| 1-day SOFR, 4.24% | Annual | 3.82% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | USD | 4880 | (87277)<br>| (20239)<br>| (67038)<br>|
| 1-day SOFR, 4.24% | Annual | 3.84% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | USD | 22670 | (345469)<br>| 42360 | (387829)<br>|
| 1-day SOFR, 4.24% | Annual | 3.85% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | USD | 29259 | (411012)<br>| (25435)<br>| (385577)<br>|
| 3.86% | Annual | 1-day SOFR, 4.24% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | USD | 114428 | 1383995 | 598616 | 785379 |
| 1-day SONIA, 3.97% | Annual | 4.59% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | GBP | 4423 | (56458)<br>| (17978)<br>| (38480)<br>|
| 1-day SONIA, 3.97% | Annual | 4.59% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | GBP | 15010 | (183463)<br>| 93559 | (277022)<br>|
| 1-day SONIA, 3.97% | Annual | 4.60% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | GBP | 7740 | (75582)<br>| (1639)<br>| (73943)<br>|
| 1-day SONIA, 3.97% | Annual | 4.61% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | GBP | 7850 | (55581)<br>| 20480 | (76061)<br>|
| 4.63% | Annual | 1-day SONIA, 3.97% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | GBP | 167850 | 503795 | 285836 | 217959 |
| 1-day SONIA, 3.97% | Annual | 4.64% | Annual<br> 12/17/25 <br><sup>(a)</sup><br>| 12/17/55 | GBP | 54160 | (56439)<br>| 448490 | (504929)<br>|
|  |  |  |  |  |  |  | $(2055753)<br>| $534999 | $(2590752)<br>|

---

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

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

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 1.94% | At Termination | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 05/15/35 | EUR | 6340 | &nbsp;&nbsp; $(5384)<br>| &nbsp;&nbsp; $4622 | &nbsp;&nbsp; $(10006)<br>|
| 1.95% | At Termination | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 05/15/35 | EUR | 6120 | &nbsp;&nbsp; (11912)<br>| &nbsp;&nbsp; 5034 | &nbsp;&nbsp; (16946)<br>|
| 1.93% | At Termination | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 06/15/35 | EUR | 6040 | &nbsp;&nbsp; 15236 | &nbsp;&nbsp; (345)<br>| &nbsp;&nbsp; 15581 |
| 2.45% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/16/35 | USD | 620 | &nbsp;&nbsp; 6226 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 6213 |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/17/35 | USD | 7610 | &nbsp;&nbsp; 63376 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 63218 |
| 2.47% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/18/35 | USD | 7620 | &nbsp;&nbsp; 60209 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 60050 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/20/35 | USD | 22940 | &nbsp;&nbsp; 117709 | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 117232 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/23/35 | USD | 22820 | &nbsp;&nbsp; 137148 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 136673 |
| 2.50% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/02/35 | USD | 4750 | &nbsp;&nbsp; 26360 | &nbsp;&nbsp; (2179)<br>| &nbsp;&nbsp; 28539 |
| 2.49% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/07/35 | USD | 7530 | &nbsp;&nbsp; 48925 | &nbsp;&nbsp; 14683 | &nbsp;&nbsp; 34242 |
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/08/35 | USD | 25330 | &nbsp;&nbsp; 69227 | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 68700 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 2.57% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/10/35 | USD | 22720 | &nbsp;&nbsp; $(15183)<br>| &nbsp;&nbsp; $473 | &nbsp;&nbsp; $(15656)<br>|
| 2.57% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/11/35 | USD | 37800 | &nbsp;&nbsp; (23890)<br>| &nbsp;&nbsp; (25641)<br>| &nbsp;&nbsp; 1751 |
| 2.61% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 08/01/35 | USD | 15420 | &nbsp;&nbsp; (53510)<br>| &nbsp;&nbsp; 321 | &nbsp;&nbsp; (53831)<br>|
| 1.98% | At Termination | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 08/15/35 | EUR | 6160 | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 7620 | &nbsp;&nbsp; (6954)<br>|
| 2.00% | At Termination | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 08/15/35 | EUR | 18350 | &nbsp;&nbsp; (44516)<br>| &nbsp;&nbsp; (26558)<br>| &nbsp;&nbsp; (17958)<br>|
| 3.19% | At Termination | UK RPI All Items NSA | At Termination | 08/15/35 | GBP | 16590 | &nbsp;&nbsp; 68739 | &nbsp;&nbsp; 55229 | &nbsp;&nbsp; 13510 |
| 3.21% | At Termination | UK RPI All Items NSA | At Termination | 08/15/35 | GBP | 16450 | &nbsp;&nbsp; 21904 | &nbsp;&nbsp; 11280 | &nbsp;&nbsp; 10624 |
| 3.22% | At Termination | UK RPI All Items NSA | At Termination | 08/15/35 | GBP | 11050 | &nbsp;&nbsp; (872)<br>| &nbsp;&nbsp; 13299 | &nbsp;&nbsp; (14171)<br>|
| 2.55% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 08/27/35 | USD | 15260 | &nbsp;&nbsp; 5168 | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 4851 |
| 2.59% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 08/28/35 | USD | 22750 | &nbsp;&nbsp; (68731)<br>| &nbsp;&nbsp; 10115 | &nbsp;&nbsp; (78846)<br>|
| 2.59% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/03/35 | USD | 7580 | &nbsp;&nbsp; (24868)<br>| &nbsp;&nbsp; 7344 | &nbsp;&nbsp; (32212)<br>|
| 1.98% | Quarterly | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| Quarterly | 09/15/35 | EUR | 6100 | &nbsp;&nbsp; (9826)<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; (9976)<br>|
| 1.98% | At Termination | &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 09/15/35 | EUR | 6110 | &nbsp;&nbsp; (10708)<br>| &nbsp;&nbsp; 5204 | &nbsp;&nbsp; (15912)<br>|
| 3.18% | At Termination | UK RPI All Items NSA | At Termination | 09/15/35 | GBP | 5970 | &nbsp;&nbsp; 6702 | &nbsp;&nbsp; 15016 | &nbsp;&nbsp; (8314)<br>|
| 2.55% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/18/35 | USD | 5460 | &nbsp;&nbsp; 3059 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 2945 |
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/19/35 | USD | 14960 | &nbsp;&nbsp; 20706 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 20395 |
| 2.56% | At Termination | &nbsp;&nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/22/35 | USD | 37570 | &nbsp;&nbsp; (19332)<br>| &nbsp;&nbsp; 53934 | &nbsp;&nbsp; (73266)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $382628 | &nbsp;&nbsp; $152152 | &nbsp;&nbsp; $230476 |

---

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 3.14% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. KLIBOR, <br> 3.22%<br>| Quarterly | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp; 03/18/31 | MYR | 39950 | $53635 | $— | $53635 |
| 3.25% | At Termination | &nbsp;&nbsp;&nbsp; 3-mo. KLIBOR, <br> 3.22%<br>| At Termination | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp; 03/18/31 | MYR | 20540 | 1710 |  | 1710 |
| 4.83% | Semi-Annual | &nbsp;&nbsp;&nbsp; 1-day CLP <br> Interbank Rate, <br> 25,727.46%<br>| Semi-Annual | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp; 03/18/31 | CLP | 6039650 | 16797 |  | 16797 |
| 4.89% | Semi-Annual | &nbsp;&nbsp;&nbsp; 1-day CLP <br> Interbank Rate, <br> 25,727.46%<br>| Semi-Annual | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp; 03/18/31 | CLP | 4691770 | (974)<br>|  | (974)<br>|
|  |  |  |  |  |  |  |  |  | $71168 | $— | $71168 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Equity Swap contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| ADT, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $32101478 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $(110188)<br>|
| Albertsons Cos, Inc., Class A | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5585285 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4760)<br>|
| Albertsons Cos, Inc., Class A | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1072334 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (51868)<br>|
| Alcoa Corp. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34888094 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 277993 |
| Alcon AG | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35786938 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1271298)<br>|
| Allison Transmission Holdings, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22772663 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (730176)<br>|
| Allstate Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7224448 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 286584 |
| Allstate Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22697126 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1624865 |
| Allstate Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26425897 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1891805 |
| Ally Financial, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15907991 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1429392)<br>|
| Altria Group, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34862412 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 628587 |
| Altria Group, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30253938 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1076602 |
| Amdocs Ltd. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2505182 | 01/23/26 | 20.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1528 |
| American Electric Power Co., Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29267149 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1490014 |
| American Express Co. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5593426 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 98135 |
| American Homes 4 Rent, Class A | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919604 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 6775 |
| American International Group, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34227039 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 676373 |
| American International Group, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30026336 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (87674)<br>|
| American Tower Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33933033 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (233569)<br>|
| American Water Works Co., Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10653782 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 124674 |
| Amgen, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29542953 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 842650 |
| APA Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314623 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 18814 |
| APA Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27909830 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 792020 |
| Aptiv PLC | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28792458 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1189254 |
| Aramark | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29468957 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 462921 |
| Archer-Daniels-Midland Co. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8743377 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (114113)<br>|
| ATI, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16289406 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 605075 |
| AutoZone, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26786500 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1100060 |
| Ball Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29903892 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 320528 |
| Ball Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22981201 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 442822 |
| Barrick Mining Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6454937 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 831604 |
| Barrick Mining Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25938362 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2934040 |
| Bath & Body Works, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29134997 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (727641)<br>|
| Bath & Body Works, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34105973 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (762049)<br>|
| Best Buy Co., Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10172422 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 146003 |
| Best Buy Co., Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480155 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (44888)<br>|
| BorgWarner, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31145874 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (329475)<br>|
| Boston Scientific Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29988157 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (608556)<br>|
| Boyd Gaming Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124704 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 4452 |
| Bristol-Myers Squibb Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30225795 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 110043 |
| Bristol-Myers Squibb Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35124236 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 123940 |
| Broadridge Financial Solutions, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27350790 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (380657)<br>|
| Builders FirstSource, Inc. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8738945 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (11491)<br>|
| Camden Property Trust | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34625562 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (464718)<br>|
| Canadian Pacific Kansas City, Ltd. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34742775 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (652129)<br>|
| Cardinal Health, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29475611 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1312250 |
| Carlisle Cos, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11096880 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (441207)<br>|
| Carnival Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30854582 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (2142847)<br>|
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33820349 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1603347 |
| CGI, Inc., Class A | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7396724 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (414636)<br>|
| &nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc.<br>| Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31421919 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1031953 |
| Chevron Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2782252 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (46197)<br>|
| Chevron Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3787164 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (44675)<br>|
| Chord Energy Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25195137 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (223655)<br>|
| Chubb Ltd. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30114576 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 869418 |
| Chubb Ltd. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1342614 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 45492 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Church & Dwight Co., Inc. | Bank of America N.A. | $8730892 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(265921)<br>|
| Cigna Group | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383757 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2786 |
| Cigna Group | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31051246 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1304423)<br>|
| Cleveland-Cliffs, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1314649 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (269)<br>|
| Clorox Co. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34822817 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (711008)<br>|
| Coca-Cola Consolidated, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33940064 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 646506 |
| Colgate-Palmolive Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33801286 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 239484 |
| Comcast Corp., Class A | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31301821 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2307036)<br>|
| Consolidated Edison, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32603670 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1194672 |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30335414 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (896887)<br>|
| CRH PLC | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12221925 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 551862 |
| Crocs, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33356564 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2745224 |
| Crown Castle, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34148860 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1065551 |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33827960 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 788447 |
| CVS Health Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22351250 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 77350 |
| CVS Health Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189453 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 4977 |
| Danaher Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29261251 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1851691 |
| Darden Restaurants, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32951988 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2862735)<br>|
| Darden Restaurants, Inc. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35666234 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1052694)<br>|
| DaVita, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33932915 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 439889 |
| Deere & Co. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15289574 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (387013)<br>|
| Deere & Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34102878 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (861906)<br>|
| Dell Technologies, Inc., Class C | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21175572 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2363918 |
| Delta Air Lines, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103988 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (2973)<br>|
| Dollar General Corp. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35706644 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1700773)<br>|
| Dollar Tree, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17699681 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (514054)<br>|
| Dominion Energy, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30424691 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 686615 |
| DuPont de Nemours, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28209614 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 289010 |
| Eastman Chemical Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12559254 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (253722)<br>|
| Eastman Chemical Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7319342 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (235927)<br>|
| eBay, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31466696 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 214827 |
| Encompass Health Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770149 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 14580 |
| EQT Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33538389 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2986318 |
| EQT Corp. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12744799 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1137519 |
| Equinix, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9829030 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (182646)<br>|
| Equitable Holdings, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1785215 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (72913)<br>|
| Equity Residential | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180462 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1548)<br>|
| Essex Property Trust, Inc. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24764763 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 116643 |
| Eversource Energy | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32261359 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4244203 |
| Exelon Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2419312 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 88015 |
| Exelon Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26312856 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 976122 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3681188 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 136560 |
| FactSet Research Systems, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40061974 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5820403)<br>|
| Fair Isaac Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34197269 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1285581)<br>|
| Federal Realty Investment Trust | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35867282 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (155102)<br>|
| FedEx Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30950219 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 765282 |
| FedEx Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21160298 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 607323 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services, Inc.<br>| BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16912150 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (116375)<br>|
| Fiserv, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22966568 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (272825)<br>|
| Fiserv, Inc. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29607819 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (347413)<br>|
| Fox Corp., Class A | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36189743 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 371058 |
| Freeport-McMoRan, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151873 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (19976)<br>|
| Gap, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32265026 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2998223)<br>|
| Gap, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35868568 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1858596)<br>|

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Gartner, Inc. | Bank of America N.A. | $24385325 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $1578345 |
| Gen Digital, Inc. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2878463 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (44914)<br>|
| General Electric Co. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10637726 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 386725 |
| General Mills, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28727947 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 826493 |
| General Motors Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32241700 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1104805 |
| Gilead Sciences, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6377257 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (63799)<br>|
| H&R Block, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28588173 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 245172 |
| H&R Block, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29593705 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 266615 |
| Halliburton Co. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6506706 | 02/24/28 | 0.10% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 572682 |
| Hasbro, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19071801 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (22907)<br>|
| Honeywell International, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29631883 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (166935)<br>|
| Host Hotels & Resorts, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19245850 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (697471)<br>|
| Howmet Aerospace, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23184806 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 884177 |
| Howmet Aerospace, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29126517 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 994985 |
| IDEX Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1774630 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 23868 |
| Illumina, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10362970 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (610976)<br>|
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp.<br>| Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22270331 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2252759 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, <br> Inc.<br>| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22138709 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1524963)<br>|
| Invitation Homes, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34781792 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (349633)<br>|
| Jabil, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37536101 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2483777)<br>|
| JB Hunt Transport Services, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33171619 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 861809 |
| Johnson Controls International PLC | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30908414 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 186655 |
| Johnson Controls International PLC | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34199908 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 886896 |
| Keysight Technologies, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19487718 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 358530 |
| Kimberly-Clark Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33221319 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (299196)<br>|
| Kinder Morgan, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29476133 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2037059 |
| Kinder Morgan, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16998867 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 982315 |
| Kroger Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29207385 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1299482 |
| Kroger Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33937681 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1509935 |
| Labcorp Holdings, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888577 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 38340 |
| Lamb Weston Holdings, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15711404 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 768971 |
| Lamb Weston Holdings, Inc. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12720955 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 112692 |
| Las Vegas Sands Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17849728 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 245497 |
| Lincoln National Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388604 | 01/23/26 | 20.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24)<br>|
| Lincoln National Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30376150 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (518238)<br>|
| Linde PLC | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34247748 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (197848)<br>|
| Lithia Motors, Inc., Class A | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28388982 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1445242)<br>|
| Macy's, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6264254 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 127504 |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17696926 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 810635 |
| Manulife Financial Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3105567 | 01/23/26 | 20.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (348)<br>|
| Marathon Petroleum Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543993 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (466)<br>|
| Marsh & McLennan Cos., Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29387804 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 508365 |
| Martin Marietta Materials, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9257896 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 283913 |
| MasTec, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33269147 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3367371 |
| Match Group, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23881049 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1351092)<br>|
| Mattel, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28167410 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (952862)<br>|
| McDonald's Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3453264 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 20806 |
| McDonald's Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30779239 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 91427 |
| McKesson Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7588292 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 752049 |
| MetLife, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23329136 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 553799 |
| MGM Resorts International | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26747236 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 131836 |
| MGM Resorts International | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25005772 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (687589)<br>|
| Micron Technology, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11162144 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 584389 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities, Inc.<br>| Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34451419 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (215612)<br>|
| Mosaic Co. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7202801 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 133268 |
| Motorola Solutions, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339311 | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (2)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| MSCI, Inc., Class A | HSBC Bank PLC | $34736234 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(433462)<br>|
| Murphy USA, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30642721 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 568336 |
| Netflix, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30583090 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (84963)<br>|
| New Gold, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3924112 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 183049 |
| Newmont Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29523587 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1841504 |
| Newmont Corp. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35541652 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 250473 |
| NRG Energy, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4221920 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (103532)<br>|
| NRG Energy, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23742668 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2280106 |
| Nutrien Ltd. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34332517 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 968045 |
| Omnicom Group, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11644913 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 382066 |
| O'Reilly Automotive, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12493064 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 178061 |
| Otis Worldwide Corp. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35685995 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 838919 |
| Ovintiv, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2819209 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (88835)<br>|
| Ovintiv, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24166417 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (160911)<br>|
| Packaging Corp. of America | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30448747 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 879781 |
| PayPal Holdings, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20796289 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31965)<br>|
| Pfizer, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29653986 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1871144 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33338487 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (360296)<br>|
| Prudential Financial, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2636145 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (42748)<br>|
| Quest Diagnostics, Inc. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30765845 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 981162 |
| Ralph Lauren Corp., Class A | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18977083 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 364552 |
| Regal Rexnord Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35227651 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (178374)<br>|
| Reinsurance Group of America, Inc. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29995066 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 96526 |
| Reliance, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777625 | 01/23/26 | 20.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7)<br>|
| Republic Services, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9620469 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 126694 |
| Revvity, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274633 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 7249 |
| Rocket Cos, Inc., Class A | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20185575 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1624090)<br>|
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10329326 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 127213 |
| Royal Caribbean Cruises Ltd. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28376594 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (474937)<br>|
| Royal Caribbean Cruises Ltd. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21177707 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (122680)<br>|
| Ryder System, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27664330 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 195157 |
| Ryman Hospitality Properties, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17721180 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1731246)<br>|
| Schlumberger NV | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25282206 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (290851)<br>|
| Sealed Air Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9181402 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 463845 |
| Service Corp. International | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28341604 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 523753 |
| Sirius XM Holdings, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11139413 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 211781 |
| Smurfit WestRock PLC | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37320710 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3160669)<br>|
| Southern Copper Corp. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29193924 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5074135 |
| Southwest Airlines Co. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4462323 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 60792 |
| Stanley Black & Decker, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27404006 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1475547)<br>|
| Starbucks Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2449297 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 719 |
| Sun Communities, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35954775 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (86196)<br>|
| Tapestry, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32129648 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (186210)<br>|
| Target Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29201983 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1056249 |
| TC Energy Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34896147 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1009665 |
| TELUS Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444677 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2481 |
| Tenet Healthcare Corp. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34768566 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1608893 |
| T-Mobile US, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22124593 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 55161 |
| TransDigm Group, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29584424 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 519153 |
| Transocean Ltd. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31655033 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2362763)<br>|
| Twilio, Inc., Class A | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34813781 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1462792)<br>|
| Uber Technologies, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36383995 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (519824)<br>|
| UDR, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23235442 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (151792)<br>|
| Union Pacific Corp. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30646038 | 02/24/28 | 0.10% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1427480 |
| United Parcel Service, Inc., Class B | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29812068 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (277029)<br>|
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., <br> Class B<br>| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25107507 | 12/08/25 | 0.19% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2524807 |
| Vail Resorts, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35839071 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (431664)<br>|

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Valero Energy Corp. | Bank of America N.A. | $15116786 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $1149004 |
| VeriSign, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36470422 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1062602)<br>|
| Verisk Analytics, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34023553 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1021348 |
| Vistra Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1151045 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (15)<br>|
| Walt Disney Co. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15677225 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (139346)<br>|
| Walt Disney Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29116345 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 501828 |
| WEC Energy Group, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26296450 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 857828 |
| Weyerhaeuser Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12661998 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 276622 |
| Weyerhaeuser Co. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29393198 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 642143 |
| Williams Cos, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7876340 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 659186 |
| Workday, Inc., Class A | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28828736 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (229290)<br>|
| WP Carey, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8571993 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 38587 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34448835 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 606715 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35535365 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 649907 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31499403 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 576093 |
| Zoetis, Inc., Class A | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35130919 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 44116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 40344219 |
| Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> |
| AbbVie, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (16555899) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (765840)<br>|
| Advance Auto Parts, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (29653689) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (589433)<br>|
| Advanced Micro Devices, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9597291) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (53968)<br>|
| AES Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (13119701) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (453826)<br>|
| Aflac, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (33051694) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (704493)<br>|
| AGCO Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (29358157) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 641020 |
| Air Products and Chemicals, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4211358) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 244373 |
| Albemarle Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (32808720) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (16194)<br>|
| Alliant Energy Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (500704) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (24892)<br>|
| Ally Financial, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (30522159) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2742530 |
| Ally Financial, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (949294) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 14021 |
| Amazon.com, Inc. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (26773845) | 02/24/28 | 0.22% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 934188 |
| Amazon.com, Inc. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (10145045) | 02/24/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9694 |
| Amcor PLC | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2242067) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27078 |
| American Airlines Group, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (31081389) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2063530 |
| American Express Co. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (15323950) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (229442)<br>|
| Amphenol Corp., Class A | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (31899412) | 12/08/25 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3812115)<br>|
| APA Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (34858654) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (989212)<br>|
| Apollo Global Management, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (19910026) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 173272 |
| Arrow Electronics, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (31196219) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1573483 |
| Arthur J Gallagher & Co. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (20510936) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1441577)<br>|
| Arthur J Gallagher & Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (13236288) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (930291)<br>|
| AT&T, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (31310180) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 736201 |
| AutoNation, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (24550661) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 908843 |
| Avantor, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (31095739) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (90121)<br>|
| Avis Budget Group, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (30069167) | 06/16/26 | 0.10% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1623360)<br>|
| Avis Budget Group, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4417175) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (172862)<br>|
| Baker Hughes Co., Class A | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9692403) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 193903 |
| Baxter International, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4456740) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 192876 |
| Baxter International, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5483614) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 230689 |
| Baxter International, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6469225) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 354478 |
| Baxter International, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1131098) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 61978 |
| BCE, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (24031799) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 304328 |
| Biogen, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (10821872) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 230143 |
| Block, Inc., Class A | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (19626355) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 883853 |
| Boeing Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5282639) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1959)<br>|
| Boeing Co. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (16482362) | 02/24/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (290650)<br>|
| Boeing Co. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7654955) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1398)<br>|
| Boeing Co. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (36839281) | 12/08/25 | 0.04% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2313172 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., <br> Class A<br>| Barclays Bank PLC | $(15608353) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(25026)<br>|
| Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp; (19212510) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (676523)<br>|
| Broadcom, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (13324872) | 02/09/28 | 0.35% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (81680)<br>|
| Brookfield Corp., Class A | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4404005) | 02/15/28 | (0.05)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 53290 |
| Brookfield Corp., Class A | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (13359012) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 274428 |
| Brown & Brown, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2091573) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (30614)<br>|
| Brown-Forman Corp., Cass B | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2867346) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 21346 |
| Brown-Forman Corp., Class B | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (31671170) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 324120 |
| Bunge Global SA | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5930832) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (315993)<br>|
| BXP, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2318361) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 87046 |
| Caesars Entertainment, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (15865595) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (792047)<br>|
| Caesars Entertainment, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (31407901) | 02/09/28 | 0.35% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 952267 |
| Campbell's Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4543780) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 170676 |
| Campbell's Co. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (25245672) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 990779 |
| Campbell's Co. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (11716738) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 544997 |
| Canadian Natural Resources Ltd. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (23834836) | 02/15/28 | (0.91)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 52090 |
| Canadian Natural Resources Ltd. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6459522) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 14117 |
| Capital One Financial Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (13700420) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 779807 |
| Capital One Financial Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6136245) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 377878 |
| Capital One Financial Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (23875348) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 815732 |
| Cardinal Health, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7430100) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (330787)<br>|
| Caterpillar, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9683099) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (915357)<br>|
| Caterpillar, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (17320451) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2227430)<br>|
| Cboe Global Markets, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (513702) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18736)<br>|
| CBRE Group, Inc., Class A | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7465263) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 231840 |
| CDW Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (11889990) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 607073 |
| Celanese Corp., Class A | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (30080741) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1813712 |
| Celanese Corp., Class A | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4248976) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 254953 |
| Cenovus Energy, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4528490) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 44863 |
| Cenovus Energy, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9432216) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 113014 |
| Centene Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (33612461) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3063154)<br>|
| CenterPoint Energy, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (34205299) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (455594)<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., <br> Class A<br>| Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (10967031) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (188202)<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., <br> Class A<br>| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp; (30286659) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1021391)<br>|
| Cisco Systems, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (12333684) | 01/23/26 | 0.15% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (121971)<br>|
| Cleveland-Cliffs, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (33514724) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (873807)<br>|
| Coca-Cola Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (33924680) | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (56362)<br>|
| Conagra Brands, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (28753611) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 554435 |
| ConocoPhillips | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (30188030) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (683024)<br>|
| ConocoPhillips | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp; (14181409) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (397653)<br>|
| Coterra Energy, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (905565) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19849 |
| CSX Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (28121925) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2604523)<br>|
| Cummins, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (36057020) | 01/23/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 210478 |
| D.R. Horton, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (37881815) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2871347 |
| D.R. Horton, Inc. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (32694098) | 12/08/25 | (0.03)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2563519 |
| DaVita, Inc. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (30653218) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 343047 |
| Dell Technologies, Inc., Class C | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (28632555) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4369374)<br>|
| Delta Air Lines, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (11239216) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 428114 |
| Devon Energy Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (265403) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (702)<br>|
| Devon Energy Corp. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (28836029) | 02/24/28 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1145916)<br>|
| Devon Energy Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (32302430) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (514817)<br>|
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp; (24091407) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (327460)<br>|
| Dow, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (25414918) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 263253 |
| Dow, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (35130037) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1769822 |
| Ecolab, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4626980) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (128051)<br>|

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Edison International | HSBC Bank PLC | $(1571166) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(4701)<br>|
| Eli Lilly & Co. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (23472085) | 02/09/28 | 0.35% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1178919)<br>|
| Enbridge, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (18447983) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (526441)<br>|
| Enbridge, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (12277578) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (316986)<br>|
| Equifax, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1648425) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 16381 |
| Equity Residential | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4751535) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 40033 |
| Estee Lauder Cos, Inc., Class A | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp; (16854106) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (164157)<br>|
| Estee Lauder Cos, Inc., Class A | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (18858492) | 12/08/25 | 0.03% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 133520 |
| Expedia Group, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (18031416) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1144739 |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp; (15404756) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 672679 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc., <br> Class A<br>| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (10449406) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (291198)<br>|
| FirstEnergy Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3637891) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (186109)<br>|
| FMC Corp. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6201371) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 331624 |
| Ford Motor Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (24753634) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (593409)<br>|
| Ford Motor Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (31376346) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (752173)<br>|
| Freeport-McMoRan, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (19206049) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (727280)<br>|
| FTAI Aviation Ltd. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (14756653) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24473)<br>|
| General Electric Co. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1163567) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1810)<br>|
| General Motors Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (18930069) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (639960)<br>|
| Genuine Parts Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (18934710) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (89110)<br>|
| Global Payments, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1828797) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 23468 |
| Goodyear Tire & Rubber Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8783105) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 952637 |
| Goodyear Tire & Rubber Co. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (20761819) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2184985 |
| Graphic Packaging Holding Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (23347029) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 711506 |
| Halliburton Co. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (26920596) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1810605)<br>|
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, <br> Inc.<br>| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (29430664) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (603429)<br>|
| HCA Healthcare, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (29843450) | 02/15/28 | (0.48)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1704727)<br>|
| Hewlett Packard Enterprise Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (36153204) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 407524 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7142330) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 9539 |
| Hilton Worldwide Holdings, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (30318426) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1320039 |
| Home Depot, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (33873422) | 02/09/28 | 0.35% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 134061 |
| Home Depot, Inc. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (31700011) | 12/08/25 | (0.02)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1113433 |
| Host Hotels & Resorts, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2217227) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 39978 |
| HP, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (18051247) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 344585 |
| Humana, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (23725089) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 734907 |
| Humana, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3851505) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 623056 |
| Huntington Ingalls Industries, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (16144492) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (880490)<br>|
| Hyatt Hotels Corp., Class A | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (20471447) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (430017)<br>|
| Intel Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (13258197) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4912249)<br>|
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp.<br>| Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (33110731) | 08/18/26 | (0.05)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1105966)<br>|
| International Paper Co. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (28888053) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (526159)<br>|
| IQVIA Holdings, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1677407) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (32623)<br>|
| Iron Mountain, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (25986410) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 626898 |
| Iron Mountain, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4930010) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (104705)<br>|
| Iron Mountain, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8753791) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (112746)<br>|
| J M Smucker Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (25331700) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1427775)<br>|
| KB Home | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (28082874) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 667717 |
| KB Home | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2245090) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (44614)<br>|
| KB Home | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (758658) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7643 |
| KB Home | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1854199) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 44087 |
| KKR & Co., Inc., Class A | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (33506726) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3405108 |
| KKR & Co., Inc., Class A | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3008216) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 208574 |
| Kohl's Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4702294) | 01/23/26 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 423179 |
| Kraft Heinz Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9566364) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 123297 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Kraft Heinz Co. | SG Americas Securities LLC | $(21457780) | 12/08/25 | 0.07% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $686011 |
| Lennar Corp., Class A | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (29212639) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (975580)<br>|
| Lennar Corp., Class A | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (36969061) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1891751 |
| LKQ Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (20424491) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1296495 |
| Lockheed Martin Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (34583757) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1354871)<br>|
| Lowe's Cos., Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (32444828) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2477870 |
| Lowe's Cos., Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (14924545) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1073343 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, <br> Class A<br>| SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (37597787) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3628858 |
| Marriott International, Inc., Class A | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (24486560) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 339344 |
| Marriott International, Inc., Class A | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7276502) | 06/16/26 | 0.07% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 128987 |
| Marvell Technology, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (30253934) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (642548)<br>|
| Matador Resources Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (199124) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4038 |
| McKesson Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (29477863) | 02/09/28 | 0.35% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (414800)<br>|
| Medtronic PLC | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (32437495) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (628405)<br>|
| Merck & Co., Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2491770) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (89497)<br>|
| Merck & Co., Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (30540870) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1878016)<br>|
| Meritage Homes Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (34130669) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1901420 |
| Meritage Homes Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2486214) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 293902 |
| MetLife, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (10621088) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (183961)<br>|
| MetLife, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (18256008) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (405822)<br>|
| Mohawk Industries, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4990123) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 297048 |
| Mohawk Industries, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (961785) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 72753 |
| Molina Healthcare, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8664574) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (395365)<br>|
| Mondelez International, Inc., Class A | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (22454606) | 08/18/26 | 0.00% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (302216)<br>|
| Mondelez International, Inc., Class A | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (433112) | 08/18/26 | 0.00% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 6067 |
| Murphy Oil Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (28944663) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1410371)<br>|
| Nasdaq, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (12335518) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 203009 |
| NextEra Energy, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190333) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (10621)<br>|
| NextEra Energy, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (29923251) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1669843)<br>|
| NIKE, Inc., Class B | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (26441972) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1194831 |
| Northrop Grumman Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (30868049) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1454549)<br>|
| Nucor Corp. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (33947343) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2020533 |
| nVent Electric PLC | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (34781868) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (826679)<br>|
| NXP Semiconductors NV | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8752332) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (86553)<br>|
| Occidental Petroleum Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6041213) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (248944)<br>|
| Omega Healthcare Investors, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1709215) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 8467 |
| Omega Healthcare Investors, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (417624) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10792 |
| Open Text Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2414383) | 02/15/28 | (0.05)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17951 |
| Open Text Corp. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3383391) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 32274 |
| Open Text Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (30022439) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 223215 |
| Oracle Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (30969656) | 06/16/26 | 0.09% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1999686 |
| Oracle Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (35987125) | 06/16/26 | 0.09% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2323541 |
| PepsiCo, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (15448025) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (23126)<br>|
| Performance Food Group Co. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (18565680) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 169743 |
| PG&E Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (30151256) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1076831)<br>|
| Post Holdings, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (29386480) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1183412)<br>|
| Prologis, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7510853) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (16432)<br>|
| Prudential Financial, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (16201241) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (140195)<br>|
| Prudential Financial, Inc. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5537855) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (47921)<br>|
| Prudential Financial, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7870262) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 156156 |
| PulteGroup, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (29202434) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (649564)<br>|
| Quanta Services, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (23269341) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2409780)<br>|
| Raymond James Financial, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7079458) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 46698 |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Cass <br> B<br>| Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5854233) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 197051 |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc., <br> Class B<br>| BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (29159848) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1051907 |
| Royalty Pharma PLC, Class A | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6616249) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24470)<br>|
| RTX Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8963633) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (444162)<br>|
| Seagate Technology Holdings PLC | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (31617120) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3734989)<br>|

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Sempra | Bank of America N.A. | $(34066900) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(2692180)<br>|
| Sempra | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (13509015) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1136669)<br>|
| Sempra | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (15234789) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1205996)<br>|
| Sherwin-Williams Co. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (32085940) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2358134 |
| Simon Property Group, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4979100) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (20804)<br>|
| Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1436402) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (15911)<br>|
| Sirius XM Holdings, Inc. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5862663) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 277175 |
| Snap, Inc., Class A | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp; (29675000) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (904927)<br>|
| Snap, Inc., Class A | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2320465) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (157483)<br>|
| Somnigroup International, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (35583816) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 458179 |
| Southern Co. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (31207448) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (824718)<br>|
| Southwest Airlines Co. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1595450) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24366)<br>|
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (216810) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (561)<br>|
| Stellantis NV | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7193533) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 216628 |
| Stellantis NV | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9705871) | 01/23/26 | (0.40)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 398598 |
| Stellantis NV | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (239036) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 7198 |
| Suncor Energy, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (873618) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 21154 |
| Targa Resources Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5833984) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (150377)<br>|
| Targa Resources Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (623594) | 06/16/26 | (0.10)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (16074)<br>|
| Targa Resources Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6441082) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (166026)<br>|
| Target Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143733) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1850)<br>|
| TC Energy Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (11955181) | 02/15/28 | (0.05)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (487080)<br>|
| TD SYNNEX Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (32621095) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2897918)<br>|
| Tenet Healthcare Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (11152050) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (496152)<br>|
| Tesla, Inc. | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (26900953) | 02/24/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (263879)<br>|
| Thermo Fisher Scientific, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (35975492) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 142215 |
| Toll Brothers, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (35558283) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 844391 |
| Toll Brothers, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1487340) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (15899)<br>|
| Tractor Supply Co. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7995575) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 428453 |
| Transocean Ltd. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6079553) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 348977 |
| Transocean Ltd. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (27159538) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2163149 |
| Trimble, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8538753) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51971 |
| Trimble, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5964090) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 36300 |
| Tyson Foods, Inc., Class A | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5042593) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (30113)<br>|
| United Airlines Holdings, Inc. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2671703) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 223595 |
| United Rentals, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (28290076) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (201752)<br>|
| United Rentals, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (10362525) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (123460)<br>|
| United Rentals, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2804836) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (20003)<br>|
| UnitedHealth Group, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (28668140) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2242426)<br>|
| UnitedHealth Group, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (35319853) | 02/09/28 | 0.35% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (12279)<br>|
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp; (29091394) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (532488)<br>|
| VF Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5345835) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (37305)<br>|
| Viatris, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (34741939) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (390359)<br>|
| Walmart, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (29298532) | 02/09/28 | 0.35% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5685 |
| Warner Bros Discovery, Inc., Class A | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (19372190) | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 79030 |
| Welltower, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (34284100) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2195231)<br>|
| Western Union Co. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (31222339) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2679263 |
| Westlake Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; (25684129) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2414167 |
| Whirlpool Corp. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (321230) | 02/15/28 | (1.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 40471 |
| Whirlpool Corp. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3073692) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7664)<br>|
| Whirlpool Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4185929) | 06/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4709)<br>|
| Whirlpool Corp. | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1705792) | 06/16/26 | (0.96)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 214907 |
| Whirlpool Corp. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (581218) | 08/18/26 | (1.00)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 73226 |
| Whirlpool Corp. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5313914) | 02/09/28 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 832928 |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | &nbsp;&nbsp;&nbsp;&nbsp; (22640707) | 10/03/28 | (0.69)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 644261 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(22563661) | 10/03/28 | (0.69)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $98052 |
| Whirlpool Corp. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1406717) | 12/08/25 | (0.89)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 97791 |
| Whirlpool Corp. | SG Americas Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1473471) | 12/08/25 | (0.83)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 97578 |
| Williams Cos, Inc. | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5375486) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (455628)<br>|
| Xcel Energy, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (11075349) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (980536)<br>|
| Xylem, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; (35917871) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (990907)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (7349952)<br>|
| Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 32994267 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (3345094)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $29649173 |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $116453665 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $116453665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 441725460 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 441725460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3630674971 | &nbsp;&nbsp;&nbsp;&nbsp; 6752640 | &nbsp;&nbsp;&nbsp;&nbsp; 3637427611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1951872432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1951872432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 900553138 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 900553138 |
| &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; 327086668 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 327086668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1296997385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1296997385 |
|  | &nbsp;&nbsp; $768812128 | &nbsp;&nbsp;&nbsp;&nbsp; $7896551591 | &nbsp;&nbsp;&nbsp;&nbsp; $6752640 | &nbsp;&nbsp;&nbsp;&nbsp; $8672116359 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2213257 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2213257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194903509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194903509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7212047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7212047 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; Assets (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; $6068025 | &nbsp;&nbsp;&nbsp;&nbsp; $15806532 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21874557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 584524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 584524 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (165254336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (165254336)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7593440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7593440)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (8461506)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18326116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26787622)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (354048)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (354048)<br>|
|  | &nbsp;&nbsp; $(2393481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29191929 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26798448 |

---

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

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

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |

---

---

| | |
|:---|:---|
| **Currency Abbreviation (continued)** | **Currency Abbreviation (continued)** |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| BBR | Bank Bill Rate  |
| BBSW | Bank Bill Swap Rate |
| BUBOR | Budapest Interbank Offered Rate |
| CDC | Certificate of Deposit Rate |
| CME | Chicago Mercantile Exchange  |
| CMT | Constant Maturity Treasury |
| CPI | Consumer Price Index |
| CVR | Contingent Value Right |
| DAC | Designated Activity Company  |
| EURIBOR | Euro Interbank Offered Rate |
| HIBOR | Hong Kong Interbank Offered Rate |
| JIBAR | Johannesburg Interbank Average Rate |
| KLIBOR | Kuala Lumpur Interbank Offered Rate |
| MIBOR | Mumbai Interbank Offered Rate |
| MSCI | Morgan Stanley Capital International |
| NIBOR | Norwegian Interbank Offered Rate  |
| PIK | Payment-in-Kind |
| PRIBOR | Prague Interbank Offer Rate |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| S&P | Standard & Poor's |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| SAB | Special Assessment Bonds |
| SG | Syncora Guarantee  |
| SHIR | ILS - Shekel Overnight Interest Rate  |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| SORA | Singapore Overnight Rate Average |
| SSARON | Swiss Average Overnight Rate |
| STACR | Structured Agency Credit Risk |
| STIBOR | Stockholm Interbank Offered Rate |
| TBA | To-Be-Announced |
| THOR | Thai Overnight Repurchase Rate |
| TIIEFONDEO | MXN - Overnight TIIE Funding Rate  |
| UK RPI | United Kingdom Retail Price Index  |
| WIBOR | Warsaw Interbank Offered Rate |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Funds IV

- **b. Investment Company Act file number:** 811-23341

- **c. CIK number of Registrant:** 0001738074

- **d. LEI of Registrant:** 549300PC6HXHVNYAKJ59

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

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

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** BlackRock Systematic Multi-Strategy Fund

- **b. EDGAR series identifier (if any):** S000062369

- **c. LEI of Series:** 549300XH0OXXEB2FS897

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $14352446299.84

**Total Liabilities:** $6331085900.23

**Net Assets:** $8021360399.61

**Delayed Delivery Securities:** $8600985.10

**Cash Not Reported:** $327451939.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 233065.35000000 | **1-Year:** 89972.09000000 | **5-Year:** 1060852.23000000 | **10-Year:** 517502.60000000 | **30-Year:** 4303.96000000

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

- **3-Month:** 238236.67000000 | **1-Year:** -78452.19000000 | **5-Year:** 332451.02000000 | **10-Year:** 567857.01000000 | **30-Year:** -343626.58000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202321 | -1.53%               | 1.17%                | -0.10%               |
| Class ID C000202323 | -1.53%               | 1.26%                | -0.10%               |
| Class ID C000202322 | -1.55%               | 1.08%                | -0.20%               |
| Class ID C000222461 | -1.53%               | 1.26%                | -0.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2408534.74              | $-19490695.05                              |
| Month 2  | $12321300.06             | $31936050.94                               |
| Month 3  | $11820826.81             | $6202294.32                                |

**Designated Index Information**

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

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

### Schedule of Portfolio Investments

| Name                                             | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |      Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LCH Ltd.                                         | FSWP: EUR 2.156700 17-DEC-2027 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     72000000 | OU      | $-27369.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2025-X1                                        | CUSIP: 00834MAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8000000 | PA      | $8040816.80   | 0.10%             | 2030-04-15      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                          | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1660000 | PA      | $1724132.95   | 0.02%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc                      | Honeywell International Inc                                                      | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |          946 | NS      | $199133.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.395130 17-DEC-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     29980000 | OU      | $20771.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CENCORA INC                                      | Cencora Inc                                                                      | CUSIP: 03073EAT2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |      7190000 | PA      | $6593519.90   | 0.08%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | ROCKWELL AUTOMATION INC                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |        29916 | OU      | $10456539.48  | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | CONSOLIDATED EDISON INC                                                          | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       336235 | OU      | $33798342.20  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6501000 | PA      | $5779784.00   | 0.07%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALGOMA STEEL INC                                 | Algoma Steel Inc                                                                 | CUSIP: 01566MAD7<br>LEI: 5493006RXIB5GVHWJS53 | Long             | DBT              | CORP              | CA        |      2353000 | PA      | $2004944.71   | 0.02%             | 2029-04-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     10225000 | PA      | $10600073.45  | 0.13%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | VERISIGN INC                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       126651 | OU      | $35407820.07  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAL9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |      1840000 | PA      | $1840628.47   | 0.02%             | 2030-09-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                        | PG&E Corp                                                                        | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |       603000 | PA      | $597418.62    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |            1 | NC      | $11876.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                         | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1889000 | PA      | $1816578.14   | 0.02%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EVERGY INC                                       | Evergy Inc                                                                       | CUSIP: 30034WAB2<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |       100000 | PA      | $94844.10     | 0.00%             | 2029-09-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                             | Talos Production Inc                                                             | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |      3636000 | PA      | $3786988.54   | 0.05%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |            1 | NC      | $153396.12    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GCI LLC                                          | GCI LLC                                                                          | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |      5112000 | PA      | $4967847.22   | 0.06%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |            1 | NC      | $36017.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.855220 18-MAR-2031 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     85880000 | OU      | $-15893.11    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Master Trust                              | Affirm Master Trust                                                              | CUSIP: 00833BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3410000 | PA      | $3431879.24   | 0.04%             | 2033-02-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | FIDELITY NATIONAL FINANCIAL INC                                                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       177560 | OU      | $-10740604.40 | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140EVJC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        16915 | PA      | $15813.26     | 0.00%             | 2046-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PG E CORP                                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |      2070828 | OU      | $-31228086.24 | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |      3691000 | PA      | $3875716.91   | 0.05%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | ALBERTSONS COMPANY INC CLASS A                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       318705 | OU      | $5580524.55   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | AMERICAN ELECTRIC POWER INC                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       273397 | OU      | $30757162.50  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | MARRIOTT INTERNATIONAL INC CLASS A                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        27444 | OU      | $-7147515.36  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NZ        |            1 | NC      | $49784.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      1436000 | PA      | $1465969.32   | 0.02%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | AES CORP                                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |      1031423 | OU      | $-13573526.68 | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| SEMPRA                                           | Sempra                                                                           | CUSIP: 816851BG3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |        50000 | PA      | $49052.59     | 0.00%             | 2028-02-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | GILEAD SCIENCES INC                                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        56878 | OU      | $6313458.00   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | VERISK ANALYTICS INC                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       139338 | OU      | $35044900.38  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| EATON CORP                                       | Eaton Corp                                                                       | CUSIP: 278062AH7<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |      1715000 | PA      | $1688597.85   | 0.02%             | 2033-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                          | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     13781000 | PA      | $14305844.98  | 0.18%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | EDISON INTERNATIONAL                                                             | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        28507 | OU      | $-1575866.96  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nordson Corp                                     | Nordson Corp                                                                     | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |          278 | NS      | $63092.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | CARNIVAL CORP                                                                    | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       993142 | OU      | $28711735.22  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | SUNCOR ENERGY INC                                                                | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        20389 | OU      | $-852464.09   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC                            | Entergy Louisiana LLC                                                            | CUSIP: 29364WBE7<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |      2520000 | PA      | $2210244.70   | 0.03%             | 2030-12-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: KRW 2.505000 18-MAR-2031 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 286930390000 | OU      | $-1537187.56  | -0.02%            |  |  |  | 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        |      7034000 | PA      | $6752640.00   | 0.08%             | 2026-08-15      | Fixed         | 4.13%                 | No            |                  3 | On Loan: No      |
| PUB SVC NEW HAMP                                 | Public Service Co of New Hampshire                                               | CUSIP: 744538AE9<br>LEI: 549300SHPFALUPKK2351 | Long             | DBT              | CORP              | US        |       380000 | PA      | $339552.21    | 0.00%             | 2031-06-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                 | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      6855000 | PA      | $6984297.71   | 0.09%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Sensient Technologies Corp                       | Sensient Technologies Corp                                                       | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |          476 | NS      | $44672.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMO / TRITON WATER HLD                         | Primo Water Holdings Inc / Triton Water Holdings Inc                             | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2171000 | PA      | $2105659.28   | 0.03%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                                | Cisco Systems Inc                                                                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |       122621 | NS      | $8389728.82   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC                             | Waste Management Inc                                                             | CUSIP: 94106LBY4<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |      9985000 | PA      | $10323369.68  | 0.13%             | 2031-07-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | VIATRIS INC                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      3548717 | OU      | $-35132298.30 | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK NA                                      | AMAZON COM INC                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       117683 | OU      | $-25839656.31 | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                         | Banco Bilbao Vizcaya Argentaria SA                                               | CUSIP: 05946KAS0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |      5600000 | PA      | $5938704.80   | 0.07%             | 2032-01-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Carpenter Technology Corp                        | Carpenter Technology Corp                                                        | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |          246 | NS      | $60402.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE GAS INC                                      | ONE Gas Inc                                                                      | CUSIP: 68235PAM0<br>LEI: 549300HXDWI0LATTX840 | Long             | DBT              | CORP              | US        |      1625000 | PA      | $1607013.01   | 0.02%             | 2032-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | KB HOME                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        35979 | OU      | $-2289703.56  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Intuit Inc                                       | Intuit Inc                                                                       | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |          390 | NS      | $266334.90    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enva 2018-A, LLC                                 | NetCredit Combined Receivables 2024 LLC                                          | CUSIP: 64113EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1477944 | PA      | $1482489.79   | 0.02%             | 2030-10-21      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                               | Advance Auto Parts Inc                                                           | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |      7025000 | PA      | $7227690.85   | 0.09%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.539700 19-SEP-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     14960000 | OU      | $20706.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | OMNICOM GROUP INC                                                                | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       147516 | OU      | $12026979.48  | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                      | Southern Co/The                                                                  | CUSIP: 842587DR5<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      1320000 | PA      | $1357032.82   | 0.02%             | 2033-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc                        | L3Harris Technologies Inc                                                        | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |        27550 | NS      | $8414045.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD                               | Athene Holding Ltd                                                               | CUSIP: 04686JAC5<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |      1665000 | PA      | $1579951.82   | 0.02%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                  | CUSIP: 718172DE6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      4590000 | PA      | $4868077.90   | 0.06%             | 2033-09-07      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179UEA6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       425714 | PA      | $420614.74    | 0.01%             | 2048-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RITCHIE BROS HLDGS INC                           | Ritchie Bros Holdings Inc                                                        | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |      1848000 | PA      | $1889295.50   | 0.02%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | CBOE GLOBAL MARKETS INC                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |         2171 | OU      | $-532437.75   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | CUMMINS INC                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        84870 | OU      | $-35846541.90 | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| MOOG INC                                         | Moog Inc                                                                         | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |       145000 | PA      | $142782.88    | 0.00%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |            1 | NC      | $101443.76    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                 | Coca-Cola Co/The                                                                 | CUSIP: 191216DR8<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |      3770000 | PA      | $3924446.04   | 0.05%             | 2034-05-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | JP        |            1 | NC      | $75381.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                             | Royal Bank of Canada                                                             | CUSIP: 78016HZS2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      1220000 | PA      | $1258095.77   | 0.02%             | 2028-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Dollar General Corp                              | Dollar General Corp                                                              | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |        39951 | NS      | $4128935.85   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SINCLAIR TELEVISION GROU                         | Sinclair Television Group Inc                                                    | CUSIP: 829259BF6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |      1578000 | PA      | $1120380.00   | 0.01%             | 2032-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.098270 17-DEC-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     29963670 | OU      | $-238100.25   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | STANLEY BLACK   DECKER INC                                                       | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       348829 | OU      | $25928459.57  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |      3747000 | PA      | $3965288.98   | 0.05%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| DARDEN RESTAURANTS INC                           | Darden Restaurants Inc                                                           | CUSIP: 237194AQ8<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |      1755000 | PA      | $1764220.16   | 0.02%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                      | Deluxe Corp                                                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |      3992000 | PA      | $4168510.27   | 0.05%             | 2029-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       445000 | PA      | $460111.77    | 0.01%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 1.940000 15-MAY-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      6340000 | OU      | $-5384.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMETEK Inc                                       | AMETEK Inc                                                                       | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |          520 | NS      | $97760.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOCON BIOLOGICS GLOBAL                          | Biocon Biologics Global PLC                                                      | CUSIP: 090978AA5<br>LEI: 254900PMQN51VACG2D55 | Long             | DBT              | CORP              | GB        |      6743000 | PA      | $6503556.07   | 0.08%             | 2029-10-09      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | AMDOCS LTD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        30551 | OU      | $2506709.55   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0204A4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     37350000 | PA      | $34318963.09  | 0.43%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-HQA1                                          | CUSIP: 35564KCN7<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | USGSE             | US        |     77264686 | PA      | $83542441.74  | 1.04%             | 2033-08-25      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| PUGET SOUND ENERGY INC                           | Puget Sound Energy Inc                                                           | CUSIP: 745332CN4<br>LEI: 8MNFJR7KOMBQ7X62LK44 | Long             | DBT              | CORP              | US        |       240000 | PA      | $243356.62    | 0.00%             | 2054-06-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      5901000 | PA      | $6424555.60   | 0.08%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                   | Mastercard Inc                                                                   | CUSIP: 57636QBC7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |      4385000 | PA      | $4375436.53   | 0.05%             | 2035-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                   | American Electric Power Co Inc                                                   | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |        73626 | NS      | $8282925.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | TRIMBLE INC                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       103941 | OU      | $-8486782.65  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.593290 03-SEP-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      7580000 | OU      | $-24867.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis Inc                                       | Zoetis Inc                                                                       | CUSIP: 98978VAN3<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |       250000 | PA      | $249493.56    | 0.00%             | 2028-08-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |        31000 | PA      | $30720.26     | 0.00%             | 2028-05-22      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                             | Bank of America Corp                                                             | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1500000 | PA      | $1494008.73   | 0.02%             | 2027-04-23      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA1                                          | CUSIP: 35564KBE8<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | USGSE             | US        |     29442500 | PA      | $32556474.24  | 0.41%             | 2051-01-25      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                               | Banco Santander SA                                                               | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      2800000 | PA      | $2732294.26   | 0.03%             | 2027-09-14      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.493520 18-MAR-2031 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     14610000 | OU      | $42324.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      8025000 | PA      | $8361707.33   | 0.10%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | UNITEDHEALTH GROUP INC                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       102323 | OU      | $-35332131.90 | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140Q9XX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        90099 | PA      | $88924.87     | 0.00%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | ORACLE CORP                                                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       103008 | OU      | $-28969969.92 | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                          | Pfizer Investment Enterprises Pte Ltd                                            | CUSIP: 716973AD4<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |      2600000 | PA      | $2648757.20   | 0.03%             | 2030-05-19      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |            1 | NC      | $54814.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | NUCOR CORP                                                                       | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       235744 | OU      | $-31926809.92 | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA7                                          | CUSIP: 35564KND7<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | USGSE             | US        |     78692253 | PA      | $80777306.54  | 1.01%             | 2041-11-25      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                        | Emera Inc                                                                        | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               | CORP              | CA        |         1363 | NS      | $65369.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                      | Alnylam Pharmaceuticals Inc                                                      | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |          255 | NS      | $116280.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                              | UNIVERSAL HEALTH SERVICES INC CLAS                                               | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       135161 | OU      | $27632314.84  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | ALTRIA GROUP INC                                                                 | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       474274 | OU      | $31330540.44  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH AMERICA FINANCE INC                          | CRH America Finance Inc                                                          | CUSIP: 12636YAF9<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |     16350000 | PA      | $17064022.98  | 0.21%             | 2035-01-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                         | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XAX6<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |       635000 | PA      | $580786.49    | 0.01%             | 2032-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | APTIV PLC                                                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       347735 | OU      | $29981711.70  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                       | CUSIP: 14040HCT0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      3079000 | PA      | $3148687.62   | 0.04%             | 2033-05-10      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              |  | US        |       100000 | PA      | $99015.07     | 0.00%             | 2029-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                              | American Express Co                                                              | CUSIP: 025816EK1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      5130000 | PA      | $5219304.94   | 0.07%             | 2033-07-20      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                         | Plains All American Pipeline LP                                                  | CUSIP: 72650RBQ4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |      5320000 | PA      | $5552118.14   | 0.07%             | 2035-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | KOHLS CORP                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       278407 | OU      | $-4279115.59  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| JABIL INC                                        | Jabil Inc                                                                        | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |      2580000 | PA      | $2545392.71   | 0.03%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                        | Teledyne Technologies Inc                                                        | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |          142 | NS      | $83217.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD'S CORP                                  | McDonald's Corp                                                                  | CUSIP: 58013MFS8<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     12453000 | PA      | $12626717.73  | 0.16%             | 2032-09-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                             | PURCHASED EUR / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | XX        |            1 | NC      | $7903.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PHINIA INC                                       | Phinia Inc                                                                       | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |      1631000 | PA      | $1680240.80   | 0.02%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |            1 | NC      | $8312.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Expeditors International of Washington Inc       | Expeditors International of Washington Inc                                       | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |          551 | NS      | $67547.09     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | BOSTON SCIENTIFIC CORP                                                           | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       300928 | OU      | $29379600.64  | 0.37%             |  |  |  | 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        |      4000000 | PA      | $4131844.28   | 0.05%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | BLOCK INC CLASS A                                                                | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       259340 | OU      | $-18742501.80 | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ZA        |            1 | NC      | $43701.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED SEK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | SE        |            1 | NC      | $-1310.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | BAXTER INTERNATIONAL INC                                                         | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       230695 | OU      | $-5252925.15  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                 | Genuine Parts Co                                                                 | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |        34293 | NS      | $4753009.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                         | MSCI Inc                                                                         | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |          174 | NS      | $98729.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.510690 17-DEC-2035 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    473625478 | OU      | $-5872417.40  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140JPN35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        89027 | PA      | $83408.41     | 0.00%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chipotle Mexican Grill Inc                       | Chipotle Mexican Grill Inc                                                       | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         2683 | NS      | $105146.77    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | FACTSET RESEARCH SYSTEMS INC                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       119521 | OU      | $34241571.29  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MACYS INC                                                                        | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       356484 | OU      | $6391758.12   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | LENNAR A CORP CLASS A                                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       278303 | OU      | $-35077310.12 | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                   | S&P Global Inc                                                                   | CUSIP: 78409VBK9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     11640000 | PA      | $10660761.14  | 0.13%             | 2032-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     10910000 | PA      | $11250651.22  | 0.14%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JABIL INC                                        | Jabil Inc                                                                        | CUSIP: 46656PAA2<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |      3345000 | PA      | $3451846.83   | 0.04%             | 2029-02-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                             | Matador Resources Co                                                             | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |      1182000 | PA      | $1206277.10   | 0.02%             | 2028-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                           | Comstock Resources Inc                                                           | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |      2190000 | PA      | $2176860.00   | 0.03%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AV1<br>LEI: N/A                  | Long             | DBT              |  | US        |     11500000 | PA      | $11518745.00  | 0.14%             | 2033-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                              | American Tower Corp                                                              | CUSIP: 03027XCL2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      1215000 | PA      | $1243375.60   | 0.02%             | 2030-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VF CORP                                          | VF Corp                                                                          | CUSIP: 918204BC1<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |      4610000 | PA      | $4061390.64   | 0.05%             | 2030-04-23      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | OPEN TEXT CORP                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       797197 | OU      | $-29799223.86 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PEPSICO INC                                                                      | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       110162 | OU      | $-15471151.28 | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Jack Henry & Associates Inc                      | Jack Henry & Associates Inc                                                      | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |          376 | NS      | $55997.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      8160000 | PA      | $8503528.98   | 0.11%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| IVANHOE MINES LTD                                | Ivanhoe Mines Ltd                                                                | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |      4602000 | PA      | $4755016.50   | 0.06%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| American Water Works Co Inc                      | American Water Works Co Inc                                                      | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |        55208 | NS      | $7684401.52   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TIDEWATER INC                                    | Tidewater Inc                                                                    | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |      4145000 | PA      | $4445304.09   | 0.06%             | 2030-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBM6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     13416000 | PA      | $13354387.96  | 0.17%             | 2034-09-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | UNITEDHEALTH GROUP INC                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        89518 | OU      | $-30910565.40 | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: JPY 1.430000 17-DEC-2035 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5058000000 | OU      | $336217.77    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP                                 | Ventas Realty LP                                                                 | CUSIP: 92277GBB2<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              |  | US        |      6700000 | PA      | $6856334.85   | 0.09%             | 2032-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals Inc                       | Vertex Pharmaceuticals Inc                                                       | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |          417 | NS      | $163313.88    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA2                                          | CUSIP: 35564KRN1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | USGSE             | US        |     11377000 | PA      | $11757446.88  | 0.15%             | 2042-02-25      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | ALLY FINANCIAL INC                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        23859 | OU      | $-935272.80   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     28465000 | PA      | $26344456.56  | 0.33%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ALABAMA POWER CO                                 | Alabama Power Co                                                                 | CUSIP: 010392FX1<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      1465000 | PA      | $1352431.76   | 0.02%             | 2032-03-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | UNITED RENTALS INC                                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         2959 | OU      | $-2824838.94  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                    | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      8145000 | PA      | $7495306.34   | 0.09%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                       | Mondelez International Inc                                                       | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |       129338 | NS      | $8079744.86   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae I Pool                                                                | CUSIP: 3622A2XW7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        46873 | PA      | $42204.04     | 0.00%             | 2046-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | EXELON CORP                                                                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |        84820 | OU      | $3817748.20   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                               | Rithm Capital Corp                                                               | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |      5857000 | PA      | $5995002.63   | 0.07%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                         | Weatherford International Ltd                                                    | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |      1835000 | PA      | $1836276.44   | 0.02%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                      | Cencora Inc                                                                      | CUSIP: 03073EAY1<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |       560000 | PA      | $571890.08    | 0.01%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TW        |            1 | NC      | $-34532.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | H R BLOCK INC                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       590475 | OU      | $29860320.75  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Pacific Corp                               | Union Pacific Corp                                                               | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |          919 | NS      | $217224.03    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      4975000 | PA      | $4586801.84   | 0.06%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                | Johnson & Johnson                                                                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |        47065 | NS      | $8726792.30   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | TARGA RESOURCES CORP                                                             | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        39436 | OU      | $-6607107.44  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753DAB4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      3750000 | PA      | $3996112.50   | 0.05%             | 2042-09-25      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | EQUITY RESIDENTIAL REIT                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        72787 | OU      | $-4711502.51  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | RTX CORP                                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        56223 | OU      | $-9407794.59  | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Realty Income Corp                               | Realty Income Corp                                                               | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |       132356 | NS      | $8045921.24   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | STELLANTIS NV                                                                    | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       746992 | OU      | $-6976905.28  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| McDonald's Corp                                  | McDonald's Corp                                                                  | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |          994 | NS      | $302066.66    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | FEDEX CORP                                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        92310 | OU      | $21767621.10  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |      3406000 | PA      | $3450920.71   | 0.04%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                  | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      2340000 | PA      | $2443697.76   | 0.03%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                         | Public Service Enterprise Group Inc                                              | CUSIP: 744573AZ9<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |       300000 | PA      | $310518.98    | 0.00%             | 2034-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                         | Lindblad Expeditions LLC                                                         | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |       430000 | PA      | $438294.70    | 0.01%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                 | Altria Group Inc                                                                 | CUSIP: 02209SBJ1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |       265000 | PA      | $254279.65    | 0.00%             | 2030-05-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                      | Deluxe Corp                                                                      | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |      4390000 | PA      | $4379738.38   | 0.05%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                           | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |       485000 | PA      | $473768.33    | 0.01%             | 2028-01-19      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | GAP INC                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      1589994 | OU      | $34009971.66  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: NOK 3.970970 18-MAR-2031 6M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    132920000 | OU      | $-37862.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179QWE7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         9525 | PA      | $8918.40      | 0.00%             | 2044-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-X1                                        | CUSIP: 00834XAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3333000 | PA      | $3344112.22   | 0.04%             | 2029-05-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                            | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3011000 | PA      | $3038851.75   | 0.04%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| 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        |      1499000 | PA      | $1494877.90   | 0.02%             | 2026-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | CISCO SYSTEMS INC                                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       182047 | OU      | $-12455655.74 | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | TELUS CORP                                                                       | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        28355 | OU      | $447158.35    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                             | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | HU        |            1 | NC      | $11670.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20755DAF3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     23162000 | PA      | $24826884.56  | 0.31%             | 2042-07-25      | Floating      | 9.96%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: KRW 2.604500 18-MAR-2031 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  11465900000 | OU      | $-23242.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DTE Energy Co                                    | DTE Energy Co                                                                    | CUSIP: 233331AY3<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $4938530.20   | 0.06%             | 2026-10-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | JP        |            1 | NC      | $-19804.21    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.161390 17-DEC-2030 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    448750000 | OU      | $-4238040.92  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | TW        |            1 | NC      | $-242596.79   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      8880000 | PA      | $7925388.54   | 0.10%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XYV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3760086 | PA      | $3794810.30   | 0.05%             | 2030-07-25      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Clorox Co/The                                    | Clorox Co/The                                                                    | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |          528 | NS      | $65102.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                                 | RBC Bearings Inc                                                                 | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          161 | NS      | $62836.69     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC BANK PLC                                    | FSWP: OIS 4.890000 18-MAR-2031 CLI                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DIR              |  | US        |   4691770000 | OU      | $-974.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.097200 18-MAR-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    411150000 | OU      | $34484.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc                  | Philip Morris International Inc                                                  | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |         2084 | NS      | $338024.80    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DYCOM INDUSTRIES INC                             | Dycom Industries Inc                                                             | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |      1476000 | PA      | $1441526.69   | 0.02%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0224A0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     10375000 | PA      | $9755978.95   | 0.12%             | 2040-10-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                       | AbbVie Inc                                                                       | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      3818000 | PA      | $3774168.71   | 0.05%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179XNG7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       452906 | PA      | $459373.12    | 0.01%             | 2052-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                                    | Amphenol Corp                                                                    | CUSIP: 032095AM3<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |       785000 | PA      | $787095.96    | 0.01%             | 2026-03-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140Q9DC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        12759 | PA      | $12611.01     | 0.00%             | 2048-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                    | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      1873000 | PA      | $1938744.17   | 0.02%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | NEWMONT                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       424530 | OU      | $35792124.30  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                              | Coinbase Global Inc                                                              | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |       881000 | PA      | $786182.20    | 0.01%             | 2031-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | RYMAN HOSPITALITY PROPERTIES REIT                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        24081 | OU      | $2157416.79   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| GOEASY LTD                                       | goeasy Ltd                                                                       | CUSIP: 380355AM9<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |      1625000 | PA      | $1616857.71   | 0.02%             | 2030-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | SIRIUSXM HOLDINGS INC                                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |        62398 | OU      | $-1452313.45  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MCR9<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |      5590000 | PA      | $5767139.44   | 0.07%             | 2028-01-13      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     14427000 | PA      | $13481085.23  | 0.17%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp             | International Business Machines Corp                                             | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |         1253 | NS      | $353546.48    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | IN        |            1 | NC      | $-19930.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |      1523000 | PA      | $1573208.74   | 0.02%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | UNITED PARCEL SERVICE INC CLASS B                                                | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       353586 | OU      | $29535038.58  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-HQA2                                          | CUSIP: 35564KGR4<br>LEI: 5493000ISM9M3KNO6J64 | Long             | ABS-MBS          | USGSE             | US        |      7450061 | PA      | $8169438.89   | 0.10%             | 2033-12-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XJYC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       669558 | PA      | $684808.66    | 0.01%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pentair PLC                                      | Pentair PLC                                                                      | CUSIP: 000000000<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |          619 | NS      | $68560.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | AVIS BUDGET GROUP INC                                                            | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        28585 | OU      | $-4590036.38  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC                               | SunCoke Energy Inc                                                               | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |      4245000 | PA      | $3967506.47   | 0.05%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | MURPHY OIL CORP                                                                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      1068463 | OU      | $-30355033.83 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179TG41<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       115042 | PA      | $106411.81    | 0.00%             | 2047-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | CRH PUBLIC LIMITED PLC                                                           | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       106537 | OU      | $12773786.30  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |            1 | NC      | $11757.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CO        |            1 | NC      | $-20986.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                            | Republic Services Inc                                                            | CUSIP: 760759AY6<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |      2553000 | PA      | $2541435.75   | 0.03%             | 2025-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | INVITATION HOMES INC                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      1173957 | OU      | $34432158.81  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CZK 3.792500 18-MAR-2031 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    177600000 | OU      | $-76293.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                          | DCP Midstream Operating LP                                                       | CUSIP: 23311VAH0<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |      2440000 | PA      | $2495102.25   | 0.03%             | 2029-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Royal Gold Inc                                   | Royal Gold Inc                                                                   | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |          339 | NS      | $67996.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                    | Amphenol Corp                                                                    | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |         1833 | NS      | $226833.75    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ACRISURE LLC / FIN INC                           | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       510000 | PA      | $525138.84    | 0.01%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| News Corp                                        | News Corp                                                                        | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |         2312 | NS      | $71001.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS L                         | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      3874000 | PA      | $4097917.20   | 0.05%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J9Q53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         5701 | PA      | $5505.89      | 0.00%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                               | Kohl's Corp                                                                      | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |      2555000 | PA      | $2017043.98   | 0.03%             | 2031-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38143U8H7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |        75000 | PA      | $74829.74     | 0.00%             | 2026-02-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HERSHEY COMPANY                                  | Hershey Co/The                                                                   | CUSIP: 427866BJ6<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |      7530000 | PA      | $7554498.18   | 0.09%             | 2033-05-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | FIDELITY NATIONAL INFORMATION SERV                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       254713 | OU      | $16795775.22  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3132A5HX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       505508 | PA      | $454937.46    | 0.01%             | 2047-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                              | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000000 | PA      | $248994375.00 | 3.10%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3128MJZM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         6558 | PA      | $5933.54      | 0.00%             | 2047-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | TARGA RESOURCES CORP                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        35719 | OU      | $-5984361.26  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRBX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1289709 | PA      | $1323736.66   | 0.02%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc                    | Hilton Worldwide Holdings Inc                                                    | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |          453 | NS      | $117526.32    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                              | AMPHENOL CORP CLASS A                                                            | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       288578 | OU      | $-35711527.50 | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 31335ANR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         3019 | PA      | $3003.60      | 0.00%             | 2045-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GRUBHUB HOLDINGS INC                             | GrubHub Holdings Inc                                                             | CUSIP: 40010PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5126000 | PA      | $5123897.06   | 0.06%             | 2030-07-31      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753XAF1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     46113400 | PA      | $49255105.94  | 0.61%             | 2042-03-25      | Floating      | 10.61%                | No            |                  2 | On Loan: No      |
| WP Carey Inc                                     | WP Carey Inc                                                                     | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               |  | US        |       115199 | NS      | $7783996.43   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | TRANSOCEAN LTD                                                                   | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |      1836723 | OU      | $-5730575.76  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140Q9JK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        55283 | PA      | $55889.84     | 0.00%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | BEST BUY CO INC                                                                  | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       136451 | OU      | $10318424.62  | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                      | FSWP: MYR 3.135100 18-MAR-2031 KLI                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | GB        |     39950000 | OU      | $53634.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                           | Motorola Solutions Inc                                                           | CUSIP: 620076BT5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |       200000 | PA      | $180783.85    | 0.00%             | 2030-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                   | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1125000 | PA      | $1154610.00   | 0.01%             | 2030-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| General Mills Inc                                | General Mills Inc                                                                | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |       156738 | NS      | $7902729.96   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                                    | DR Horton Inc                                                                    | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |          609 | NS      | $103207.23    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                      | Paychex Inc                                                                      | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |          771 | NS      | $97731.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | CAMPBELL SOUP                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       138477 | OU      | $-4373103.66  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MOTOROLA SOLUTIONS INC                                                           | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |          742 | OU      | $339309.18    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | LONG GILT FUTURE DEC25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |          500 | NC      | $288528.01    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | JB HUNT TRANSPORT SERVICES INC                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       253659 | OU      | $34033428.03  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | CHEVRON CORP                                                                     | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        24100 | OU      | $3742489.00   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       290000 | PA      | $264184.24    | 0.00%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | APOLLO GLOBAL MANAGEMENT INC                                                     | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       148096 | OU      | $-19736753.92 | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED CZK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CZ        |            1 | NC      | $10829.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                               | Southwest Gas Corp                                                               | CUSIP: 845011AE5<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |      2995000 | PA      | $2879508.58   | 0.04%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                       | DaVita Inc                                                                       | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      3488000 | PA      | $3603229.57   | 0.04%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.062000 18-MAR-2031 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    293960000 | OU      | $238814.05    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |            1 | NC      | $75103.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                  | CUSIP: 718172DQ9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      8240000 | PA      | $8304810.15   | 0.10%             | 2034-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | CAPITAL ONE FINANCIAL CORP                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        27088 | OU      | $-5758367.04  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | BUNGE GLOBAL SA                                                                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        76884 | OU      | $-6246825.00  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |       780000 | PA      | $833216.33    | 0.01%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| APPALACHIAN POWER CO                             | Appalachian Power Co                                                             | CUSIP: 037735DA2<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |      2120000 | PA      | $2097767.35   | 0.03%             | 2032-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution Inc                                                           | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |      1195000 | PA      | $1238770.68   | 0.02%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | HU        |            1 | NC      | $448023.78    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ELDORADO GOLD CORP                               | Eldorado Gold Corp                                                               | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |      4445000 | PA      | $4461735.43   | 0.06%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA3                                          | CUSIP: 35564KVE6<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | USGSE             | US        |     28341300 | PA      | $29641400.45  | 0.37%             | 2042-04-25      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                                 | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2356000 | PA      | $2359910.96   | 0.03%             | 2030-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                       | AbbVie Inc                                                                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |        36919 | NS      | $8548225.26   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: NOK 3.895890 18-MAR-2031 6M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     97370000 | OU      | $-60083.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | MCKESSON CORP                                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        38694 | OU      | $-29892662.76 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XR63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1689331 | PA      | $1737402.79   | 0.02%             | 2030-12-25      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                         | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       285000 | PA      | $284310.76    | 0.00%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                   | Merck & Co Inc                                                                   | CUSIP: 58933YBK0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      3805000 | PA      | $3825644.10   | 0.05%             | 2033-05-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tractor Supply Co                                | Tractor Supply Co                                                                | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |         1365 | NS      | $77627.55     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America NA                               | PURCHASED PHP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PH        |            1 | NC      | $-69408.78    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | WEYERHAEUSER REIT                                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |      1211591 | OU      | $30035340.89  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | CONAGRA BRANDS INC                                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      1540097 | OU      | $-28199176.07 | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED EUR / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |            1 | NC      | $-14098.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | CORTEVA INC                                                                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       435288 | OU      | $29438527.44  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                          | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCF9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |       555000 | PA      | $542745.73    | 0.01%             | 2032-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                          | Pfizer Investment Enterprises Pte Ltd                                            | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |      3885000 | PA      | $3924827.66   | 0.05%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED SEK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | SE        |            1 | NC      | $-66979.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC                         | United Natural Foods Inc                                                         | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |      2155000 | PA      | $2154829.11   | 0.03%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.448250 16-JUN-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |       620000 | OU      | $6225.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | HU        |            1 | NC      | $6405.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                               | CNX Resources Corp                                                               | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |      2055000 | PA      | $2131912.14   | 0.03%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |            1 | NC      | $66530.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                           | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBL0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |       427000 | PA      | $442063.35    | 0.01%             | 2028-10-25      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.590800 28-AUG-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     22750000 | OU      | $-68731.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                               | Advance Auto Parts Inc                                                           | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |      2620000 | PA      | $2701875.00   | 0.03%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE                             | Wolverine World Wide Inc                                                         | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |      4374000 | PA      | $4001682.06   | 0.05%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                           | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |      2045000 | PA      | $2073873.36   | 0.03%             | 2028-03-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| DIAGEO CAPITAL PLC                               | Diageo Capital PLC                                                               | CUSIP: 25243YBH1<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |     18405000 | PA      | $19390857.20  | 0.24%             | 2033-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                         | Florida Power & Light Co                                                         | CUSIP: 341081GG6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |       190000 | PA      | $170629.63    | 0.00%             | 2032-02-03      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                         | Lloyds Banking Group PLC                                                         | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      3110000 | PA      | $3110598.86   | 0.04%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | KIMBERLY CLARK CORP                                                              | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       264775 | OU      | $32922123.50  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 1.934290 15-JUN-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      6040000 | OU      | $15236.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754MAF4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      9455000 | PA      | $10326656.45  | 0.13%             | 2042-06-25      | Floating      | 11.16%                | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | IRON MOUNTAIN INC                                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       248769 | OU      | $-25359511.86 | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| nVent Electric PLC                               | nVent Electric PLC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |          689 | NS      | $67962.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES CAPITAL CORP                                | Ares Capital Corp                                                                | CUSIP: 04010LBD4<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |      6210000 | PA      | $6060334.72   | 0.08%             | 2027-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | WHIRLPOOL CORP                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        53316 | OU      | $-4190637.60  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | CARDINAL HEALTH INC                                                              | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       196151 | OU      | $30787860.96  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADM4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      9750000 | PA      | $9575479.78   | 0.12%             | 2035-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.843000 18-MAR-2031 SHI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      7670000 | OU      | $-4917.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | ZA        |            1 | NC      | $917291.40    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                  | Fair Isaac Corp                                                                  | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |      1375000 | PA      | $1392109.36   | 0.02%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | ALBEMARLE CORP                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       404846 | OU      | $-32824913.68 | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.183500 18-MAR-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    218590000 | OU      | $-9957.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | MERITAGE CORP                                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        30268 | OU      | $-2192311.24  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                            | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      3470000 | PA      | $3536554.60   | 0.04%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | FMC CORP                                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       174539 | OU      | $-5869746.57  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | WHIRLPOOL CORP                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         6463 | OU      | $-507991.80   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.381700 18-MAR-2031 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     10610000 | OU      | $-8912.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |            1 | NC      | $-46755.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                         | Host Hotels & Resorts LP                                                         | CUSIP: 44107TBC9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |      2150000 | PA      | $2164183.96   | 0.03%             | 2035-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | CANADIAN NATURAL RESOURCES LTD                                                   | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       744141 | OU      | $-23782746.36 | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| Ameren Corp                                      | Ameren Corp                                                                      | CUSIP: 023608AJ1<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |       140000 | PA      | $133635.95    | 0.00%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | TARGA RESOURCES CORP                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |         3818 | OU      | $-639667.72   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                              | CUSIP: 912797RE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     55900000 | PA      | $55730430.15  | 0.69%             | 2025-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | LOWES COMPANIES INC                                                              | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        55116 | OU      | $-13851201.96 | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | MATCH GROUP INC                                                                  | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       637881 | OU      | $22529956.92  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAW1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      6112000 | PA      | $5351166.57   | 0.07%             | 2031-04-01      | Fixed         | 2.10%                 | 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        |      9388000 | PA      | $9789806.49   | 0.12%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | DANAHER CORP                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       156930 | OU      | $31112941.80  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179RD63<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         5718 | PA      | $5193.72      | 0.00%             | 2045-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                              | Dominion Energy Inc                                                              | CUSIP: 25746UDF3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      1300000 | PA      | $1289959.88   | 0.02%             | 2027-03-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUND FUTURE DEC25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -592 | NC      | $-564911.19   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |            1 | NC      | $-339045.53   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                         | Virginia Electric and Power Co                                                   | CUSIP: 927804GM0<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |       310000 | PA      | $321509.35    | 0.00%             | 2033-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Masco Corp                                       | Masco Corp                                                                       | CUSIP: 574599BN5<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |      2925000 | PA      | $2883672.06   | 0.04%             | 2027-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | JABIL INC                                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       161405 | OU      | $35052323.85  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MCT5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |      5130000 | PA      | $5148169.33   | 0.06%             | 2026-01-13      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SYSTEM ENERGY RESOURCES                          | System Energy Resources Inc                                                      | CUSIP: 871911AV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10440000 | PA      | $10508342.54  | 0.13%             | 2034-12-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                     | Thermo Fisher Scientific Inc                                                     | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |          532 | NS      | $258030.64    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR Securitized Participation Interests Trust 2018-SPI2            | CUSIP: 3137G1CT2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        62539 | PA      | $60592.83     | 0.00%             | 2048-05-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X7VQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1930455 | PA      | $1661468.90   | 0.02%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp                            | Costco Wholesale Corp                                                            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |          558 | NS      | $516501.54    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | NEWMONT                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       372021 | OU      | $31365090.51  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QAR36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        35903 | PA      | $34440.59     | 0.00%             | 2049-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TELEDYNE TECHNOLOGIES IN                         | Teledyne Technologies Inc                                                        | CUSIP: 879360AE5<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $2755717.62   | 0.03%             | 2031-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Sprouts Farmers Market Inc                       | Sprouts Farmers Market Inc                                                       | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |          452 | NS      | $49177.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                         | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      3168000 | PA      | $3330850.47   | 0.04%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | CATERPILLAR INC                                                                  | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        40968 | OU      | $-19547881.20 | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| ExlService Holdings Inc                          | ExlService Holdings Inc                                                          | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |         1298 | NS      | $57150.94     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | DOW INC                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      1096889 | OU      | $-25151664.77 | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.154890 17-DEC-2027 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     68670100 | OU      | $-28927.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PAV8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |        35000 | PA      | $35067.69     | 0.00%             | 2029-07-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                          | Connecticut Light and Power Co/The                                               | CUSIP: 207597ET8<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |      1780000 | PA      | $1830899.76   | 0.02%             | 2030-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| JAZZ SECURITIES DAC                              | Jazz Securities DAC                                                              | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |      3715000 | PA      | $3619287.85   | 0.05%             | 2029-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs Inc                                                             | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      3210000 | PA      | $3307600.08   | 0.04%             | 2034-01-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                      | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      8060000 | PA      | $8291370.12   | 0.10%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 7.325000 12-MAR-2031 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     50530000 | OU      | $5156.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                          | Simon Property Group LP                                                          | CUSIP: 828807DU8<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |      2760000 | PA      | $2912763.87   | 0.04%             | 2033-03-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753VBE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     74983533 | PA      | $77720296.98  | 0.97%             | 2040-02-25      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                         | Sinclair Television Group Inc                                                    | CUSIP: 829259BG4<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |      2150000 | PA      | $2359625.00   | 0.03%             | 2033-02-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Steelcase Inc                                    | Steelcase Inc                                                                    | CUSIP: 858155AE4<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | DBT              | CORP              | US        |      1838000 | PA      | $1833496.90   | 0.02%             | 2029-01-18      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | ADVANCE AUTO PARTS INC                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       492559 | OU      | $-30243122.60 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | QUANTA SERVICES INC                                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        61964 | OU      | $-25679120.88 | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| Donaldson Co Inc                                 | Donaldson Co Inc                                                                 | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |          723 | NS      | $59177.55     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp                                | Brown-Forman Corp                                                                | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |         2150 | NS      | $58222.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC                                        | Amgen Inc                                                                        | CUSIP: 031162DH0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      1225000 | PA      | $1220247.38   | 0.02%             | 2029-08-18      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | MATADOR RESOURCES                                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |         4342 | OU      | $-195086.06   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                           | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822BZ6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |      4770000 | PA      | $4645571.45   | 0.06%             | 2027-10-13      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                                 | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      2524000 | PA      | $2395599.73   | 0.03%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAZ2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      8065000 | PA      | $8233416.48   | 0.10%             | 2034-04-18      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp              | Cognizant Technology Solutions Corp                                              | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |         1225 | NS      | $82160.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                       | Masco Corp                                                                       | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |          863 | NS      | $60746.57     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | ARCHER DANIELS MIDLAND                                                           | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       144447 | OU      | $8629263.78   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MONDELEZ INTERNATIONAL INC CLASS A                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       364284 | OU      | $-22756821.48 | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD NZD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |            1 | NC      | $252209.84    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QAW97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        47722 | PA      | $44710.28     | 0.00%             | 2049-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | AMERICAN EXPRESS                                                                 | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        46825 | OU      | $-15553392.00 | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                   | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      2221000 | PA      | $2276640.58   | 0.03%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PG&E CORP                                        | PG&E Corp                                                                        | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |      9009000 | PA      | $8884181.21   | 0.11%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | ZOETIS INC CLASS A                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       240398 | OU      | $35175035.36  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| IBM CORP                                         | International Business Machines Corp                                             | CUSIP: 459200KM2<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |      5120000 | PA      | $4997304.47   | 0.06%             | 2027-02-09      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3128MJVB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        13672 | PA      | $12871.63     | 0.00%             | 2044-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                    | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |      3755000 | PA      | $4131138.35   | 0.05%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS                           | Zimmer Biomet Holdings Inc                                                       | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |     12420000 | PA      | $12508605.89  | 0.16%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753UAF7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     63264000 | PA      | $64760718.69  | 0.81%             | 2044-01-25      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc                             | WEC Energy Group Inc                                                             | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |        73619 | NS      | $8436001.21   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XJYA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       541889 | PA      | $555122.49    | 0.01%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | FREEPORT MCMORAN INC                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       508244 | OU      | $-19933329.68 | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | CHEVRON CORP                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        17619 | OU      | $2736054.51   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | INTERNATIONAL PAPER                                                              | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       633927 | OU      | $-29414212.80 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                   | Sabre GLBL Inc                                                                   | CUSIP: 78573NAH5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |      3627000 | PA      | $3782294.10   | 0.05%             | 2027-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| EOG Resources Inc                                | EOG Resources Inc                                                                | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |         1031 | NS      | $115595.72    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.151000 18-MAR-2031 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    148530000 | OU      | $1423260.91   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Agilent Technologies Inc                         | Agilent Technologies Inc                                                         | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |          708 | NS      | $90871.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140JM4A7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        34215 | PA      | $31860.87     | 0.00%             | 2049-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                            | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A2H4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |      6755000 | PA      | $6842280.61   | 0.09%             | 2027-09-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                   | Carvana Auto Receivables Trust 2021-N2                                           | CUSIP: 14686KAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       227543 | PA      | $221974.73    | 0.00%             | 2028-03-10      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $-109911.23   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED CZK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CZ        |            1 | NC      | $58.19        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-A                                         | CUSIP: 00834BAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3640000 | PA      | $3654996.07   | 0.05%             | 2029-02-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| BioMarin Pharmaceutical Inc                      | BioMarin Pharmaceutical Inc                                                      | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |         1050 | NS      | $56868.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AEP TRANSMISSION CO LLC                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAR0<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |       565000 | PA      | $576341.08    | 0.01%             | 2034-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADT9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      7870000 | PA      | $8060314.15   | 0.10%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $-49270.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | ALTRIA GROUP INC                                                                 | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       537254 | OU      | $35490999.24  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 1.999720 15-AUG-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     18350000 | OU      | $-44516.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                           | Westinghouse Air Brake Technologies Corp                                         | CUSIP: 960386AR1<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |      4940000 | PA      | $5190087.15   | 0.06%             | 2034-03-11      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | SUN COMMUNITIES REIT INC                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       278051 | OU      | $35868579.00  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                             | WEC Energy Group Inc                                                             | CUSIP: 92939UAM8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |       516000 | PA      | $522815.30    | 0.01%             | 2026-09-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA6                                          | CUSIP: 35564KLU1<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | USGSE             | US        |     69408011 | PA      | $70969122.10  | 0.88%             | 2041-10-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                               | Osaic Holdings Inc                                                               | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |       120000 | PA      | $124367.64    | 0.00%             | 2033-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.130670 17-DEC-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     14900000 | OU      | $66128.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAR1<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |       125000 | PA      | $128547.47    | 0.00%             | 2033-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | TOLL BROTHERS INC                                                                | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        10882 | OU      | $-1503239.48  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | BROWN FORMAN CORP CLASS B                                                        | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |      1157572 | OU      | $-31347049.76 | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                        | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      2528000 | PA      | $2617506.37   | 0.03%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: ZAR 7.098000 18-MAR-2031 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    187580000 | OU      | $-13819.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RTX CORP                                         | RTX Corp                                                                         | CUSIP: 75513ECU3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |       785000 | PA      | $822704.59    | 0.01%             | 2029-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.595000 18-MAR-2031 SOR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      2910000 | OU      | $-2097.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | FEDEX CORP                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       134496 | OU      | $31715501.76  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Regency Centers Corp                             | Regency Centers Corp                                                             | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |       105696 | NS      | $7705238.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | CF INDUSTRIES HOLDINGS INC                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       394913 | OU      | $35423696.10  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                           | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAG4<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |      2890000 | PA      | $2964816.32   | 0.04%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| H&R Block Inc                                    | H&R Block Inc                                                                    | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |       127239 | NS      | $6434476.23   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140MATV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       231654 | PA      | $226717.47    | 0.00%             | 2052-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CZK 3.915000 18-MAR-2031 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    223540000 | OU      | $-36155.91    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| API Group Corp                                   | API Group Corp                                                                   | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |         1832 | NS      | $62965.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                             | Williams Cos Inc/The                                                             | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |        82414 | NS      | $5220926.90   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                           | Sempra                                                                           | CUSIP: 816851BP3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |       350000 | PA      | $342964.96    | 0.00%             | 2029-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED CHF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CH        |            1 | NC      | $-3106.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | CVS HEALTH CORP                                                                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       297501 | OU      | $22428600.39  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | RELIANCE STEEL   ALUMINUM                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |         2769 | OU      | $777618.27    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERIPRISE FINANCIAL INC                         | Ameriprise Financial Inc                                                         | CUSIP: 03076CAM8<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |      7000000 | PA      | $7253559.46   | 0.09%             | 2033-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADF9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      3045000 | PA      | $3114959.21   | 0.04%             | 2034-04-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Merit Medical Systems Inc                        | Merit Medical Systems Inc                                                        | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |          591 | NS      | $49188.93     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                          | CUSIP: 404119CK3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      9030000 | PA      | $8471511.93   | 0.11%             | 2032-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |            1 | NC      | $491715.22    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | MATTEL INC                                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      1617026 | OU      | $27214547.58  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED EUR / SOLD CZK                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |            1 | NC      | $12901.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                         | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2960000 | PA      | $3046776.63   | 0.04%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HKD 2.945000 18-MAR-2031 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      8601000 | OU      | $640.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BS3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |       394000 | PA      | $354836.66    | 0.00%             | 2031-05-13      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                         | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      2455000 | PA      | $2508059.01   | 0.03%             | 2035-10-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                   | S&P Global Inc                                                                   | CUSIP: 78409VAP9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |       115000 | PA      | $107854.09    | 0.00%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                              | FS KKR Capital Corp                                                              | CUSIP: 302635AL1<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |      2810000 | PA      | $2715478.01   | 0.03%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Snap-on Inc                                      | Snap-on Inc                                                                      | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |          210 | NS      | $72771.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                              | SIRIUSXM HOLDINGS INC                                                            | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       239978 | OU      | $-5585487.95  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                         | Willis North America Inc                                                         | CUSIP: 970648AM3<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     12160000 | PA      | $12583582.78  | 0.16%             | 2033-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                  | CUSIP: 718172CR8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      7476000 | PA      | $7346529.59   | 0.09%             | 2026-05-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |      1116000 | PA      | $1103049.55   | 0.01%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 2YR NOTE (CBT) DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        12960 | NC      | $880853.78    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MEG ENERGY CORP                                  | MEG Energy Corp                                                                  | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |      1708000 | PA      | $1707904.86   | 0.02%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | OMEGA HEALTHCARE INVESTORS REIT IN                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |         9636 | OU      | $-406831.92   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                          | Enova International Inc                                                          | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |      4007000 | PA      | $4261428.47   | 0.05%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| PROGRESSIVE CORP                                 | Progressive Corp/The                                                             | CUSIP: 743315AW3<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |      4830000 | PA      | $4646090.12   | 0.06%             | 2030-03-26      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEQ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      1300000 | PA      | $1315199.22   | 0.02%             | 2030-10-22      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BAIDU INC                                        | Baidu Inc                                                                        | CUSIP: 056752AS7<br>LEI: 254900AL64IANZYI1E02 | Long             | DBT              | CORP              | KY        |      2170000 | PA      | $2142614.60   | 0.03%             | 2026-04-09      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                   | NRG Energy Inc                                                                   | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      7070000 | PA      | $7817284.86   | 0.10%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL UTILITIES INC                          | Essential Utilities Inc                                                          | CUSIP: 29670GAH5<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |       645000 | PA      | $660270.23    | 0.01%             | 2034-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp                              | Sprint Capital Corp                                                              | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |      2510000 | PA      | $3057892.36   | 0.04%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                         | AT&T Inc                                                                         | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     19033000 | PA      | $18809073.71  | 0.23%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.140750 18-MAR-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    429000000 | OU      | $7961.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Amcor PLC                                        | Amcor PLC                                                                        | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |       439502 | NS      | $3595126.36   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DARDEN RESTAURANTS INC                           | Darden Restaurants Inc                                                           | CUSIP: 237194AN5<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |      2820000 | PA      | $3053739.03   | 0.04%             | 2033-10-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-X1                                        | CUSIP: 00834XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6900000 | PA      | $6997234.80   | 0.09%             | 2029-05-15      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                    | FirstCash Inc                                                                    | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |       965000 | PA      | $963600.65    | 0.01%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                          | K Hovnanian Enterprises Inc                                                      | CUSIP: 48251UAQ1<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |       330000 | PA      | $338333.13    | 0.00%             | 2033-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                         | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |       970000 | PA      | $987072.00    | 0.01%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                 | Duke Energy Corp                                                                 | CUSIP: 26441CBE4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |       255000 | PA      | $247798.00    | 0.00%             | 2029-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                 | Puget Energy Inc                                                                 | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |       170000 | PA      | $161412.75    | 0.00%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QCL8<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |      1575000 | PA      | $1583279.98   | 0.02%             | 2033-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | INTERNATIONAL BUSINESS MACHINES CO                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        86912 | OU      | $24523089.92  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                            | Spotify Technology SA                                                            | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |          306 | NS      | $213588.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                            | General Dynamics Corp                                                            | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |          456 | NS      | $155496.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp                            | US Foods Holding Corp                                                            | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |          877 | NS      | $67195.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                       | CUSIP: 14040HDF9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     12755000 | PA      | $13539653.54  | 0.17%             | 2035-02-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                  | Xcel Energy Inc                                                                  | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |         1333 | NS      | $107506.45    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC                                        | Jabil Inc                                                                        | CUSIP: 466313AM5<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |      4140000 | PA      | $4140337.66   | 0.05%             | 2027-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                | Rakuten Group Inc                                                                | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |      1151000 | PA      | $1247505.78   | 0.02%             | 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        |      7629000 | PA      | $7955139.75   | 0.10%             | 2032-04-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | KR        |            1 | NC      | $-368516.09   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140JAFC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        14009 | PA      | $13599.18     | 0.00%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | US        |            1 | NC      | $39460.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | DOMINION ENERGY INC                                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       508604 | OU      | $31111306.68  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.824280 17-DEC-2055 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      4880000 | OU      | $-87276.45    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      3131000 | PA      | $3160146.48   | 0.04%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                       | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |      5189000 | PA      | $4869356.56   | 0.06%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | MARRIOTT INTERNATIONAL INC CLASS A                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        92717 | OU      | $-24147215.48 | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | AGCO CORP                                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       268209 | OU      | $-28717137.63 | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | COCA-COLA                                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       512380 | OU      | $-33981041.60 | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                              | Cheniere Energy Inc                                                              | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |          452 | NS      | $106210.96    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | EQUITY RESIDENTIAL REIT                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |         2764 | OU      | $178913.72    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | STARBUCKS CORP                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        28960 | OU      | $2450016.00   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                         | Western Midstream Operating LP                                                   | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |       860000 | PA      | $904751.83    | 0.01%             | 2029-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Allegion plc                                     | Allegion plc                                                                     | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |          374 | NS      | $66328.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOMNIGROUP INTL INC                              | Somnigroup International Inc                                                     | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |      1713000 | PA      | $1568889.94   | 0.02%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                    | Allstate Corp/The                                                                | CUSIP: 020002BL4<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |      5130000 | PA      | $5274906.24   | 0.07%             | 2029-06-24      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                     | Comcast Corp                                                                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       231418 | NS      | $7271153.56   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | W. P. CAREY REIT INC                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       127432 | OU      | $8610580.24   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                            | Belron UK Finance PLC                                                            | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |      2074000 | PA      | $2101032.52   | 0.03%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                   | NRG Energy Inc                                                                   | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      1045000 | PA      | $1045150.09   | 0.01%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                              | American Tower Corp                                                              | CUSIP: 03027XCE8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      3975000 | PA      | $4150799.03   | 0.05%             | 2028-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                    | DTE Energy Co                                                                    | CUSIP: 233331BL0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |       610000 | PA      | $648125.96    | 0.01%             | 2034-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Amdocs Ltd                                       | Amdocs Ltd                                                                       | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |        91933 | NS      | $7543102.65   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                                     | Assurant Inc                                                                     | CUSIP: 04621XAJ7<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |      4810000 | PA      | $4866339.39   | 0.06%             | 2028-03-27      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Applied Industrial Technologies Inc              | Applied Industrial Technologies Inc                                              | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |          222 | NS      | $57953.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | FORD MOTOR CO                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      2119318 | OU      | $-25347043.28 | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                             | M&T Bank Corp                                                                    | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     21874000 | PA      | $23762066.12  | 0.30%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |            1 | NC      | $-234847.47   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                                | Atmos Energy Corp                                                                | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |          469 | NS      | $80081.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | T MOBILE US INC                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        92655 | OU      | $22179753.90  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| COSTCO WHOLESALE CORP                            | Costco Wholesale Corp                                                            | CUSIP: 22160KAP0<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |      1375000 | PA      | $1239643.23   | 0.02%             | 2030-04-20      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: NOK 3.894830 18-MAR-2031 6M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     78210000 | OU      | $-48627.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities        | Multifamily Connecticut Avenue Securities Trust 2024-01                          | CUSIP: 62548RAA7<br>LEI: 254900QY3MMJFMNKXA93 | Long             | ABS-MBS          | CORP              | US        |      5205817 | PA      | $5273532.43   | 0.07%             | 2054-07-25      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                    | Marriott International Inc/MD                                                    | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |          489 | NS      | $127355.16    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754KAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11452901 | PA      | $11590679.39  | 0.14%             | 2041-11-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | PURCHASED PHP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | PH        |            1 | NC      | $-108889.64   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Moody's Corp                                     | Moody's Corp                                                                     | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |          301 | NS      | $143420.48    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | CHORD ENERGY CORP                                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       251298 | OU      | $24971482.26  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| VIASAT INC                                       | Viasat Inc                                                                       | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |      1629000 | PA      | $1592177.76   | 0.02%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                           | Agnico Eagle Mines Ltd                                                           | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |          924 | NS      | $155749.44    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                                        | Apple Inc                                                                        | CUSIP: 037833EP1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      2195000 | PA      | $2098491.75   | 0.03%             | 2032-08-08      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                                       | Intuit Inc                                                                       | CUSIP: 46124HAD8<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |       438000 | PA      | $391082.89    | 0.00%             | 2030-07-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Casey's General Stores Inc                       | Casey's General Stores Inc                                                       | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |          137 | NS      | $77448.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                         | Fox Corp                                                                         | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |         1284 | NS      | $80969.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | NUTRIEN LTD                                                                      | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       601270 | OU      | $35300561.70  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 0.193220 18-MAR-2031 SAR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      5020000 | OU      | $4533.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 1.981200 15-SEP-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      6100000 | OU      | $-9826.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0206A2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    122250000 | PA      | $98504693.01  | 1.23%             | 2055-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | NXP SEMICONDUCTORS NV                                                            | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |        38813 | OU      | $-8838884.49  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CubeSmart                                        | CubeSmart                                                                        | CUSIP: 229663109<br>LEI: 549300MPHKO3I3FJRA97 | Long             | EC               |  | US        |        49143 | NS      | $1998154.38   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO                              | American Express Co                                                              | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      1440000 | PA      | $1503929.52   | 0.02%             | 2034-07-28      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | RYMAN HOSPITALITY PROPERTIES REIT                                                | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       178479 | OU      | $15989933.61  | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | TENET HEALTHCARE CORP                                                            | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        57369 | OU      | $-11648201.76 | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED CZK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CZ        |            1 | NC      | $-34883.57    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | HEWLETT PACKARD ENTERPRISE                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      1455443 | OU      | $-35745680.08 | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X8SQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1670383 | PA      | $1368091.16   | 0.02%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PPL Corp                                         | PPL Corp                                                                         | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |         2153 | NS      | $80005.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 3617NWHS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1352074 | PA      | $1143674.61   | 0.01%             | 2050-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                      | Exelon Corp                                                                      | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |       169813 | NS      | $7643283.13   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | GARTNER INC                                                                      | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        98770 | OU      | $25963669.90  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | ARTHUR J GALLAGHER                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        70874 | OU      | $-21952512.76 | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | LINCOLN NATIONAL CORP                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       740340 | OU      | $29857912.20  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | REGAL REXNORD CORP                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       244348 | OU      | $35049277.12  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.158870 18-MAR-2031 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     11180000 | OU      | $103155.30    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                         | Alcon AG                                                                         | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |         1160 | NS      | $86431.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | HU        |            1 | NC      | $71421.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                           | Motorola Solutions Inc                                                           | CUSIP: 620076BN8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |       650000 | PA      | $656989.81    | 0.01%             | 2029-05-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                             | PURCHASED SEK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | SE        |            1 | NC      | $-36019.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |            1 | NC      | $187360.45    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | KRAFT HEINZ                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       362637 | OU      | $-9443067.48  | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Cintas Corp                                      | Cintas Corp                                                                      | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          705 | NS      | $144708.30    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 31410LQ21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         6216 | PA      | $5618.51      | 0.00%             | 2047-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Medtronic PLC                                    | Medtronic PLC                                                                    | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |        84471 | NS      | $8045018.04   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179T7K5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        15465 | PA      | $14774.86     | 0.00%             | 2048-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vail Resorts Inc                                 | Vail Resorts Inc                                                                 | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |        16396 | NS      | $2452349.72   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PECO ENERGY CO                                   | PECO Energy Co                                                                   | CUSIP: 693304BF3<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |      1510000 | PA      | $1542082.83   | 0.02%             | 2033-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      2631000 | PA      | $2722053.10   | 0.03%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | NIKE INC CLASS B                                                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       362070 | OU      | $-25247141.10 | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| Corteva Inc                                      | Corteva Inc                                                                      | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |         1438 | NS      | $97251.94     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |            1 | NC      | $27331.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-B                                         | CUSIP: 00835AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4500000 | PA      | $4505591.70   | 0.06%             | 2029-09-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED EUR / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |            1 | NC      | $247310.56    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                            | Mineral Resources Ltd                                                            | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      1470000 | PA      | $1489015.96   | 0.02%             | 2031-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                                     | Enbridge Inc                                                                     | CUSIP: 29250NAL9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      1690000 | PA      | $1690203.85   | 0.02%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Viking Holdings Ltd                              | Viking Holdings Ltd                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |         1262 | NS      | $78445.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                          | Entergy Mississippi LLC                                                          | CUSIP: 29366WAD8<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |       920000 | PA      | $936438.94    | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED PHP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PH        |            1 | NC      | $-213556.10   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NVR INC                                          | NVR Inc                                                                          | CUSIP: 62944TAF2<br>LEI: 529900RWXR4JI3JYTV70 | Long             | DBT              | CORP              | US        |     10320000 | PA      | $9754061.83   | 0.12%             | 2030-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: ZAR 7.138500 18-MAR-2031 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    269220000 | OU      | $6053.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                              | Dominion Energy Inc                                                              | CUSIP: 25746UDJ5<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |       621000 | PA      | $611621.73    | 0.01%             | 2026-04-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.161390 17-DEC-2030 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    321655000 | OU      | $3037742.73   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| PepsiCo Inc                                      | PepsiCo Inc                                                                      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |        55535 | NS      | $7799335.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CA        |            1 | NC      | $-14120.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 5.741000 18-MAR-2031 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1056030000 | OU      | $-23924.03    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.082500 18-MAR-2031 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     26540000 | OU      | $15072.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                         | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAF1<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |      1457000 | PA      | $1437209.57   | 0.02%             | 2027-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                                     | Tapestry Inc                                                                     | CUSIP: 876030AK3<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |      9216000 | PA      | $9425632.48   | 0.12%             | 2030-03-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3132VQGS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        42012 | PA      | $39169.04     | 0.00%             | 2049-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | NEXTERA ENERGY INC                                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       418507 | OU      | $-31593093.43 | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 3617NX3P3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       320682 | PA      | $271253.96    | 0.00%             | 2050-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | WALT DISNEY                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       258674 | OU      | $29618173.00  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      6900000 | PA      | $6578537.49   | 0.08%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.134250 17-DEC-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    106132000 | OU      | $429888.87    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Vulcan Materials Co                              | Vulcan Materials Co                                                              | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |          313 | NS      | $96285.06     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO BUILDING PRODUCTS                            | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |      5629000 | PA      | $5828245.15   | 0.07%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Manhattan Associates Inc                         | Manhattan Associates Inc                                                         | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |          277 | NS      | $56779.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | ALLSTATE CORP                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        34992 | OU      | $7511032.80   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | LOCKHEED MARTIN CORP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        71991 | OU      | $-35938627.11 | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |            1 | NC      | $-23872.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              |  | US        |       615000 | PA      | $608219.99    | 0.01%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-HQA4                                          | CUSIP: 35564KNS4<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | USGSE             | US        |      4010000 | PA      | $4050100.00   | 0.05%             | 2041-12-25      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513AU9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |       129000 | PA      | $126731.37    | 0.00%             | 2028-01-25      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc                           | Brookfield Finance Inc                                                           | CUSIP: 11271LAC6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |        55000 | PA      | $54607.28     | 0.00%             | 2028-01-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                | Rakuten Group Inc                                                                | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |      9927000 | PA      | $11162562.07  | 0.14%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US LONG BOND(CBT) DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -1352 | NC      | $-3097165.66  | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | SCHLUMBERGER NV                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       727127 | OU      | $24991354.99  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Lincoln Electric Holdings Inc                    | Lincoln Electric Holdings Inc                                                    | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |          256 | NS      | $60372.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED SEK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | SE        |            1 | NC      | $-2479.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                           | Extra Space Storage LP                                                           | CUSIP: 30225VAV9<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |      2430000 | PA      | $2444331.80   | 0.03%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | BOEING                                                                           | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       159969 | OU      | $-34526109.27 | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |            1 | NC      | $-4037.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                          | Light & Wonder International Inc                                                 | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |       715000 | PA      | $716215.50    | 0.01%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                        | Kroger Co/The                                                                    | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |      4110000 | PA      | $4144892.54   | 0.05%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                         | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1485000 | PA      | $1530631.02   | 0.02%             | 2034-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                     | Alphabet Inc                                                                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |         5615 | NS      | $1365006.50   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio Inc                                     | Appfolio Inc                                                                     | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |          210 | NS      | $57888.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Avant Loans Funding Trust                        | Avant Loans Funding Trust 2025-REV1                                              | CUSIP: 05352BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2110000 | PA      | $2133962.22   | 0.03%             | 2034-05-15      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                              | American Express Co                                                              | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      3650000 | PA      | $3656803.67   | 0.05%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | XX        |            1 | NC      | $12423.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                           | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAE9<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |      2751000 | PA      | $2779893.75   | 0.03%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 31329PS53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        44713 | PA      | $44198.94     | 0.00%             | 2048-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AUTOMATIC DATA PROCESSNG                         | Automatic Data Processing Inc                                                    | CUSIP: 053015AJ2<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | DBT              | CORP              | US        |      3805000 | PA      | $3896141.77   | 0.05%             | 2032-05-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |            1 | NC      | $-52796.34    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | ADVANCED MICRO DEVICES INC                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        59653 | OU      | $-9651258.87  | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | KB HOME                                                                          | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        28443 | OU      | $-1810112.52  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                           | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       655000 | PA      | $666066.96    | 0.01%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QAXL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       142408 | PA      | $144256.91    | 0.00%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                               | Meta Platforms Inc                                                               | CUSIP: 30303M8U9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |       170000 | PA      | $172214.85    | 0.00%             | 2034-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                         | Discovery Communications LLC                                                     | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |      5545000 | PA      | $4757831.80   | 0.06%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BZ7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      1197000 | PA      | $1239062.46   | 0.02%             | 2035-07-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL UTILITIES INC                          | Essential Utilities Inc                                                          | CUSIP: 03836WAB9<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |        55000 | PA      | $53531.19     | 0.00%             | 2029-05-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                          | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAA7<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      1450000 | PA      | $1287294.66   | 0.02%             | 2031-11-09      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X4EZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         5473 | PA      | $5395.74      | 0.00%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3138ELBU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         6726 | PA      | $6888.62      | 0.00%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                              | FS KKR Capital Corp                                                              | CUSIP: 302635AH0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |      5275000 | PA      | $5125344.40   | 0.06%             | 2027-01-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | BAKER HUGHES CLASS A                                                             | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       194961 | OU      | $-9498499.92  | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | BOYD GAMING CORP                                                                 | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       230064 | OU      | $-19889032.80 | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | KEYSIGHT TECHNOLOGIES INC                                                        | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       113459 | OU      | $19846248.28  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | ILLUMINA INC                                                                     | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       102685 | OU      | $9751994.45   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Visa Inc                                         | Visa Inc                                                                         | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |         2478 | NS      | $845939.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      5564000 | PA      | $5629673.84   | 0.07%             | 2028-07-25      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Southern Co/The                                  | Southern Co/The                                                                  | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |        87270 | NS      | $8270577.90   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                    | CUSIP: 571903BT9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      2495000 | PA      | $2560642.78   | 0.03%             | 2032-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                            | Williams Scotsman Inc                                                            | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |       492000 | PA      | $506398.38    | 0.01%             | 2030-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | OVINTIV INC                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        67617 | OU      | $2730374.46   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                                   | Mastercard Inc                                                                   | CUSIP: 57636QAM6<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |       260000 | PA      | $251237.59    | 0.00%             | 2029-06-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.502000 18-MAR-2031 SOR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      7980000 | OU      | $-21928.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | LYONDELLBASELL INDUSTRIES NV CLASS                                               | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       692678 | OU      | $-33968929.12 | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GAS CO                             | National Fuel Gas Co                                                             | CUSIP: 636180BU4<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |      4450000 | PA      | $4640738.57   | 0.06%             | 2035-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                         | Sinclair Television Group Inc                                                    | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |      2675000 | PA      | $2273750.00   | 0.03%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | SIRIUSXM HOLDINGS INC                                                            | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       487699 | OU      | $11351194.23  | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                            | Universal Health Services Inc                                                    | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |      5782000 | PA      | $5029707.85   | 0.06%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP                           | Toll Brothers Finance Corp                                                       | CUSIP: 88947EAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5010000 | PA      | $5024791.57   | 0.06%             | 2028-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc                                       | Zoetis Inc                                                                       | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |          814 | NS      | $119104.48    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | SEMPRA                                                                           | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       408525 | OU      | $-36759079.50 | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| Allison Transmission Holdings Inc                | Allison Transmission Holdings Inc                                                | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |          637 | NS      | $54068.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                         | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |      5278000 | PA      | $5205448.08   | 0.06%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                               | Ohio Power Co                                                                    | CUSIP: 677415CW9<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |      1295000 | PA      | $1354007.18   | 0.02%             | 2034-06-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |       692000 | PA      | $700970.04    | 0.01%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | WYNN RESORTS LTD                                                                 | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       273295 | OU      | $35055549.65  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                               | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |      4903000 | PA      | $5109845.31   | 0.06%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Boston Scientific Corp                           | Boston Scientific Corp                                                           | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |         2158 | NS      | $210685.54    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | DEVON ENERGY CORP                                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       855161 | OU      | $-29981944.66 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                    | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      7398000 | PA      | $7640610.01   | 0.10%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                          | Public Service Co of Colorado                                                    | CUSIP: 744448CZ2<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |      2085000 | PA      | $2153504.55   | 0.03%             | 2034-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                          | Simon Property Group LP                                                          | CUSIP: 828807DY0<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |      4320000 | PA      | $4293707.88   | 0.05%             | 2034-09-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED EUR / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |            1 | NC      | $5967.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |            1 | NC      | $11956.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3132XCSD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        34738 | PA      | $34377.03     | 0.00%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                        | ONEOK Inc                                                                        | CUSIP: 682680BE2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      2330000 | PA      | $2501986.97   | 0.03%             | 2031-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ATMOS ENERGY CORP                                | Atmos Energy Corp                                                                | CUSIP: 049560BC8<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |        80000 | PA      | $81899.66     | 0.00%             | 2035-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC                            | Accenture Capital Inc                                                            | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |       605000 | PA      | $596665.57    | 0.01%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      5610000 | PA      | $5690761.95   | 0.07%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ResMed Inc                                       | ResMed Inc                                                                       | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |          344 | NS      | $94163.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | BOEING                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        24485 | OU      | $-5284597.55  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | HOST HOTELS   RESORTS REIT INC                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       127923 | OU      | $-2177249.46  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | ROYAL CARIBBEAN GROUP LTD                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        86228 | OU      | $27901656.24  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T INC                                         | AT&T Inc                                                                         | CUSIP: 00206RNB4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     11500000 | PA      | $11448980.25  | 0.14%             | 2032-11-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | CENOVUS ENERGY INC                                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       548511 | OU      | $-9319201.89  | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                 | Georgia Power Co                                                                 | CUSIP: 373334KL4<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |       700000 | PA      | $662847.64    | 0.01%             | 2029-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                               | New Flyer Holdings Inc                                                           | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3014000 | PA      | $3226090.30   | 0.04%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                             | Freeport-McMoRan Inc                                                             | CUSIP: 35671DCF0<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |       750000 | PA      | $741436.47    | 0.01%             | 2030-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Leidos Holdings Inc                              | Leidos Holdings Inc                                                              | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |          409 | NS      | $77284.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS                           | Zimmer Biomet Holdings Inc                                                       | CUSIP: 98956PAX0<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |      2700000 | PA      | $2796332.87   | 0.03%             | 2028-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                            | Bausch Health Cos Inc                                                            | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      6093000 | PA      | $4755435.27   | 0.06%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                       | goeasy Ltd                                                                       | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |      5941000 | PA      | $6020609.40   | 0.08%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | PRUDENTIAL FINANCIAL INC                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        24999 | OU      | $2593396.26   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| COCA-COLA FEMSA SAB CV                           | Coca-Cola Femsa SAB de CV                                                        | CUSIP: 191241AH1<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |      8207000 | PA      | $7724838.75   | 0.10%             | 2030-01-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 31418CU77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         3902 | PA      | $3625.40      | 0.00%             | 2048-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 31335CB78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        13852 | PA      | $13004.63     | 0.00%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | ROYALTY PHARMA PLC CLASS A                                                       | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       188229 | OU      | $-6640719.12  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |            1 | NC      | $-23111.45    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: KRW 2.527500 18-MAR-2031 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8010280000 | OU      | $36881.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | HOWMET AEROSPACE INC                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       122657 | OU      | $24068983.11  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J93T6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        11564 | PA      | $11180.48     | 0.00%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                          | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCS1<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |       355000 | PA      | $377845.93    | 0.00%             | 2033-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | TYSON FOODS INC CLASS A                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        93420 | OU      | $-5072706.00  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | BOYD GAMING CORP                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         1494 | OU      | $129156.30    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | HARTFORD INSURANCE GROUP INC                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       225160 | OU      | $-30034092.40 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| Kadant Inc                                       | Kadant Inc                                                                       | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |          158 | NS      | $47017.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3132LAWV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        20140 | PA      | $19336.48     | 0.00%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                         | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 63743HEW8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      6475000 | PA      | $6336716.02   | 0.08%             | 2026-06-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0526A5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     45500000 | PA      | $45874827.64  | 0.57%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                          | Procter & Gamble Co/The                                                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |        52057 | NS      | $7998558.05   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM CORP                                         | International Business Machines Corp                                             | CUSIP: 459200KT7<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |     19620000 | PA      | $19704395.63  | 0.25%             | 2027-07-27      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                       | CUSIP: 21H0626A0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9825000 | PA      | $10090483.49  | 0.13%             | 2054-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                       | US Bancorp                                                                       | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      1445000 | PA      | $1521428.16   | 0.02%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 3617QG3N2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1238804 | PA      | $1047864.50   | 0.01%             | 2050-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | HASBRO INC                                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       251139 | OU      | $19048893.15  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                 | Welltower OP LLC                                                                 | CUSIP: 95041AAG3<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |      6840000 | PA      | $6966412.37   | 0.09%             | 2035-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                      | Gap Inc/The                                                                      | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |      3493000 | PA      | $3173780.67   | 0.04%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TKO Group Holdings Inc                           | TKO Group Holdings Inc                                                           | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          469 | NS      | $94719.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED EUR / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |            1 | NC      | $20113.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.585350 17-DEC-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      4423350 | OU      | $-56458.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                          | MPLX LP                                                                          | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      8000000 | PA      | $7916114.56   | 0.10%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 207942AC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      5000000 | PA      | $5367200.00   | 0.07%             | 2043-06-25      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JT5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      1750000 | PA      | $1609202.53   | 0.02%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | KR        |            1 | NC      | $-57260.35    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                  | CUSIP: 718172DD8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |        13000 | PA      | $13668.83     | 0.00%             | 2030-09-07      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |       545000 | PA      | $587188.16    | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | SEMPRA                                                                           | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       182716 | OU      | $-16440785.68 | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XQV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5048415 | PA      | $5151094.69   | 0.06%             | 2030-02-25      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140JNY95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         4637 | PA      | $4438.04      | 0.00%             | 2049-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DT Midstream Inc                                 | DT Midstream Inc                                                                 | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          785 | NS      | $88752.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | EQUINIX REIT INC                                                                 | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        12316 | OU      | $9646383.84   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |            1 | NC      | $3359.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                       | CUSIP: 21H0226A4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     36950000 | PA      | $31805713.85  | 0.40%             | 2055-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Woodward Inc                                     | Woodward Inc                                                                     | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |          253 | NS      | $63935.63     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2595000 | PA      | $2716981.97   | 0.03%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                            | Truist Financial Corp                                                            | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      4635000 | PA      | $4795852.95   | 0.06%             | 2030-01-24      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | WALT DISNEY                                                                      | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       135702 | OU      | $15537879.00  | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |       852000 | PA      | $867360.67    | 0.01%             | 2029-01-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |         3000 | PA      | $2916.32      | 0.00%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp                             | Lockheed Martin Corp                                                             | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        16118 | NS      | $8046266.78   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                         | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XAZ1<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |      1850000 | PA      | $1839451.60   | 0.02%             | 2032-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BJ's Wholesale Club Holdings Inc                 | BJ's Wholesale Club Holdings Inc                                                 | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |          643 | NS      | $59959.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | ALLIANT ENERGY CORP                                                              | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         7797 | OU      | $-525595.77   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | ATI INC                                                                          | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       207702 | OU      | $16894480.68  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | WHIRLPOOL CORP                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        57010 | OU      | $-4480986.00  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Thomson Reuters Corp                             | Thomson Reuters Corp                                                             | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |          804 | NS      | $124885.32    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PIONEER NATURAL RESOURCE                         | Pioneer Natural Resources Co                                                     | CUSIP: 723787AV9<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |      1070000 | PA      | $1075229.05   | 0.01%             | 2026-03-29      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                              | Bank of Nova Scotia/The                                                          | CUSIP: 0641594A1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     14962000 | PA      | $14676516.51  | 0.18%             | 2026-06-24      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                           | Santander Holdings USA Inc                                                       | CUSIP: 80282KBL9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |      5259000 | PA      | $5604863.13   | 0.07%             | 2035-05-31      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                   | Eli Lilly & Co                                                                   | CUSIP: 532457CF3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      1010000 | PA      | $1030473.87   | 0.01%             | 2033-02-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                          | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              |  | US        |      5032000 | PA      | $4199301.12   | 0.05%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C                         | American Water Capital Corp                                                      | CUSIP: 03040WBA2<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |      2055000 | PA      | $2050836.94   | 0.03%             | 2032-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QBCF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       157514 | PA      | $151097.52    | 0.00%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                              | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      6216000 | PA      | $5830045.89   | 0.07%             | 2030-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753YAF9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     47091800 | PA      | $49795321.40  | 0.62%             | 2042-03-25      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                   | Home Depot Inc/The                                                               | CUSIP: 437076CA8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |       150000 | PA      | $147049.44    | 0.00%             | 2027-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                 | Altria Group Inc                                                                 | CUSIP: 02209SBR3<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      8120000 | PA      | $9175109.39   | 0.11%             | 2033-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                           | UnitedHealth Group Inc                                                           | CUSIP: 91324PFA5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     10340000 | PA      | $10601859.26  | 0.13%             | 2031-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HUF 6.098000 18-MAR-2031 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    843530000 | OU      | $16070.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                          | Gulfport Energy Operating Corp                                                   | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |      5190000 | PA      | $5325944.58   | 0.07%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HKD 2.822500 18-MAR-2031 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     65380000 | OU      | $52732.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMER SPORTS COMPANY                              | Amer Sports Co                                                                   | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |      4226000 | PA      | $4401083.18   | 0.05%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos Inc                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |          817 | NS      | $205320.27    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                      | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     21445000 | PA      | $19691580.67  | 0.25%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |        35000 | PA      | $34756.89     | 0.00%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Old Dominion Freight Line Inc                    | Old Dominion Freight Line Inc                                                    | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |          565 | NS      | $79540.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                         | United Therapeutics Corp                                                         | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |          196 | NS      | $82165.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.631740 17-DEC-2035 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     78529217 | OU      | $-558708.91   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2025-X1                                        | CUSIP: 00834MAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4775000 | PA      | $4784717.13   | 0.06%             | 2030-04-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BR2<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     21330000 | PA      | $22876512.03  | 0.29%             | 2032-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | GEN DIGITAL INC                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |        99808 | OU      | $2833549.12   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                               | Ohio Power Co                                                                    | CUSIP: 677415CV1<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |       500000 | PA      | $506817.38    | 0.01%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Armstrong World Industries Inc                   | Armstrong World Industries Inc                                                   | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |          288 | NS      | $56450.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC                                       | DaVita Inc                                                                       | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |       985000 | PA      | $1015730.03   | 0.01%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RAILWAY                            | Canadian National Railway Co                                                     | CUSIP: 136375DC3<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |      1400000 | PA      | $1346812.21   | 0.02%             | 2032-08-05      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CA1<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |       148000 | PA      | $134918.12    | 0.00%             | 2032-03-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                      | FISERV INC                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       226948 | OU      | $29260405.64  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      6100000 | PA      | $6061786.31   | 0.08%             | 2026-12-09      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                          | DCP Midstream Operating LP                                                       | CUSIP: 26439XAC7<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |       240000 | PA      | $275578.15    | 0.00%             | 2030-08-16      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                                 | CUSIP: 05526DCC7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      6630000 | PA      | $6888592.28   | 0.09%             | 2035-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                             | OneMain Finance Corp                                                             | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      5379000 | PA      | $5691815.75   | 0.07%             | 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        |      3769000 | PA      | $3955350.67   | 0.05%             | 2032-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc                               | Albertsons Cos Inc                                                               | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |        17898 | NS      | $313393.98    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | IRON MOUNTAIN INC                                                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        49389 | OU      | $-5034714.66  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | TH        |            1 | NC      | $-877483.95   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| IDEX CORP                                        | IDEX Corp                                                                        | CUSIP: 45167RAH7<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |      4980000 | PA      | $4508324.03   | 0.06%             | 2031-06-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                 | Welltower OP LLC                                                                 | CUSIP: 95041AAF5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |      5730000 | PA      | $5783457.12   | 0.07%             | 2030-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                 | Georgia Power Co                                                                 | CUSIP: 373334LD1<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |       900000 | PA      | $897270.26    | 0.01%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | IDEX CORP                                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        11050 | OU      | $1798498.00   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Cummins Inc                                      | Cummins Inc                                                                      | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |          277 | NS      | $116996.49    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | HONEYWELL INTERNATIONAL INC                                                      | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       139976 | OU      | $29464948.00  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | CAPITAL ONE FINANCIAL CORP                                                       | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       108475 | OU      | $-23059615.50 | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd                      | Royal Caribbean Cruises Ltd                                                      | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |          451 | NS      | $145934.58    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                        | IDEX Corp                                                                        | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |          383 | NS      | $62337.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR ULTRA FUT DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         5076 | NC      | $4898643.41   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NISSAN MOTOR CO                                  | Nissan Motor Co Ltd                                                              | CUSIP: 654922AB9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |      1966000 | PA      | $2063311.10   | 0.03%             | 2030-07-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD NZD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |            1 | NC      | $84272.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED CZK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CZ        |            1 | NC      | $-7042.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ESSENTIAL UTILITIES INC                          | Essential Utilities Inc                                                          | CUSIP: 29670GAD4<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |       220000 | PA      | $204805.84    | 0.00%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                         | BHP Billiton Finance USA Ltd                                                     | CUSIP: 055451AZ1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     23560000 | PA      | $23936258.38  | 0.30%             | 2028-02-28      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | MACYS INC                                                                        | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |      1032212 | OU      | $18507561.16  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | HF SINCLAIR CORP                                                                 | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       136278 | OU      | $-7132790.52  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                           | Motorola Solutions Inc                                                           | CUSIP: 620076CC1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |      4950000 | PA      | $5156758.78   | 0.06%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C                         | American Water Capital Corp                                                      | CUSIP: 03040WBD6<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |       505000 | PA      | $520476.31    | 0.01%             | 2034-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fortis Inc/Canada                                | Fortis Inc/Canada                                                                | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |         1559 | NS      | $79103.66     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | PFIZER INC                                                                       | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |      1237250 | OU      | $31525130.00  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | FISERV INC                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       176016 | OU      | $22693742.88  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.301660 17-DEC-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    102170000 | OU      | $595316.85    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.426330 18-MAR-2031 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      8370000 | OU      | $-6465.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140Q7EF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        17774 | PA      | $17088.57     | 0.00%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                              | Synchrony Financial                                                              | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      6319000 | PA      | $6742969.64   | 0.08%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                   | S&P Global Inc                                                                   | CUSIP: 78409VAS3<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |      1905000 | PA      | $1659488.38   | 0.02%             | 2030-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Tyler Technologies Inc                           | Tyler Technologies Inc                                                           | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |          138 | NS      | $72196.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Avangrid Inc                                     | Avangrid Inc                                                                     | CUSIP: 05351WAB9<br>LEI: 549300OX0Q38NLSKPB49 | Long             | DBT              | CORP              | US        |       100000 | PA      | $98170.43     | 0.00%             | 2029-06-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC                                     | Assurant Inc                                                                     | CUSIP: 04621XAM0<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |      3500000 | PA      | $3392520.32   | 0.04%             | 2030-02-22      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                              | Sherwin-Williams Co/The                                                          | CUSIP: 824348BT2<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |      4335000 | PA      | $4425890.56   | 0.06%             | 2031-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | ALLSTATE CORP                                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       131925 | OU      | $28317701.25  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | INTEL CORPORATION CORP                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       541593 | OU      | $-18170445.15 | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Union Electric Co                                | Union Electric Co                                                                | CUSIP: 906548CP5<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |        50000 | PA      | $48996.00     | 0.00%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                   | Microsoft Corp                                                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |         2421 | NS      | $1253956.95   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COS INC                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BU5<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |      9993000 | PA      | $10485730.95  | 0.13%             | 2033-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                             | BAT International Finance PLC                                                    | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |      5000000 | PA      | $4939432.45   | 0.06%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| PACKAGING CORP OF AMERIC                         | Packaging Corp of America                                                        | CUSIP: 695156AX7<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | DBT              | CORP              | US        |     10640000 | PA      | $11266360.52  | 0.14%             | 2033-12-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                           | Roper Technologies Inc                                                           | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |      1400000 | PA      | $1411297.71   | 0.02%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PRUDENTIAL FINANCIAL INC                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        74360 | OU      | $-7714106.40  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | LINCOLN NATIONAL CORP                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |         9635 | OU      | $388579.55    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | MARATHON PETROLEUM CORP                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |         2820 | OU      | $543526.80    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Master Trust                              | Affirm Master Trust                                                              | CUSIP: 00833BAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3750000 | PA      | $3776932.13   | 0.05%             | 2033-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                         | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3184000 | PA      | $3283735.62   | 0.04%             | 2029-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                           | Williams Cos Inc/The                                                             | CUSIP: 969457BY5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     11280000 | PA      | $10242062.90  | 0.13%             | 2031-03-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                     | VeriSign Inc                                                                     | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     14505000 | PA      | $13073640.07  | 0.16%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140F9WL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         3815 | PA      | $3571.08      | 0.00%             | 2047-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: NZD 3.250000 18-MAR-2031 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     11890000 | OU      | $7066.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VMWARE LLC                                       | VMware LLC                                                                       | CUSIP: 928563AE5<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $2000818.94   | 0.02%             | 2027-05-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | REINSURANCE GROUP OF AMERICA INC                                                 | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       156621 | OU      | $30091592.73  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | CENTENE CORP                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      1027904 | OU      | $-36675614.72 | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                            | Level 3 Financing Inc                                                            | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $4568750.00   | 0.06%             | 2030-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Georgia Power Co                                 | Georgia Power Co                                                                 | CUSIP: 373334KH3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |        50000 | PA      | $49471.78     | 0.00%             | 2027-03-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                               | VICI Properties LP                                                               | CUSIP: 925650AK9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |      6575000 | PA      | $6732207.13   | 0.08%             | 2035-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | CSX CORP                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       865290 | OU      | $-30726447.90 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| Tyson Foods Inc                                  | Tyson Foods Inc                                                                  | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |        68578 | NS      | $3723785.40   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                             | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | CA        |            1 | NC      | $-13602.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AON CORP/AON GLOBAL HOLD                         | Aon Corp / Aon Global Holdings PLC                                               | CUSIP: 03740LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |       495000 | PA      | $485349.69    | 0.01%             | 2027-05-28      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Becton Dickinson & Co                            | Becton Dickinson & Co                                                            | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |        11447 | NS      | $2142534.99   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | COCA COLA CONSOLIDATED INC                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       295208 | OU      | $34586569.28  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                               | Analog Devices Inc                                                               | CUSIP: 032654AV7<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |      1335000 | PA      | $1180319.49   | 0.01%             | 2031-10-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |            1 | NC      | $-15592.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0304A3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     19125000 | PA      | $18317879.29  | 0.23%             | 2040-10-16      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ingredion Inc                                    | Ingredion Inc                                                                    | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |         3770 | NS      | $460354.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP                           | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406GAA9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |       332000 | PA      | $321803.28    | 0.00%             | 2028-10-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group Inc/The                                             | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     12580000 | PA      | $12753052.62  | 0.16%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      5300000 | PA      | $5404446.62   | 0.07%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                               | Meta Platforms Inc                                                               | CUSIP: 30303M8M7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      2890000 | PA      | $2983359.31   | 0.04%             | 2030-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     11570000 | PA      | $11970549.35  | 0.15%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                 | FirstEnergy Corp                                                                 | CUSIP: 337932AM9<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |      2590000 | PA      | $1808197.80   | 0.02%             | 2050-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Penumbra Inc                                     | Penumbra Inc                                                                     | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |          225 | NS      | $56997.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | WEC ENERGY GROUP INC                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       236969 | OU      | $27154277.71  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                  | Xcel Energy Inc                                                                  | CUSIP: 98389BBA7<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |       260000 | PA      | $268982.89    | 0.00%             | 2033-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                         | Public Service Enterprise Group Inc                                              | CUSIP: 744573AQ9<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |       110000 | PA      | $96468.21     | 0.00%             | 2030-08-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | GOODYEAR TIRE   RUBBER                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |      2483534 | OU      | $-18576834.32 | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                 | Georgia Power Co                                                                 | CUSIP: 373334KS9<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $3044462.91   | 0.04%             | 2028-05-16      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Packaging Corp of America                        | Packaging Corp of America                                                        | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |          319 | NS      | $69519.67     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROS FINANCE CORP                           | Toll Brothers Finance Corp                                                       | CUSIP: 88947EAU4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2750000 | PA      | $2691966.23   | 0.03%             | 2029-11-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| TRANE TECH FIN LTD                               | Trane Technologies Financing Ltd                                                 | CUSIP: 456873AE8<br>LEI: 549300A5OEF3CJI2CO89 | Long             | DBT              | CORP              | IE        |      1555000 | PA      | $1549218.68   | 0.02%             | 2026-03-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | HCA HEALTHCARE INC                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        74022 | OU      | $-31548176.40 | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA7                                          | CUSIP: 35564KL72<br>LEI: 5493000IRUQLXTG4SV18 | Long             | ABS-MBS          | USGSE             | US        |     33705000 | PA      | $37359970.20  | 0.47%             | 2052-03-25      | Floating      | 11.36%                | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | OREILLY AUTOMOTIVE INC                                                           | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       117532 | OU      | $12671124.92  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753YCK6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      2000000 | PA      | $2054680.00   | 0.03%             | 2042-03-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Veeva Systems Inc                                | Veeva Systems Inc                                                                | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |          353 | NS      | $105162.23    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | DEERE                                                                            | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        32591 | OU      | $14902560.66  | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |            1 | NC      | $-36645.56    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EAGLE MATERIALS                                  | Eagle Materials Inc                                                              | CUSIP: 26969PAB4<br>LEI: 529900KRXRGXL61SG039 | Long             | DBT              | CORP              | US        |      3285000 | PA      | $2960808.31   | 0.04%             | 2031-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-HQA3                                          | CUSIP: 35564KJP5<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | USGSE             | US        |     30450000 | PA      | $30611689.50  | 0.38%             | 2041-09-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                              | Axon Enterprise Inc                                                              | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |          148 | NS      | $106210.72    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                            | Applied Materials Inc                                                            | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |         1144 | NS      | $234222.56    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Texas Inc                                | Entergy Texas Inc                                                                | CUSIP: 29365TAG9<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |        50000 | PA      | $49708.63     | 0.00%             | 2029-03-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | CAMPBELL SOUP                                                                    | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       768046 | OU      | $-24254892.68 | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QCN4<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |       740000 | PA      | $768450.66    | 0.01%             | 2033-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | SEAGATE TECHNOLOGY HOLDINGS PLC                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       149759 | OU      | $-35352109.54 | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754DAF4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     20011000 | PA      | $20916377.68  | 0.26%             | 2042-04-25      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSEC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       871053 | PA      | $882682.90    | 0.01%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |            1 | NC      | $-23580.07    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | CIGNA                                                                            | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         1341 | OU      | $386543.25    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PIEDMONT NATURAL GAS CO                          | Piedmont Natural Gas Co Inc                                                      | CUSIP: 720186AL9<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |        50000 | PA      | $48772.15     | 0.00%             | 2029-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                         | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5230000 | PA      | $5245275.52   | 0.07%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                           | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBG1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |        73000 | PA      | $72972.38     | 0.00%             | 2028-06-13      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 31329PZC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        75052 | PA      | $73949.14     | 0.00%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.787110 18-MAR-2036 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      7840000 | OU      | $-45575.11    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL                           | Mondelez International Inc                                                       | CUSIP: 609207BA2<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |      2070000 | PA      | $2027027.09   | 0.03%             | 2027-03-17      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Watts Water Technologies Inc                     | Watts Water Technologies Inc                                                     | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |          206 | NS      | $57531.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3132VQLR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        63384 | PA      | $59096.18     | 0.00%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DIAMOND FRGN/DIAMOND FIN                         | Diamond Foreign Asset Co / Diamond Finance LLC                                   | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      4467000 | PA      | $4733617.36   | 0.06%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | ARROW ELECTRONICS INC                                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       244816 | OU      | $-29622736.00 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.215180 17-DEC-2030 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     55440000 | OU      | $387724.07    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CA        |            1 | NC      | $15225.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                         | Diversified Healthcare Trust                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              |  | US        |      1809000 | PA      | $1598056.31   | 0.02%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | CAMDEN PROPERTY TRUST REIT                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       319918 | OU      | $34160844.04  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                          | K Hovnanian Enterprises Inc                                                      | CUSIP: 48251UAP3<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |       155000 | PA      | $158942.15    | 0.00%             | 2031-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                    | Life Time Inc                                                                    | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |      1770000 | PA      | $1798256.07   | 0.02%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                            | Texas Instruments Inc                                                            | CUSIP: 882508BJ2<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |       145000 | PA      | $130920.43    | 0.00%             | 2030-05-04      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: KRW 2.645000 18-MAR-2031 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  10891040000 | OU      | $-7314.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2L6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      5840000 | PA      | $5871965.24   | 0.07%             | 2031-04-04      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Stryker Corp                                     | Stryker Corp                                                                     | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |          563 | NS      | $208124.21    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                              | Dominion Energy Inc                                                              | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |       916000 | PA      | $879831.81    | 0.01%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Trane Technologies PLC                           | Trane Technologies PLC                                                           | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |          363 | NS      | $153171.48    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | ROCKET COMPANIES INC CLASS A                                                     | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       957765 | OU      | $18561485.70  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED EUR / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |            1 | NC      | $10373.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                    | DISH DBS Corp                                                                    | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1272000 | PA      | $1087776.07   | 0.01%             | 2029-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | MOLINA HEALTHCARE INC                                                            | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        47345 | OU      | $-9059939.20  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| OVINTIV INC                                      | Ovintiv Inc                                                                      | CUSIP: 651290AR9<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |       605000 | PA      | $605066.77    | 0.01%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | METLIFE INC                                                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       226561 | OU      | $-18661829.57 | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED EUR / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |            1 | NC      | $21373.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 3622A2B92<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2132578 | PA      | $2021924.26   | 0.03%             | 2042-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |            1 | NC      | $18245.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      3358000 | PA      | $3609662.25   | 0.05%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Pinnacle West Capital Corp                       | Pinnacle West Capital Corp                                                       | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |        27061 | NS      | $2426289.26   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                         | Constellation Brands Inc                                                         | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |          498 | NS      | $67065.66     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                            | Williams Scotsman Inc                                                            | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |       560000 | PA      | $572798.80    | 0.01%             | 2029-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Trimble Inc                                      | Trimble Inc                                                                      | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |          820 | NS      | $66953.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                      | NVIDIA Corp                                                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |         6859 | NS      | $1279752.22   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | CHARTER COMMUNICATIONS INC CLASS A                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       113804 | OU      | $-31308049.42 | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | GOODYEAR TIRE   RUBBER                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      1046854 | OU      | $-7830467.92  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | WEYERHAEUSER REIT                                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       521929 | OU      | $12938619.91  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp                                     | Chevron Corp                                                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        46780 | NS      | $7264466.20   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET INC                                     | Fortinet Inc                                                                     | CUSIP: 34959EAB5<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |       750000 | PA      | $668072.24    | 0.01%             | 2031-03-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                         | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |      3864000 | PA      | $3992875.99   | 0.05%             | 2032-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | WORKDAY INC CLASS A                                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       118803 | OU      | $28599446.19  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                            | Southern California Gas Co                                                       | CUSIP: 842434CZ3<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |      2630000 | PA      | $2718100.34   | 0.03%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | CATERPILLAR INC                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        22212 | OU      | $-10598455.80 | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                          | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              |  | US        |       475000 | PA      | $504716.95    | 0.01%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                | Kinder Morgan Inc                                                                | CUSIP: 49456BAZ4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      9430000 | PA      | $9690740.63   | 0.12%             | 2029-08-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 31418CXM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        41243 | PA      | $38240.08     | 0.00%             | 2048-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                             | Royal Bank of Canada                                                             | CUSIP: 78017DAA6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      6940000 | PA      | $7059091.86   | 0.09%             | 2029-01-24      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | UDR REIT INC                                                                     | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       619529 | OU      | $23083650.54  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | CLEVELAND CLIFFS INC                                                             | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       107736 | OU      | $1314379.20   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.574010 11-JUL-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     37800000 | OU      | $-23890.01    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                                    | Citigroup Inc                                                                    | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       240000 | PA      | $240976.87    | 0.00%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                            | Bausch Health Cos Inc                                                            | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      6800000 | PA      | $7072130.36   | 0.09%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.753000 18-MAR-2031 SHI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     28330000 | OU      | $15692.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QCKU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       573506 | PA      | $529869.81    | 0.01%             | 2049-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXG4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      3090000 | PA      | $2894336.60   | 0.04%             | 2030-02-07      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140GSNW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        74646 | PA      | $71781.24     | 0.00%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.630440 17-DEC-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    167850000 | OU      | $503794.48    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                             | Blue Owl Finance LLC                                                             | CUSIP: 09581JAT3<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |      6150000 | PA      | $6449650.20   | 0.08%             | 2034-04-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DIAGEO CAPITAL PLC                               | Diageo Capital PLC                                                               | CUSIP: 25243YBB4<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |       405000 | PA      | $379076.08    | 0.00%             | 2029-10-24      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                             | Royal Bank of Canada                                                             | CUSIP: 78016EYV3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      8000000 | PA      | $7809024.88   | 0.10%             | 2027-01-21      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                 | Altria Group Inc                                                                 | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |        70000 | PA      | $71084.91     | 0.00%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Waste Management Inc                             | Waste Management Inc                                                             | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |          696 | NS      | $153697.68    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DVLA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1825921 | PA      | $1569860.99   | 0.02%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                         | Intercontinental Exchange Inc                                                    | CUSIP: 45866FAN4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |     10687000 | PA      | $9020084.49   | 0.11%             | 2032-09-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Entergy Corp                                     | Entergy Corp                                                                     | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |         1042 | NS      | $97103.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | MERCK   CO INC                                                                   | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        30755 | OU      | $-2581267.15  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.091500 18-MAR-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    242530000 | OU      | $22415.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                              | FS KKR Capital Corp                                                              | CUSIP: 302635AP2<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |      3617000 | PA      | $3600848.47   | 0.04%             | 2030-01-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                              | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1763000 | PA      | $1702970.89   | 0.02%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |            1 | NC      | $-18562.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW GOLD INC                                     | New Gold Inc                                                                     | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |       340000 | PA      | $356123.82    | 0.00%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | LAMB WESTON HOLDINGS INC                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       220965 | OU      | $12833647.20  | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| QVC INC                                          | QVC Inc                                                                          | CUSIP: 747262BA0<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |      7374000 | PA      | $3985503.58   | 0.05%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC                            | NESCO Holdings II Inc                                                            | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $4896675.00   | 0.06%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.120990 17-DEC-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    356444256 | OU      | $-1955544.79  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MCH1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |      7800000 | PA      | $7610378.96   | 0.09%             | 2026-09-17      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | ALLISON TRANSMISSION HOLDINGS INC                                                | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       259690 | OU      | $22042487.20  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | JOHNSON CONTROLS INTERNATIONAL PLC                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       319116 | OU      | $35086804.20  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BG4A3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       941464 | PA      | $917709.41    | 0.01%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hubbell Inc                                      | Hubbell Inc                                                                      | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |          171 | NS      | $73583.01     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 0.179700 18-MAR-2031 SAR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      6430000 | OU      | $11370.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | MURPHY USA INC                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        80387 | OU      | $31211056.62  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661DP9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      9171000 | PA      | $9037580.75   | 0.11%             | 2027-05-03      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                         | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |      2595000 | PA      | $2608645.70   | 0.03%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BP6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |      2381000 | PA      | $2120302.93   | 0.03%             | 2031-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | SWAP/CDSWAP/ICE: (CDX.NA.HY.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    303762500 | OU      | $24675513.86  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CZK 3.813000 18-MAR-2031 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    266530000 | OU      | $-102550.02   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | AUST 10Y BOND FUT DEC25                                                          | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         2009 | NC      | $-304962.63   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |            1 | NC      | $36831.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cigna Group/The                                  | Cigna Group/The                                                                  | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |        24857 | NS      | $7165030.25   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                        | BlackRock Liquidity Funds: T-Fund, Institutional Shares                          | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    327086668 | NS      | $327086668.07 | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | TEMPUR SEALY INTERNATIONAL INC                                                   | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       416526 | OU      | $-35125637.58 | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | BROWN FORMAN CORP CLASS B                                                        | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       105096 | OU      | $-2845999.68  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON CO                           | Commonwealth Edison Co                                                           | CUSIP: 202795JX9<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |       665000 | PA      | $678242.65    | 0.01%             | 2033-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | CONOCOPHILLIPS                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       326367 | OU      | $-30871054.53 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD NZD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |            1 | NC      | $99213.23     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | GENERAL MOTORS                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       320978 | OU      | $-19570028.66 | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XDR4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     14390000 | PA      | $14017429.37  | 0.17%             | 2027-02-26      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Stantec Inc                                      | Stantec Inc                                                                      | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |          552 | NS      | $59505.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS                         | FactSet Research Systems Inc                                                     | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |      9015000 | PA      | $8850051.55   | 0.11%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: NOK 4.032260 18-MAR-2031 6M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     69200000 | OU      | $-945.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sempra                                           | Sempra                                                                           | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |         1384 | NS      | $124532.32    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                              | HOME DEPOT INC                                                                   | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |        75487 | OU      | $-30586577.53 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc                          | O'Reilly Automotive Inc                                                          | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |         1430 | NS      | $154168.30    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | FOX CORP CLASS A                                                                 | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       579778 | OU      | $36560800.68  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                     | AutoZone Inc                                                                     | CUSIP: 053332BK7<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |      1455000 | PA      | $1509009.48   | 0.02%             | 2034-07-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | ENCOMPASS HEALTH CORP                                                            | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         6178 | OU      | $784729.56    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED SEK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | SE        |            1 | NC      | $-59267.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 3.212320 15-AUG-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     16450000 | OU      | $21903.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAGEO CAPITAL PLC                               | Diageo Capital PLC                                                               | CUSIP: 25243YBD0<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |      2710000 | PA      | $2464600.61   | 0.03%             | 2030-04-29      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                  | DTE Electric Co                                                                  | CUSIP: 23338VAM8<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |       390000 | PA      | $358090.29    | 0.00%             | 2031-03-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2702000 | PA      | $2795273.04   | 0.03%             | 2031-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | JP        |            1 | NC      | $-29697.52    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Zurn Elkay Water Solutions Corp                  | Zurn Elkay Water Solutions Corp                                                  | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |         1225 | NS      | $57611.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVE POINT OPERATING CO                          | Five Point Operating Co LP                                                       | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       395000 | PA      | $400834.67    | 0.00%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DuPont de Nemours Inc                            | DuPont de Nemours Inc                                                            | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |         1088 | NS      | $84755.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754TAH5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      2750000 | PA      | $2753435.85   | 0.03%             | 2045-02-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KBM1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      1005000 | PA      | $949950.97    | 0.01%             | 2029-11-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ERP OPERATING LP                                 | ERP Operating LP                                                                 | CUSIP: 26884ABP7<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              |  | US        |      3185000 | PA      | $3147326.04   | 0.04%             | 2034-09-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | AFLAC INC                                                                        | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       302204 | OU      | $-33756186.80 | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| EMCOR Group Inc                                  | EMCOR Group Inc                                                                  | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |          126 | NS      | $81842.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC                              | Electronic Arts Inc                                                              | CUSIP: 285512AE9<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $1899019.26   | 0.02%             | 2031-02-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co/The                               | Walt Disney Co/The                                                               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |         2513 | NS      | $287738.50    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC                           | Roper Technologies Inc                                                           | CUSIP: 776696AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |      5950000 | PA      | $6006659.47   | 0.07%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                | Eversource Energy                                                                | CUSIP: 30040WAE8<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $978909.03    | 0.01%             | 2028-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0426A6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     25150000 | PA      | $24391924.93  | 0.30%             | 2055-10-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                         | Western Midstream Operating LP                                                   | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      2560000 | PA      | $2704436.40   | 0.03%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| AON CORP                                         | Aon Corp                                                                         | CUSIP: 037389BE2<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |       405000 | PA      | $380132.09    | 0.00%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Doximity Inc                                     | Doximity Inc                                                                     | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          899 | NS      | $65761.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX MIDSTREAM PART LP                            | CNX Midstream Partners LP                                                        | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       489000 | PA      | $468919.56    | 0.01%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | EXPEDIA GROUP INC                                                                | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        79002 | OU      | $-16886677.50 | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                                        | Linde PLC                                                                        | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |          639 | NS      | $303525.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: NZD 3.443000 18-MAR-2031 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     38160000 | OU      | $218399.47    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                               | Analog Devices Inc                                                               | CUSIP: 032654AU9<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |      1770000 | PA      | $1657619.58   | 0.02%             | 2028-10-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1431000 | PA      | $1496752.96   | 0.02%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD TWD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |            1 | NC      | $40076.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                          | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      7947000 | PA      | $8260743.35   | 0.10%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      1265000 | PA      | $1126991.16   | 0.01%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      2955000 | PA      | $2707518.75   | 0.03%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Garmin Ltd                                       | Garmin Ltd                                                                       | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |          421 | NS      | $103658.62    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | CAESARS ENTERTAINMENT INC                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |      1126943 | OU      | $-30455634.58 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                            | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      2035000 | PA      | $2161530.20   | 0.03%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Quanta Services Inc                              | Quanta Services Inc                                                              | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |          292 | NS      | $121010.64    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERSTATE POWER & LIGHT                         | Interstate Power and Light Co                                                    | CUSIP: 461070AS3<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |       310000 | PA      | $283202.11    | 0.00%             | 2030-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | D R HORTON INC                                                                   | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       177793 | OU      | $-30130579.71 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | GAP INC                                                                          | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |      1368247 | OU      | $29266803.33  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                           | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822DC5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |       780000 | PA      | $816734.74    | 0.01%             | 2034-04-19      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | VALERO ENERGY CORP                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        95535 | OU      | $16265789.10  | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Walmart Inc                                      | Walmart Inc                                                                      | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |         9826 | NS      | $1012667.56   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | CONOCOPHILLIPS                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       154129 | OU      | $-14579062.11 | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |            1 | NC      | $-202046.27   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                                | Brown & Brown Inc                                                                | CUSIP: 115236AB7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |      4320000 | PA      | $4328988.24   | 0.05%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-X1                                        | CUSIP: 00834XAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1497013 | PA      | $1498517.16   | 0.02%             | 2029-05-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                                  | Chevron USA Inc                                                                  | CUSIP: 166756BF2<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |     16530000 | PA      | $16951277.79  | 0.21%             | 2035-04-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | DUPONT DE NEMOURS INC                                                            | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       365836 | OU      | $28498624.40  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                           | Mizuho Financial Group Inc                                                       | CUSIP: 60687YDL0<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |      8120000 | PA      | $8215583.28   | 0.10%             | 2031-07-08      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                     | CUSIP: 11135FCF6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      6951000 | PA      | $7188871.21   | 0.09%             | 2030-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc                                | Iron Mountain Inc                                                                | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      1508000 | PA      | $1505379.25   | 0.02%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      1619000 | PA      | $1672600.23   | 0.02%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | CHARLES RIVER LABORATORIES INTERNA                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       207426 | OU      | $32453871.96  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                    | CommScope LLC                                                                    | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      7409000 | PA      | $7489976.74   | 0.09%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | CARDINAL HEALTH INC                                                              | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        49445 | OU      | $-7760887.20  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | PAYPAL HOLDINGS INC                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       309638 | OU      | $20764324.28  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      1281000 | PA      | $1327368.37   | 0.02%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.535200 08-JUL-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     25330000 | OU      | $69226.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RALPH LAUREN CORP                                | Ralph Lauren Corp                                                                | CUSIP: 751212AD3<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | DBT              | CORP              | US        |     13000000 | PA      | $13318720.22  | 0.17%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co/The                                 | Coca-Cola Co/The                                                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |         5736 | NS      | $380411.52    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TUTOR PERINI CORP                                | Tutor Perini Corp                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |      1988000 | PA      | $2226503.64   | 0.03%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | DOW INC                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      1454872 | OU      | $-33360214.96 | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| GoDaddy Inc                                      | GoDaddy Inc                                                                      | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |          481 | NS      | $65815.23     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN ILLINOIS CO                               | Ameren Illinois Co                                                               | CUSIP: 02361DBA7<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |       470000 | PA      | $482423.11    | 0.01%             | 2033-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                       | CUSIP: 21H0406A6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11600000 | PA      | $10905147.47  | 0.14%             | 2055-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179UH62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       358028 | PA      | $363088.69    | 0.00%             | 2048-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                          | Royal Caribbean Cruises Ltd                                                      | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      2755000 | PA      | $2771066.36   | 0.03%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US ULTRA BOND CBT DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -377 | NC      | $-1298027.64  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | KKR AND CO INC                                                                   | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       231640 | OU      | $-30101618.00 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | TRANSOCEAN LTD                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      8011663 | OU      | $-24996388.56 | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                          | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              |  | US        |      1997000 | PA      | $1934549.22   | 0.02%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | QUEST DIAGNOSTICS INC                                                            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       166581 | OU      | $31747006.98  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | WESTLAKE CORP                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       301972 | OU      | $-23269962.32 | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | TENET HEALTHCARE CORP                                                            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       179164 | OU      | $36377458.56  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                   | Mastercard Inc                                                                   | CUSIP: 57636QAS3<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |       167000 | PA      | $148742.70    | 0.00%             | 2031-03-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Public Storage                                   | Public Storage                                                                   | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |        24929 | NS      | $7200741.65   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       160000 | PA      | $164547.04    | 0.00%             | 2034-01-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DCB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        98620 | PA      | $97110.91     | 0.00%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Republic Services Inc                            | Republic Services Inc                                                            | CUSIP: 760759AT7<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |      2485000 | PA      | $2485619.29   | 0.03%             | 2028-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | TW        |            1 | NC      | $2911.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                          | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCK8<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |       385000 | PA      | $384406.13    | 0.00%             | 2032-09-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PPG INDUSTRIES INC                               | PPG Industries Inc                                                               | CUSIP: 693506BU0<br>LEI: 549300BKPEP01R3V6C59 | Long             | DBT              | CORP              | US        |      8910000 | PA      | $8787500.60   | 0.11%             | 2026-03-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QCU8<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |      4490000 | PA      | $4579643.66   | 0.06%             | 2035-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                      | AMAZON COM INC                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |        46160 | OU      | $-10135351.20 | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                              | Dominion Energy Inc                                                              | CUSIP: 25746UCY3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |       165000 | PA      | $165266.86    | 0.00%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                       | CUSIP: 14040HCV5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |       595000 | PA      | $611593.48    | 0.01%             | 2030-07-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Viper Energy Inc                                 | Viper Energy Inc                                                                 | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1626 | NS      | $62145.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERVICE COLORADO                          | Public Service Co of Colorado                                                    | CUSIP: 744448CW9<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |      1370000 | PA      | $1343161.08   | 0.02%             | 2032-06-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH                              | Ithaca Energy North Sea PLC                                                      | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |      7410000 | PA      | $7741716.06   | 0.10%             | 2029-10-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                       | Leidos Inc                                                                       | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |      5070000 | PA      | $4523958.67   | 0.06%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                              | Fifth Third Bancorp                                                              | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |      2325000 | PA      | $2449770.89   | 0.03%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED NOK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | NO        |            1 | NC      | $22672.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140HJ2A8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         9347 | PA      | $9383.83      | 0.00%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp                                 | Exxon Mobil Corp                                                                 | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |        77383 | NS      | $8724933.25   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | MSCI INC                                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        60455 | OU      | $34302771.55  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Corning Inc                                      | Corning Inc                                                                      | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |         1624 | NS      | $133216.72    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc                     | Simpson Manufacturing Co Inc                                                     | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |          290 | NS      | $48563.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QBHB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        52814 | PA      | $50982.23     | 0.00%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | UNITED RENTALS INC                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        10984 | OU      | $-10485985.44 | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XJV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1897263 | PA      | $1925575.23   | 0.02%             | 2029-10-25      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Guidewire Software Inc                           | Guidewire Software Inc                                                           | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |          261 | NS      | $59993.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC                                       | Fiserv Inc                                                                       | CUSIP: 337738BD9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |       950000 | PA      | $976679.65    | 0.01%             | 2028-03-02      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |            1 | NC      | $9754.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                             | Bank of America Corp                                                             | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3765000 | PA      | $3707557.96   | 0.05%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                           | Brookfield Finance Inc                                                           | CUSIP: 11271LAQ5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |      6230000 | PA      | $6262887.73   | 0.08%             | 2036-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3132L93U7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        21449 | PA      | $20069.36     | 0.00%             | 2047-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | ALLY FINANCIAL INC                                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       369352 | OU      | $14478598.40  | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | MOHAWK INDUSTRIES INC                                                            | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |         6896 | OU      | $-889032.32   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | CGI INC CLASS A                                                                  | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |        78336 | OU      | $6982087.68   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                           | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1370000 | PA      | $1434223.37   | 0.02%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                        | ONEOK Inc                                                                        | CUSIP: 682680BD4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      8156000 | PA      | $8177903.43   | 0.10%             | 2026-01-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corp                                  | CMS Energy Corp                                                                  | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |        95283 | NS      | $6980432.58   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                              | CIGNA                                                                            | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       103198 | OU      | $29746823.50  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                           | UnitedHealth Group Inc                                                           | CUSIP: 91324PDX7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      3585000 | PA      | $3249620.35   | 0.04%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED CZK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CZ        |            1 | NC      | $-3063.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                           | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              |  | US        |      2991000 | PA      | $3155723.34   | 0.04%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                     | AutoZone Inc                                                                     | CUSIP: 053332BC5<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |      3325000 | PA      | $3354300.33   | 0.04%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                           | Motorola Solutions Inc                                                           | CUSIP: 620076BZ1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |      5765000 | PA      | $5975695.42   | 0.07%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                         | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4159000 | PA      | $4163647.52   | 0.05%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                             | Royal Bank of Canada                                                             | CUSIP: 78016EZQ3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      1495000 | PA      | $1471482.24   | 0.02%             | 2026-04-27      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |            1 | NC      | $2942.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMGEN INC                                        | Amgen Inc                                                                        | CUSIP: 031162DE7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      3035000 | PA      | $2849827.18   | 0.04%             | 2032-02-22      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | AU        |            1 | NC      | $4974.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.857370 17-DEC-2055 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    114427822 | OU      | $1383994.10   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | SOUTHERN COPPER CORP                                                             | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       282367 | OU      | $34268059.12  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QFFJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1988340 | PA      | $1692742.88   | 0.02%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140FXGQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        19488 | PA      | $18863.47     | 0.00%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIS MINING CORP                                 | Aris Mining Corp                                                                 | CUSIP: 04040YAB5<br>LEI: 5493001GJ5TILX6L1F82 | Long             | DBT              | CORP              | CA        |      2824000 | PA      | $2919310.00   | 0.04%             | 2029-10-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | WHIRLPOOL CORP                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        39203 | OU      | $-3081355.80  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.524520 17-DEC-2035 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     46440000 | OU      | $522227.61    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                    | DISH DBS Corp                                                                    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2333000 | PA      | $2292392.50   | 0.03%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STRATHCONA RESOURCES                             | Strathcona Resources Ltd/Alberta                                                 | CUSIP: 86304TAA6<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |      3843000 | PA      | $3845405.72   | 0.05%             | 2026-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Eagle Materials Inc                              | Eagle Materials Inc                                                              | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |          234 | NS      | $54531.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.081000 18-MAR-2031 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     35840000 | OU      | $20995.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.164000 18-MAR-2031 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     22540000 | OU      | $-9107.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | AIR PRODUCTS AND CHEMICALS INC                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        14546 | OU      | $-3966985.12  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | LAMB WESTON HOLDINGS INC                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       283753 | OU      | $16480374.24  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CA        |            1 | NC      | $-12333.21    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     15205000 | PA      | $15464697.14  | 0.19%             | 2028-08-11      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: SEK 2.271530 18-MAR-2031 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     82400000 | OU      | $-70880.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Darden Restaurants Inc                           | Darden Restaurants Inc                                                           | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |        32628 | NS      | $6211066.08   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179TLT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        76737 | PA      | $73417.06     | 0.00%             | 2047-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                         | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3757000 | PA      | $3506186.78   | 0.04%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC                            | LD Holdings Group LLC                                                            | CUSIP: 521088AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5050000 | PA      | $4670408.42   | 0.06%             | 2028-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED USD / SOLD THB                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |            1 | NC      | $12712.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                          | Simon Property Group LP                                                          | CUSIP: 828807DP9<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |      2920000 | PA      | $2823433.03   | 0.04%             | 2027-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140FXFM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        17616 | PA      | $16641.64     | 0.00%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                            | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | US        |            1 | NC      | $-3264.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| McCormick & Co Inc/MD                            | McCormick & Co Inc/MD                                                            | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |          982 | NS      | $65705.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                        | Palantir Technologies Inc                                                        | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |         3076 | NS      | $561123.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWARD HUGHES CORP                               | Howard Hughes Corp/The                                                           | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |      2973000 | PA      | $2787381.64   | 0.03%             | 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        |      6599000 | PA      | $6460789.22   | 0.08%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                 | Altria Group Inc                                                                 | CUSIP: 02209SBV4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      3420000 | PA      | $3457675.54   | 0.04%             | 2035-08-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3389000 | PA      | $3500413.58   | 0.04%             | 2035-07-22      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | PACKAGING CORP OF AMERICA                                                        | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       143755 | OU      | $31328527.15  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                           | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3617000 | PA      | $3715924.95   | 0.05%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                   | LSB Industries Inc                                                               | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |      3406000 | PA      | $3359924.31   | 0.04%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      1115000 | PA      | $1161321.85   | 0.01%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Inc                          | Consolidated Edison Inc                                                          | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |        79997 | NS      | $8041298.44   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED EUR / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |            1 | NC      | $1649.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |            1 | NC      | $-22584.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | DOLLAR GENERAL CORP                                                              | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       329036 | OU      | $34005870.60  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                 | Altria Group Inc                                                                 | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     22040000 | PA      | $19401157.19  | 0.24%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| TC Energy Corp                                   | TC Energy Corp                                                                   | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |         2113 | NS      | $114968.33    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                                     | Alphabet Inc                                                                     | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      2250000 | PA      | $2251929.89   | 0.03%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                | Ares Capital Corp                                                                | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |      7695000 | PA      | $7346740.07   | 0.09%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                             | Stillwater Mining Co                                                             | CUSIP: 86074QAP7<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |      3801000 | PA      | $3755388.00   | 0.05%             | 2026-11-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                    | CUSIP: 571903BE2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |       170000 | PA      | $171696.87    | 0.00%             | 2030-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                          | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCQ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |      1405000 | PA      | $1413777.34   | 0.02%             | 2028-05-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                       | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      2746000 | PA      | $2880587.09   | 0.04%             | 2029-06-08      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                            | Republic Services Inc                                                            | CUSIP: 760759BL3<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |      9280000 | PA      | $9506030.27   | 0.12%             | 2030-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | MX        |            1 | NC      | $6975.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3128MJYM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         5009 | PA      | $4533.59      | 0.00%             | 2046-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc                                | Post Holdings Inc                                                                | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |          490 | NS      | $52665.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                            | Keysight Technologies Inc                                                        | CUSIP: 49338LAG8<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |      2055000 | PA      | $2068002.62   | 0.03%             | 2034-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | BOEING                                                                           | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        35474 | OU      | $-7656353.42  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA CORP                                      | NVIDIA Corp                                                                      | CUSIP: 67066GAF1<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |        25000 | PA      | $23890.18     | 0.00%             | 2030-04-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Martin Marietta Materials Inc                    | Martin Marietta Materials Inc                                                    | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |          147 | NS      | $92651.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLICOM INTL CELLULAR                           | Millicom International Cellular SA                                               | CUSIP: 600814AR8<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |      4997000 | PA      | $4708223.37   | 0.06%             | 2031-04-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |        13000 | PA      | $12724.01     | 0.00%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED EUR / SOLD CZK                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |            1 | NC      | $18894.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlisle Cos Inc                                 | Carlisle Cos Inc                                                                 | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |          171 | NS      | $56252.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | CAESARS ENTERTAINMENT INC                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       616379 | OU      | $-16657642.48 | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| CoStar Group Inc                                 | CoStar Group Inc                                                                 | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |          985 | NS      | $83104.45     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | DELTA AIR LINES INC                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       190504 | OU      | $-10811102.00 | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                    | FirstCash Inc                                                                    | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      2712000 | PA      | $2803144.90   | 0.03%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | AMERICAN TOWER REIT CORP                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       175226 | OU      | $33699464.32  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| TJX Cos Inc/The                                  | TJX Cos Inc/The                                                                  | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |         1648 | NS      | $238201.92    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORP                                | Atmos Energy Corp                                                                | CUSIP: 049560AZ8<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |       690000 | PA      | $748237.51    | 0.01%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | LKQ CORP                                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       626326 | OU      | $-19127996.04 | -0.24%            |  |  |  | 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        |      6009000 | PA      | $5999270.83   | 0.07%             | 2028-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Incyte Corp                                      | Incyte Corp                                                                      | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |          785 | NS      | $66575.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST GAS CORP                               | Southwest Gas Corp                                                               | CUSIP: 845011AC9<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |        25000 | PA      | $22714.69     | 0.00%             | 2030-06-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                       | goeasy Ltd                                                                       | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |      1282000 | PA      | $1338100.32   | 0.02%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | AVIS BUDGET GROUP INC                                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       197369 | OU      | $-31692527.18 | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                      | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      4810000 | PA      | $4958853.92   | 0.06%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | CENTERPOINT ENERGY INC                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       893322 | OU      | $-34660893.60 | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAU8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |       980000 | PA      | $995792.66    | 0.01%             | 2035-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY US HLDG                         | Assured Guaranty US Holdings Inc                                                 | CUSIP: 04621WAF7<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |      4188000 | PA      | $4403009.87   | 0.05%             | 2028-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Monster Beverage Corp                            | Monster Beverage Corp                                                            | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |         1931 | NS      | $129975.61    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GEORGIA POWER CO                                 | Georgia Power Co                                                                 | CUSIP: 373334KQ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |       900000 | PA      | $910867.06    | 0.01%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CL        |            1 | NC      | $-11307.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179UKW1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        52910 | PA      | $49116.58     | 0.00%             | 2049-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |            1 | NC      | $-57933.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WISCONSIN ELECTRIC POWER                         | Wisconsin Electric Power Co                                                      | CUSIP: 976656CM8<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |       175000 | PA      | $165053.41    | 0.00%             | 2028-06-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | UNION PACIFIC CORP                                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       135692 | OU      | $32073518.04  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| NewMarket Corp                                   | NewMarket Corp                                                                   | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |           69 | NS      | $57146.49     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                       | Kirby Corp                                                                       | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |          560 | NS      | $46732.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | IRON MOUNTAIN INC                                                                | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        86978 | OU      | $-8866537.32  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XC36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       995213 | PA      | $1010093.65   | 0.01%             | 2030-08-25      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| BWX Technologies Inc                             | BWX Technologies Inc                                                             | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |          390 | NS      | $71904.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                           | Berkshire Hathaway Inc                                                           | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |         2440 | NS      | $1226685.60   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | TRIMBLE INC                                                                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |        72600 | OU      | $-5927790.00  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                         | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XBH0<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |       575000 | PA      | $572916.06    | 0.01%             | 2035-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3252000 | PA      | $2961390.26   | 0.04%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                   | Rocket Cos Inc                                                                   | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1295000 | PA      | $1336587.63   | 0.02%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Globus Medical Inc                               | Globus Medical Inc                                                               | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |          930 | NS      | $53261.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                              | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | US        |            1 | NC      | $-18367.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Texas Roadhouse Inc                              | Texas Roadhouse Inc                                                              | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |          355 | NS      | $58983.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK NA                                      | BUILDERS FIRSTSOURCE INC                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |        71979 | OU      | $8727453.75   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | GENERAL MOTORS                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       546933 | OU      | $33346505.01  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.098270 17-DEC-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      1051835 | OU      | $8358.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DoorDash Inc                                     | DoorDash Inc                                                                     | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |          681 | NS      | $185225.19    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                         | RenaissanceRe Holdings Ltd                                                       | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |      6590000 | PA      | $6916791.38   | 0.09%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                            | Texas Instruments Inc                                                            | CUSIP: 882508CB8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     12480000 | PA      | $12853719.72  | 0.16%             | 2033-03-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0406A0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     39550000 | PA      | $37270435.29  | 0.46%             | 2055-10-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SPX Technologies Inc                             | SPX Technologies Inc                                                             | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |          303 | NS      | $56594.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOEASY LTD                                       | goeasy Ltd                                                                       | CUSIP: 380355AN7<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |      1075000 | PA      | $1080390.05   | 0.01%             | 2030-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.881320 17-DEC-2055 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     34396327 | OU      | $207573.08    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EATON CORP                                       | Eaton Corp                                                                       | CUSIP: 278062AK0<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |      1820000 | PA      | $1840870.67   | 0.02%             | 2028-05-18      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Hershey Co/The                                   | Hershey Co/The                                                                   | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |        14933 | NS      | $2793217.65   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DARDEN RESTAURANTS INC                           | Darden Restaurants Inc                                                           | CUSIP: 237194AP0<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |      1055000 | PA      | $1059040.87   | 0.01%             | 2027-10-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA2                                          | CUSIP: 35564KDX4<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | USGSE             | US        |     56875000 | PA      | $63006471.94  | 0.79%             | 2033-08-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | NRG ENERGY INC                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        25430 | OU      | $4118388.50   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                     | ams-OSRAM AG                                                                     | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |      1522000 | PA      | $1631708.80   | 0.02%             | 2029-03-30      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                         | Live Nation Entertainment Inc                                                    | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      1447000 | PA      | $1411775.39   | 0.02%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QDDQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       476826 | PA      | $423861.66    | 0.01%             | 2050-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | TAPESTRY INC                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       282136 | OU      | $31943437.92  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | ARAMARK                                                                          | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       779476 | OU      | $29931878.40  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | ESTEE LAUDER INC CLASS A                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       193126 | OU      | $-17018263.12 | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     19064000 | PA      | $16627205.97  | 0.21%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       998000 | PA      | $1099820.95   | 0.01%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                              | Cardinal Health Inc                                                              | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |      4420000 | PA      | $4543326.35   | 0.06%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| WISCONSIN POWER & LIGHT                          | Wisconsin Power and Light Co                                                     | CUSIP: 976826BQ9<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |      1155000 | PA      | $1108610.28   | 0.01%             | 2032-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| TransDigm Group Inc                              | TransDigm Group Inc                                                              | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          107 | NS      | $141028.14    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     68367652 | PA      | $69657585.51  | 0.87%             | 2041-10-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Badger Meter Inc                                 | Badger Meter Inc                                                                 | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |          289 | NS      | $51609.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 3622AAP40<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4082959 | PA      | $3702112.65   | 0.05%             | 2049-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                      | Netflix Inc                                                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |          526 | NS      | $630631.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH INC                              | Cardinal Health Inc                                                              | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |      5700000 | PA      | $5739244.27   | 0.07%             | 2026-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Hess Corp                                        | Hess Corp                                                                        | CUSIP: 42809HAG2<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |      1255000 | PA      | $1259144.32   | 0.02%             | 2027-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems Inc                       | Cadence Design Systems Inc                                                       | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |          440 | NS      | $154554.40    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | SMURFIT WESTROCK PLC                                                             | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       802444 | OU      | $34160041.08  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     18075000 | PA      | $16797637.40  | 0.21%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      2347000 | PA      | $2511839.71   | 0.03%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | ELI LILLY                                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        32308 | OU      | $-24651004.00 | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                              | Somnigroup International Inc                                                     | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |      2697000 | PA      | $2588439.01   | 0.03%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | GLOBAL PAYMENTS INC                                                              | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        21730 | OU      | $-1805328.40  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                            | Waste Connections Inc                                                            | CUSIP: 94106BAA9<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |       110000 | PA      | $103239.33    | 0.00%             | 2030-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      6560000 | PA      | $6656645.27   | 0.08%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA1                                          | CUSIP: 35564KBD0<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | USGSE             | US        |     51948500 | PA      | $54221246.88  | 0.68%             | 2051-01-25      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                         | AT&T Inc                                                                         | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      1125000 | PA      | $1091758.12   | 0.01%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| CGI INC                                          | CGI Inc                                                                          | CUSIP: 12532HAK0<br>LEI: 549300WSRCZY73ZG3090 | Long             | DBT              | CORP              | CA        |      8740000 | PA      | $8897793.45   | 0.11%             | 2030-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | HUMANA INC                                                                       | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        88366 | OU      | $-22990182.22 | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc                           | Intuitive Surgical Inc                                                           | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |          498 | NS      | $222720.54    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                      | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      3995000 | PA      | $3999803.87   | 0.05%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | SOUTHWEST AIRLINES                                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        50762 | OU      | $-1619815.42  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| OGE Energy Corp                                  | OGE Energy Corp                                                                  | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |        70626 | NS      | $3267865.02   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0306A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     67225000 | PA      | $59037073.65  | 0.74%             | 2055-10-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MONDELEZ INTERNATIONAL INC CLASS A                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         6836 | OU      | $-427044.92   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753VBT4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      5419000 | PA      | $5731024.94   | 0.07%             | 2040-02-25      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | FORD MOTOR CO                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      2686331 | OU      | $-32128518.76 | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | CANADIAN PACIFIC KANSAS CITY LTD                                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       457654 | OU      | $34090646.46  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                          | Public Service Co of Oklahoma                                                    | CUSIP: 744533BR0<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |      1900000 | PA      | $1923457.21   | 0.02%             | 2035-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC                                | Bristow Group Inc                                                                | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |       472000 | PA      | $474600.72    | 0.01%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae I Pool                                                                | CUSIP: 3622A2FW7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        13650 | PA      | $12704.13     | 0.00%             | 2043-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| West Fraser Timber Co Ltd                        | West Fraser Timber Co Ltd                                                        | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |          720 | NS      | $48945.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | BEST BUY CO INC                                                                  | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        32204 | OU      | $2435266.48   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | KKR AND CO INC                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        21544 | OU      | $-2799642.80  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0124A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      2375000 | PA      | $2124372.76   | 0.03%             | 2040-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                         | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 637432NV3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      1105000 | PA      | $1026697.88   | 0.01%             | 2030-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Xylem Inc/NY                                     | Xylem Inc/NY                                                                     | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |          613 | NS      | $90417.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3132AED52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       232000 | PA      | $228928.99    | 0.00%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBJ2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      4050000 | PA      | $4163807.75   | 0.05%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc                                       | Ecolab Inc                                                                       | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |          498 | NS      | $136382.28    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                   | Mastercard Inc                                                                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |         1155 | NS      | $656975.55    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | WILLIAMS INC                                                                     | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       134736 | OU      | $8535525.60   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic Services Inc                            | Republic Services Inc                                                            | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |          576 | NS      | $132180.48    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands International Inc              | Restaurant Brands International Inc                                              | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |         1261 | NS      | $80880.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                         | Omega Healthcare Investors Inc                                                   | CUSIP: 681936BP4<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |     11600000 | PA      | $11776536.22  | 0.15%             | 2030-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                         | AT&T Inc                                                                         | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |       275201 | NS      | $7771676.24   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                         | AT&T Inc                                                                         | CUSIP: 00206RHJ4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |       162000 | PA      | $162719.44    | 0.00%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                             | Royal Bank of Canada                                                             | CUSIP: 78016FZX5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      1880000 | PA      | $1941662.95   | 0.02%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED EUR / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |            1 | NC      | $-31878.43    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | XX        |            1 | NC      | $-55793.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RTX CORP                                         | RTX Corp                                                                         | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |       350000 | PA      | $383247.73    | 0.00%             | 2034-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                    | CUSIP: 571903BL6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |       605000 | PA      | $617604.03    | 0.01%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Amgen Inc                                        | Amgen Inc                                                                        | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |        27667 | NS      | $7807627.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      8745000 | PA      | $6981308.40   | 0.09%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | DARDEN RESTAURANTS INC                                                           | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       181832 | OU      | $34613539.52  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | DELL TECHNOLOGIES INC CLASS C                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       232785 | OU      | $-33001929.45 | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | DAVITA INC                                                                       | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       228119 | OU      | $-30310171.53 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 0.152860 18-MAR-2031 SAR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      7260000 | OU      | $25310.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | MANULIFE FINANCIAL CORP                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        99686 | OU      | $3105218.90   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 1.982500 15-SEP-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      6110000 | OU      | $-10707.98    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754BAF8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     65302113 | PA      | $67710454.93  | 0.84%             | 2042-01-25      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| AeroVironment Inc                                | AeroVironment Inc                                                                | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |          248 | NS      | $78092.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                       | HEICO Corp                                                                       | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |          282 | NS      | $91035.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION BRANDS INC                         | Constellation Brands Inc                                                         | CUSIP: 21036PBF4<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |       310000 | PA      | $290051.15    | 0.00%             | 2030-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                          | Duke Energy Florida LLC                                                          | CUSIP: 26444HAJ0<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |       115000 | PA      | $102940.00    | 0.00%             | 2030-06-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0326A7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     40450000 | PA      | $36951932.14  | 0.46%             | 2055-10-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hormel Foods Corp                                | Hormel Foods Corp                                                                | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |       308040 | NS      | $7620909.60   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | SOUTHWEST AIRLINES                                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       141746 | OU      | $4523114.86   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                          | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAF6<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      8190000 | PA      | $9080967.09   | 0.11%             | 2034-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cameco Corp                                      | Cameco Corp                                                                      | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |         1107 | NS      | $92833.02     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J92F7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        39031 | PA      | $37524.98     | 0.00%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                            | Williams Scotsman Inc                                                            | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |      1698000 | PA      | $1773292.72   | 0.02%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TAMPA ELECTRIC CO                                | Tampa Electric Co                                                                | CUSIP: 875127BN1<br>LEI: WS423EPRKJIIJUITXD73 | Long             | DBT              | CORP              | US        |      7765000 | PA      | $7872244.74   | 0.10%             | 2035-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GREENFIRE RESOURCES LTD                          | Greenfire Resources Ltd                                                          | CUSIP: 39525UAA5<br>LEI: 254900MTS0G2VGMJW059 | Long             | DBT              | CORP              | CA        |      1810000 | PA      | $1923941.31   | 0.02%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1625000 | PA      | $1591494.03   | 0.02%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                           | Patrick Industries Inc                                                           | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |      2920000 | PA      | $2962655.36   | 0.04%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | YUM BRANDS INC                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       238061 | OU      | $36185272.00  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERPUBLIC GROUP COS                            | Interpublic Group of Cos Inc/The                                                 | CUSIP: 460690BT6<br>LEI: 5493008IUOJ5VWTRC333 | Long             | DBT              | CORP              | US        |       430000 | PA      | $383757.60    | 0.00%             | 2031-03-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                        | Tesla Inc                                                                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |         3353 | NS      | $1491146.16   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO CMMRL REAL EST FI                         | Apollo Commercial Real Estate Finance Inc                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              |  | US        |      2673000 | PA      | $2568786.73   | 0.03%             | 2029-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                             | PURCHASED SGD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | SG        |            1 | NC      | $-165120.69   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | EXELON CORP                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       606287 | OU      | $27288977.87  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL                           | American International Group Inc                                                 | CUSIP: 026874DW4<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |      5385000 | PA      | $5508366.53   | 0.07%             | 2030-05-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Campbell's Company/The                           | Campbell's Company/The                                                           | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |       114872 | NS      | $3627657.76   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | WHIRLPOOL CORP                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       285822 | OU      | $-22465609.20 | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      6925000 | PA      | $6935717.13   | 0.09%             | 2045-02-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | NORTHROP GRUMMAN CORP                                                            | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        53047 | OU      | $-32322598.04 | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| PIEDMONT NATURAL GAS CO                          | Piedmont Natural Gas Co Inc                                                      | CUSIP: 720186AQ8<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |      1255000 | PA      | $1304315.09   | 0.02%             | 2033-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Reddit Inc                                       | Reddit Inc                                                                       | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |          412 | NS      | $94755.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2131000 | PA      | $2210571.54   | 0.03%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                          | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3522000 | PA      | $3714526.61   | 0.05%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                               | Home Depot Inc/The                                                               | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |         4762 | NS      | $1929514.78   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | ID        |            1 | NC      | $-112426.29   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA3                                          | CUSIP: 35564KFG9<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | USGSE             | US        |     43269224 | PA      | $48177684.77  | 0.60%             | 2033-10-25      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179UQ70<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         3443 | PA      | $3492.49      | 0.00%             | 2049-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754LAF6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     75317230 | PA      | $77129362.55  | 0.96%             | 2041-12-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                               | Osaic Holdings Inc                                                               | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |       280000 | PA      | $289194.08    | 0.00%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | EASTMAN CHEMICAL                                                                 | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       195171 | OU      | $12305531.55  | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Alliant Energy Corp                              | Alliant Energy Corp                                                              | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |         1041 | NS      | $70173.81     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | AMERICAN HOMES  RENT REIT CLASS A                                                | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        27861 | OU      | $926378.25    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.180000 18-MAR-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    601540000 | OU      | $-24245.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | FIRSTENERGY CORP                                                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        83457 | OU      | $-3823999.74  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City Ltd                 | Canadian Pacific Kansas City Ltd                                                 | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |         1685 | NS      | $125515.65    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SISECAM UK PLC                                   | Sisecam UK PLC                                                                   | CUSIP: 829688AA8<br>LEI: 789000T82YRLMLUOC889 | Long             | DBT              | CORP              | GB        |      2277000 | PA      | $2354395.23   | 0.03%             | 2029-05-02      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                         | Discovery Communications LLC                                                     | CUSIP: 25470DBZ1<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |      3005000 | PA      | $2757598.35   | 0.03%             | 2040-06-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                          | Millrose Properties Inc                                                          | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              |  | US        |      5937000 | PA      | $6037869.63   | 0.08%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BJAB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       543001 | PA      | $529019.27    | 0.01%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                 | Duke Energy Corp                                                                 | CUSIP: 26441CBZ7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |       640000 | PA      | $679783.41    | 0.01%             | 2033-09-15      | Fixed         | 5.75%                 | 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        |      4005000 | PA      | $3868871.65   | 0.05%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | HALLIBURTON                                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       287780 | OU      | $7079388.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| TELUS Corp                                       | TELUS Corp                                                                       | CUSIP: 87971M103<br>LEI: 894500WE70KKZRQMBU11 | Long             | EC               | CORP              | CA        |         4665 | NS      | $73567.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                             | Labcorp Holdings Inc                                                             | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          266 | NS      | $76357.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | KROGER                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       525851 | OU      | $35447615.91  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | TRANSDIGM GROUP INC                                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        22840 | OU      | $30103576.80  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |            1 | NC      | $70261.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3639000 | PA      | $3795308.77   | 0.05%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                          | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAH2<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      1400000 | PA      | $1449796.22   | 0.02%             | 2034-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QCB0<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |      1350000 | PA      | $1259887.82   | 0.02%             | 2030-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Alamos Gold Inc                                  | Alamos Gold Inc                                                                  | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |         2059 | NS      | $71776.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | BOOZ ALLEN HAMILTON HOLDING CORP C                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       156412 | OU      | $-15633379.40 | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3128MJ2M1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        22302 | PA      | $20838.07     | 0.00%             | 2047-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                            | Bath & Body Works Inc                                                            | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      5959000 | PA      | $6197491.10   | 0.08%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1875000 | PA      | $1745390.46   | 0.02%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Darden Restaurants Inc                           | Darden Restaurants Inc                                                           | CUSIP: 237194AL9<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |        10000 | PA      | $9952.35      | 0.00%             | 2027-05-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | TC ENERGY CORP                                                                   | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       228676 | OU      | $-12442261.16 | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                            | Waste Connections Inc                                                            | CUSIP: 94106BAE1<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |      1390000 | PA      | $1287111.17   | 0.02%             | 2032-06-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | VF CORP                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       373052 | OU      | $-5383140.36  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HKD 2.827500 18-MAR-2031 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    101190000 | OU      | $78591.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                | Eversource Energy                                                                | CUSIP: 30040WAU2<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |      3070000 | PA      | $3112754.29   | 0.04%             | 2033-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Grand Canyon Education Inc                       | Grand Canyon Education Inc                                                       | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |          270 | NS      | $59270.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: ZAR 7.062500 18-MAR-2031 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    335910000 | OU      | $-53060.03    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED EUR / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |            1 | NC      | $-33034.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                              | Bank of Nova Scotia/The                                                          | CUSIP: 0641593U8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |      3798000 | PA      | $3748628.81   | 0.05%             | 2026-03-02      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | BROOKFIELD VOTING INC CLASS A WHEN                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        63440 | OU      | $-4350715.20  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Evergy Inc                                       | Evergy Inc                                                                       | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |        33366 | NS      | $2536483.32   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                            | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2391000 | PA      | $2401562.48   | 0.03%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR Securitized Participation Interests Trust 2018-SPI1            | CUSIP: 3137G1CL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        44906 | PA      | $43582.96     | 0.00%             | 2048-02-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BR5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      2135000 | PA      | $2097811.27   | 0.03%             | 2026-05-13      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661EA1<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      1155000 | PA      | $1054071.77   | 0.01%             | 2031-04-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                   | Microsoft Corp                                                                   | CUSIP: 594918CS1<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |       250000 | PA      | $221522.97    | 0.00%             | 2030-09-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1625000 | PA      | $1624664.13   | 0.02%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | UNITED RENTALS INC                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        29845 | OU      | $-28491827.70 | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |            1 | NC      | $-44697.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                              | Fifth Third Bancorp                                                              | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |       390000 | PA      | $408856.70    | 0.01%             | 2032-01-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                  | Nissan Motor Co Ltd                                                              | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |      4533000 | PA      | $4797105.41   | 0.06%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | PROLOGIS REIT INC                                                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        65729 | OU      | $-7527285.08  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                               | Rithm Capital Corp                                                               | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |      1015000 | PA      | $1039106.25   | 0.01%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                         | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |      7468000 | PA      | $7935242.89   | 0.10%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AptarGroup Inc                                   | AptarGroup Inc                                                                   | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |          418 | NS      | $55869.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN & BROWN INC                                | Brown & Brown Inc                                                                | CUSIP: 115236AE1<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |      7940000 | PA      | $7660970.69   | 0.10%             | 2032-03-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Jacobs Solutions Inc                             | Jacobs Solutions Inc                                                             | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          456 | NS      | $68336.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      1053000 | PA      | $1061764.12   | 0.01%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | APA CORP                                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      1182119 | OU      | $28701849.32  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Ensign Group Inc/The                             | Ensign Group Inc/The                                                             | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |          340 | NS      | $58741.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17056000 | PA      | $17598124.96  | 0.22%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 5YR NOTE (CBT) DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         2756 | NC      | $-298210.22   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS L                         | First Quantum Minerals Ltd                                                       | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      1035000 | PA      | $1066308.75   | 0.01%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | CLOROX                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       276657 | OU      | $34111808.10  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | HU        |            1 | NC      | $-8917.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                  | CUSIP: 718172CP2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |       790000 | PA      | $719930.46    | 0.01%             | 2030-05-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | BROADCOM INC                                                                     | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        40637 | OU      | $-13406552.67 | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED NOK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |            1 | NC      | $3541.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QGLT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1226243 | PA      | $1005580.45   | 0.01%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                              | Abbott Laboratories                                                              | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |         2389 | NS      | $319982.66    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                       | CUSIP: 14040HDG7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     10255000 | PA      | $10616498.49  | 0.13%             | 2030-07-26      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                               | Realty Income Corp                                                               | CUSIP: 756109CF9<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |      7390000 | PA      | $7530226.58   | 0.09%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | INTERNATIONAL BUSINESS MACHINES CO                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       121267 | OU      | $-34216696.72 | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | SHERWIN WILLIAMS                                                                 | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        85854 | OU      | $-29727806.04 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 1.950000 15-MAY-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      6120000 | OU      | $-11912.14    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Veralto Corp                                     | Veralto Corp                                                                     | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |          744 | NS      | $79317.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | FEDERAL REALTY INVESTMENT TRUST RE                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       352504 | OU      | $35712180.24  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA3                                          | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | USGSE             | US        |     14794000 | PA      | $18207495.07  | 0.23%             | 2033-10-25      | Floating      | 10.61%                | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                         | Virginia Electric and Power Co                                                   | CUSIP: 927804GE8<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |      5135000 | PA      | $4538060.36   | 0.06%             | 2031-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| NetCredit Combined Receivables 2023 LLC          | NetCredit Combined Receivables 2023 LLC                                          | CUSIP: 64110XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3910238 | PA      | $3914629.39   | 0.05%             | 2027-12-20      | Fixed         | 7.78%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                         | Berkshire Hathaway Energy Co                                                     | CUSIP: 084659AM3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |       100000 | PA      | $98220.10     | 0.00%             | 2028-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DV5F8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        12208 | PA      | $11643.79     | 0.00%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                            | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |      6963000 | PA      | $7133280.17   | 0.09%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | CVS HEALTH CORP                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         2579 | OU      | $194430.81    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |       385000 | PA      | $392733.11    | 0.00%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | OMEGA HEALTHCARE INVESTORS REIT IN                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        40283 | OU      | $-1700748.26  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED PHP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | PH        |            1 | NC      | $-76625.83    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ADOBE INC                                        | Adobe Inc                                                                        | CUSIP: 00724PAD1<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |      2130000 | PA      | $1982411.34   | 0.02%             | 2030-02-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                   | Merck & Co Inc                                                                   | CUSIP: 58933YBE4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      1500000 | PA      | $1325141.58   | 0.02%             | 2031-12-10      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | KINDER MORGAN INC                                                                | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |      1113147 | OU      | $31513191.57  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                 | CSC Holdings LLC                                                                 | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      2852000 | PA      | $2640261.53   | 0.03%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 31335ALX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         4180 | PA      | $4190.33      | 0.00%             | 2042-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: NOK 3.814780 18-MAR-2031 6M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    471180000 | OU      | $-459852.91   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                 | Duke Energy Corp                                                                 | CUSIP: 26441CBL8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      3870000 | PA      | $3498667.04   | 0.04%             | 2031-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 3622A26S6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         7217 | PA      | $6654.34      | 0.00%             | 2048-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | EQT CORP                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       671040 | OU      | $36524707.20  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Arista Networks Inc                              | Arista Networks Inc                                                              | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |         1783 | NS      | $259800.93    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                         | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp               | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3731000 | PA      | $3828808.17   | 0.05%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc                            | Waste Connections Inc                                                            | CUSIP: 941053AH3<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |      4000000 | PA      | $4024825.60   | 0.05%             | 2028-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                     | Novelis Corp                                                                     | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |      1260000 | PA      | $1273022.98   | 0.02%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | LABCORP HOLDINGS INC                                                             | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         3229 | OU      | $926916.74    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ECOLAB INC                                       | Ecolab Inc                                                                       | CUSIP: 278865BM1<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |      1920000 | PA      | $1680889.21   | 0.02%             | 2032-02-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                             | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      7188000 | PA      | $7440004.09   | 0.09%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     14675000 | PA      | $14869026.25  | 0.19%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Corp                            | Antero Midstream Corp                                                            | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       146553 | NS      | $2848990.32   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | EXELON CORP                                                                      | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        55706 | OU      | $2507327.06   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | NEXTERA ENERGY INC                                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         2662 | OU      | $-200954.38   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC                         | Champion Iron Canada Inc                                                         | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      3595000 | PA      | $3758691.14   | 0.05%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                      | FSWP: MYR 3.250000 18-MAR-2031 KLI                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | GB        |     20540000 | OU      | $1710.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MOHAWK INDUSTRIES INC                                                            | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        36403 | OU      | $-4693074.76  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp                             | Parker-Hannifin Corp                                                             | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |          207 | NS      | $156937.05    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | MARSH   MCLENNAN INC                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       148346 | OU      | $29896169.38  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2019-2                                          | CUSIP: 68269BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       500000 | PA      | $490485.70    | 0.01%             | 2036-10-14      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                  | Nissan Motor Co Ltd                                                              | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |       770000 | PA      | $826591.15    | 0.01%             | 2035-07-17      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KGGQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       118041 | PA      | $109096.37    | 0.00%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              |  | US        |       300000 | PA      | $289930.51    | 0.00%             | 2030-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CSX Corp                                         | CSX Corp                                                                         | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |         3628 | NS      | $128830.28    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0626A4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     25550000 | PA      | $26402953.28  | 0.33%             | 2054-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                               | Zegona Finance PLC                                                               | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |      6287000 | PA      | $6692511.50   | 0.08%             | 2029-07-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.095150 17-DEC-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      8476700 | OU      | $70222.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VERISIGN INC                                     | VeriSign Inc                                                                     | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |      2345000 | PA      | $2408841.90   | 0.03%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc                            | GFL Environmental Inc                                                            | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |         1440 | NS      | $68227.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | PURCHASED SGD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | SG        |            1 | NC      | $-83717.93    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |            1 | NC      | $99043.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754XAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     11450000 | PA      | $11449951.91  | 0.14%             | 2044-07-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                           | Northern Oil & Gas Inc                                                           | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |       925000 | PA      | $921340.03    | 0.01%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |            1 | NC      | $-119221.42   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | US        |            1 | NC      | $84236.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | BARRICK MINING CORP                                                              | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       222354 | OU      | $7286540.58   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                             | Freeport-McMoRan Inc                                                             | CUSIP: 35671DCG8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |       240000 | PA      | $238710.18    | 0.00%             | 2028-08-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                         | Berkshire Hathaway Energy Co                                                     | CUSIP: 084659AV3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |      5170000 | PA      | $5061564.11   | 0.06%             | 2030-07-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                   | S&P Global Inc                                                                   | CUSIP: 78409VBH6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     11965000 | PA      | $11718153.08  | 0.15%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J9NG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2355528 | PA      | $2329265.16   | 0.03%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc                                | Kinder Morgan Inc                                                                | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |       154593 | NS      | $4376527.83   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | STELLANTIS NV                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       996496 | OU      | $-9307272.64  | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: ZAR 7.080000 18-MAR-2031 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    201630000 | OU      | $-23471.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | ROGERS COMMUNICATIONS NON-VOTING I                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       164119 | OU      | $-5657181.93  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                           | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BL5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |      6370000 | PA      | $6619346.39   | 0.08%             | 2032-08-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | BRISTOL MYERS SQUIBB                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       672635 | OU      | $30335838.50  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |            1 | NC      | $267564.25    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | KR        |            1 | NC      | $-36707.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                         | Constellation Brands Inc                                                         | CUSIP: 21036PBK3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |      5582000 | PA      | $5598062.93   | 0.07%             | 2027-05-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     70803000 | PA      | $72241008.93  | 0.90%             | 2042-01-25      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding Inc                          | PPL Capital Funding Inc                                                          | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |      1070000 | PA      | $1062446.66   | 0.01%             | 2026-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                             | Stillwater Mining Co                                                             | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |      4969000 | PA      | $4624275.63   | 0.06%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDK3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      1405000 | PA      | $1459057.59   | 0.02%             | 2032-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp                                   | Starbucks Corp                                                                   | CUSIP: 855244AT6<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |        40000 | PA      | $39191.46     | 0.00%             | 2029-08-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Rollins Inc                                      | Rollins Inc                                                                      | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |         1388 | NS      | $81531.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | TW        |            1 | NC      | $-61834.85    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                           | Roper Technologies Inc                                                           | CUSIP: 776743AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |        75000 | PA      | $67373.80     | 0.00%             | 2030-06-30      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | CROCS INC                                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       432098 | OU      | $36101787.90  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Essential Utilities Inc                          | Essential Utilities Inc                                                          | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |        68329 | NS      | $2726327.10   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | AMERICAN EXPRESS                                                                 | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        17135 | OU      | $5691561.60   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                              | Dominion Energy Inc                                                              | CUSIP: 25746UDL0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      1375000 | PA      | $1216810.94   | 0.02%             | 2031-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140Q7RS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        18710 | PA      | $18493.40     | 0.00%             | 2047-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                                 | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      9630000 | PA      | $9529571.81   | 0.12%             | 2033-03-22      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                           | CenterPoint Energy Inc                                                           | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |         2039 | NS      | $79113.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                              | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | TW        |            1 | NC      | $-26832.57    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MICRON TECHNOLOGY INC                                                            | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        70204 | OU      | $11746533.28  | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PRUDENTIAL FINANCIAL INC                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       157523 | OU      | $-16341436.02 | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | WILLIAMS INC                                                                     | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        92046 | OU      | $-5831114.10  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Master Trust                              | Affirm Master Trust                                                              | CUSIP: 00833BAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8100000 | PA      | $8158746.87   | 0.10%             | 2033-07-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KL7K7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       538248 | PA      | $439675.05    | 0.01%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Curtiss-Wright Corp                              | Curtiss-Wright Corp                                                              | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |          137 | NS      | $74382.78     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD RESID PROPERT                         | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      3618000 | PA      | $3393105.12   | 0.04%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sysco Corp                                       | Sysco Corp                                                                       | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |        41044 | NS      | $3379562.96   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORP                            | General Dynamics Corp                                                            | CUSIP: 369550BL1<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |      3532000 | PA      | $3516464.96   | 0.04%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QCS3<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |       270000 | PA      | $272510.16    | 0.00%             | 2034-08-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3133A9HE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1901938 | PA      | $1548143.41   | 0.02%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                              | American Tower Corp                                                              | CUSIP: 03027XCM0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |       730000 | PA      | $754310.69    | 0.01%             | 2035-01-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      2861000 | PA      | $2979050.58   | 0.04%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | MEDTRONIC PLC                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       347185 | OU      | $-33065899.40 | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| ENPRO INC                                        | Enpro Inc                                                                        | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |       435000 | PA      | $444588.86    | 0.01%             | 2033-06-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| FactSet Research Systems Inc                     | FactSet Research Systems Inc                                                     | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |          170 | NS      | $48703.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.450000 18-MAR-2031 SOR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      4350000 | OU      | $-20390.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | AMCOR PLC                                                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       270781 | OU      | $-2214988.58  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.060090 17-DEC-2027 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    246250000 | OU      | $-634081.51   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | GENUINE PARTS                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       137257 | OU      | $-19023820.20 | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                         | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 637432NS0<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |       100000 | PA      | $98580.41     | 0.00%             | 2029-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Watsco Inc                                       | Watsco Inc                                                                       | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |          164 | NS      | $66305.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                       | CUSIP: 21H0606A4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     16850000 | PA      | $17136678.65  | 0.21%             | 2054-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                            | Uber Technologies Inc                                                            | CUSIP: 90353TAP5<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      4000000 | PA      | $4007508.00   | 0.05%             | 2034-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | JM SMUCKER                                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       246404 | OU      | $-26759474.40 | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | WARNER BROS. DISCOVERY INC SERIES                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       987873 | OU      | $-19293159.69 | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $48472.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                          | Sherwin-Williams Co/The                                                          | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |          410 | NS      | $141966.60    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CJ2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      6824000 | PA      | $7242166.80   | 0.09%             | 2029-11-17      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                      | Equinix Inc                                                                      | CUSIP: 29444UBQ8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |      3465000 | PA      | $3405364.16   | 0.04%             | 2026-05-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | DEVON ENERGY CORP                                                                | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       936031 | OU      | $-32817246.86 | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                       | CUSIP: 21H0326A3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     24250000 | PA      | $22106689.21  | 0.28%             | 2055-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-HQA3                                          | CUSIP: 35564KKK4<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | USGSE             | US        |     59777325 | PA      | $60804897.22  | 0.76%             | 2041-09-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                            | Bread Financial Holdings Inc                                                     | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |      8010000 | PA      | $8549761.86   | 0.11%             | 2029-03-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MOSAIC                                                                           | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       211536 | OU      | $7336068.48   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co                            | MidAmerican Energy Co                                                            | CUSIP: 595620AT2<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |       310000 | PA      | $305480.35    | 0.00%             | 2029-04-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                          | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6571000 | PA      | $6892998.71   | 0.09%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ATLANTICUS HOLDINGS CORP                         | Atlanticus Holdings Corp                                                         | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3480000 | PA      | $3457818.83   | 0.04%             | 2030-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIAL                         | Martin Marietta Materials Inc                                                    | CUSIP: 573284BA3<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |      2055000 | PA      | $2097229.63   | 0.03%             | 2034-12-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| NiSource Inc                                     | NiSource Inc                                                                     | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |         1654 | NS      | $71618.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERSTATE POWER & LIGHT                         | Interstate Power and Light Co                                                    | CUSIP: 461070AV6<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |       900000 | PA      | $894905.57    | 0.01%             | 2034-09-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                 | FirstEnergy Corp                                                                 | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |       127851 | NS      | $5858132.82   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                       | Unum Group                                                                       | CUSIP: 91529YAN6<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |      4996000 | PA      | $4931869.30   | 0.06%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                           | Sempra                                                                           | CUSIP: 816851BR9<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |       640000 | PA      | $667066.24    | 0.01%             | 2033-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| General Electric Co                              | General Electric Co                                                              | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |         1408 | NS      | $423554.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA6                                          | CUSIP: 35564KH77<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | USGSE             | US        |      8000000 | PA      | $8689580.80   | 0.11%             | 2042-09-25      | Floating      | 10.11%                | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | ROGERS COMMUNICATIONS NON-VOTING I                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       815432 | OU      | $-28107941.04 | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |            1 | NC      | $-10059.92    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD                               | Honda Motor Co Ltd                                                               | CUSIP: 438127AE2<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |      9080000 | PA      | $9160076.52   | 0.11%             | 2030-07-08      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QBBH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        45162 | PA      | $43280.54     | 0.00%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | AUTOZONE INC                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |         6500 | OU      | $27886560.00  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                              | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    250000000 | PA      | $249830530.00 | 3.11%             | 2025-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                             | Las Vegas Sands Corp                                                             | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      2260000 | PA      | $2353845.66   | 0.03%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | VISTRA CORP                                                                      | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         5875 | OU      | $1151030.00   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | CENOVUS ENERGY INC                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       263898 | OU      | $-4483627.02  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                         | First Quantum Minerals Ltd                                                       | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      2665000 | PA      | $2812627.68   | 0.04%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                | Ares Capital Corp                                                                | CUSIP: 04010LBL6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |      1750000 | PA      | $1737377.67   | 0.02%             | 2031-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                         | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 63743HFJ6<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |       790000 | PA      | $810828.16    | 0.01%             | 2028-09-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | AMERICAN INTERNATIONAL GROUP INC                                                 | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       444403 | OU      | $34903411.62  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |            1 | NC      | $-6910.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-A                                         | CUSIP: 00834BAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5230000 | PA      | $5252576.86   | 0.07%             | 2029-02-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                          | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      6971000 | PA      | $7070490.11   | 0.09%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                            | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2428000 | PA      | $2341120.60   | 0.03%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | NASDAQ INC                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       137168 | OU      | $-12132509.60 | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc                          | Illinois Tool Works Inc                                                          | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |          513 | NS      | $133769.88    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      7183000 | PA      | $7108348.66   | 0.09%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | EXPEDIA GROUP INC                                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |        68922 | OU      | $-14732077.50 | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| AUTODESK INC                                     | Autodesk Inc                                                                     | CUSIP: 052769AJ5<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |      4170000 | PA      | $4285346.50   | 0.05%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BROADCOM CRP / CAYMN FI                          | Broadcom Corp / Broadcom Cayman Finance Ltd                                      | CUSIP: 11134LAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     12295000 | PA      | $12285770.88  | 0.15%             | 2027-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                      | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      4960000 | PA      | $4901381.38   | 0.06%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                     | AES Corp/The                                                                     | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |      3584000 | PA      | $3550973.73   | 0.04%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-HQA1                                          | CUSIP: 35564KUE7<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | USGSE             | US        |     16439000 | PA      | $17685423.06  | 0.22%             | 2042-03-25      | Floating      | 11.36%                | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | MGM RESORTS INTERNATIONAL                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       775507 | OU      | $26879072.62  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |            1 | NC      | $-51736.85    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KIOXIA HOLDINGS CORP                             | Kioxia Holdings Corp                                                             | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |      1050000 | PA      | $1079431.50   | 0.01%             | 2033-07-24      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | SNAP INC CLASS A                                                                 | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       321394 | OU      | $-2477947.74  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.501190 17-DEC-2035 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     10400000 | OU      | $137189.74    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                                 | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      7307000 | PA      | $7888066.67   | 0.10%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR NOTE (CBT)DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -10408 | NC      | $-2191589.52  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COS INC                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BN1<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |      4215000 | PA      | $3819098.37   | 0.05%             | 2030-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | TRANSOCEAN LTD                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      9388548 | OU      | $29292269.76  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | BROOKFIELD VOTING INC CLASS A WHEN                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       190793 | OU      | $-13084583.94 | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KQDR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1299293 | PA      | $1331022.18   | 0.02%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TUCSON ELECTRIC POWER CO                         | Tucson Electric Power Co                                                         | CUSIP: 898813AS9<br>LEI: YLF139GXSRKPBBTNZL03 | Long             | DBT              | CORP              | US        |        30000 | PA      | $26219.37     | 0.00%             | 2030-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                       | Fiserv Inc                                                                       | CUSIP: 337738BG2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |      7660000 | PA      | $7898427.99   | 0.10%             | 2028-08-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                 | Duke Energy Corp                                                                 | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |        66370 | NS      | $8213287.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BP9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |        13000 | PA      | $12418.33     | 0.00%             | 2028-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                              | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9100000 | PA      | $8715808.19   | 0.11%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | SEALED AIR CORP                                                                  | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       272850 | OU      | $9645247.50   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | MX        |            1 | NC      | $-2345.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                               | Meta Platforms Inc                                                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |         1593 | NS      | $1169867.34   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     13455000 | PA      | $12739215.26  | 0.16%             | 2030-10-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 3617QG2H6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       390733 | PA      | $330506.98    | 0.00%             | 2050-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                              | Klabin Austria GmbH                                                              | CUSIP: 49836AAC8<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |      3084000 | PA      | $2782261.44   | 0.03%             | 2031-01-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| VeriSign Inc                                     | VeriSign Inc                                                                     | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |          283 | NS      | $79118.31     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES / NOTE                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              |  | US        |       620000 | PA      | $605330.03    | 0.01%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                       | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      2250000 | PA      | $2334049.00   | 0.03%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 31335CBP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |           64 | PA      | $61.35        | 0.00%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                  | Ross Stores Inc                                                                  | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |          695 | NS      | $105911.05    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC                           | CACI International Inc                                                           | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |      3082000 | PA      | $3179239.10   | 0.04%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $48350.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED EUR / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |            1 | NC      | $-525966.24   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ENDEAVOUR MINING PLC                             | Endeavour Mining PLC                                                             | CUSIP: 29261HAB1<br>LEI: 529900NI5MXQ91GHXR07 | Long             | DBT              | CORP              | GB        |      3280000 | PA      | $3380466.40   | 0.04%             | 2030-05-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | RYDER SYSTEM INC                                                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       147686 | OU      | $27859487.04  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | AMERICAN AIRLINES GROUP INC                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      2581660 | OU      | $-29017858.40 | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PERFORMANCE FOOD GROUP                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       176816 | OU      | $-18395936.64 | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Bio-Techne Corp                                  | Bio-Techne Corp                                                                  | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |         1027 | NS      | $57132.01     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                          | ITT Inc                                                                          | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |          367 | NS      | $65604.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLROSE PROPERTIES INC                          | Millrose Properties Inc                                                          | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              |  | US        |      2394000 | PA      | $2400257.01   | 0.03%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED EUR / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |            1 | NC      | $187899.52    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      1717000 | PA      | $1701289.97   | 0.02%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Ameren Corp                                      | Ameren Corp                                                                      | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |          805 | NS      | $84025.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                            | Waste Connections Inc                                                            | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |          567 | NS      | $99678.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTREA HOLDINGS INC                             | Fortrea Holdings Inc                                                             | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |      4440000 | PA      | $4204414.93   | 0.05%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | BROADRIDGE FINANCIAL SOLUTIONS INC                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       113239 | OU      | $26970132.63  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | HOME DEPOT INC                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        83268 | OU      | $-33739360.92 | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       768000 | PA      | $791605.27    | 0.01%             | 2031-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Chemed Corp                                      | Chemed Corp                                                                      | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |          121 | NS      | $54176.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140FXF23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        17418 | PA      | $16454.22     | 0.00%             | 2057-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc                       | Verizon Communications Inc                                                       | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |         5958 | NS      | $261854.10    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enva 2018-A, LLC                                 | NetCredit Combined Receivables A LLC                                             | CUSIP: 64112RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8944154 | PA      | $9119945.39   | 0.11%             | 2031-10-20      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CL        |            1 | NC      | $-32319.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK NA                                      | TESLA INC                                                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |        61083 | OU      | $-27164831.76 | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | DELL TECHNOLOGIES INC CLASS C                                                    | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       166040 | OU      | $23539490.80  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BT1<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      3118000 | PA      | $2705357.05   | 0.03%             | 2031-12-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                  | Xcel Energy Inc                                                                  | CUSIP: 98388MAD9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |       860000 | PA      | $853238.05    | 0.01%             | 2032-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                                    | FSWP: OIS 4.825000 18-MAR-2031 CLI                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DIR              |  | US        |   6039650000 | OU      | $16796.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | HUMANA INC                                                                       | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        12409 | OU      | $-3228449.53  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CZK 3.836000 18-MAR-2031 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    195460000 | OU      | $-65375.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     23435000 | PA      | $24173288.74  | 0.30%             | 2030-11-19      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.574200 10-JUL-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     22720000 | OU      | $-15183.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RTX Corp                                         | RTX Corp                                                                         | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |         1835 | NS      | $307050.55    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                       | CUSIP: 21H0206A8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     73475000 | PA      | $60718958.23  | 0.76%             | 2055-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3138W9A26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       308863 | PA      | $291176.57    | 0.00%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SERVICENOW INC                                   | ServiceNow Inc                                                                   | CUSIP: 81762PAE2<br>LEI: 549300HJTQM36M0E1G39 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $875689.09    | 0.01%             | 2030-09-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| WW GRAINGER INC                                  | WW Grainger Inc                                                                  | CUSIP: 384802AF1<br>LEI: 549300TWZSP6O1IH2V34 | Long             | DBT              | CORP              | US        |      8340000 | PA      | $8241661.81   | 0.10%             | 2034-09-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Edwards Lifesciences Corp                        | Edwards Lifesciences Corp                                                        | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |         1269 | NS      | $98690.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FS KKR CAPITAL CORP                              | FS KKR Capital Corp                                                              | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |      4080000 | PA      | $3781690.07   | 0.05%             | 2028-10-12      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                   | Morgan Stanley                                                                   | CUSIP: 61744YAK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       325000 | PA      | $321579.74    | 0.00%             | 2028-07-22      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |            1 | NC      | $110794.22    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | ENBRIDGE INC                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       249595 | OU      | $-12594563.70 | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                         | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43283QAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       434000 | PA      | $440793.84    | 0.01%             | 2032-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | APA CORP                                                                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        13733 | OU      | $333437.24    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | CANADIAN NATURAL RESOURCES LTD                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       201671 | OU      | $-6445405.16  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | COMCAST CORP CLASS A                                                             | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       922813 | OU      | $28994784.46  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     14490000 | PA      | $14394828.09  | 0.18%             | 2026-12-10      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                           | Verizon Communications Inc                                                       | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      7765000 | PA      | $7896335.89   | 0.10%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                           | Northern Oil & Gas Inc                                                           | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |      2750000 | PA      | $2841011.25   | 0.04%             | 2031-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: NZD 3.265000 18-MAR-2031 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     15970000 | OU      | $15856.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                        | QIAGEN NV                                                                        | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |         1250 | NS      | $55850.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRPW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1403463 | PA      | $1412146.17   | 0.02%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avery Dennison Corp                              | Avery Dennison Corp                                                              | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |         5949 | NS      | $964749.33    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140Q7NJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         4696 | PA      | $4514.96      | 0.00%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3132CWM84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1372866 | PA      | $1323782.83   | 0.02%             | 2032-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                           | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607GRR7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |      1870000 | PA      | $1866062.68   | 0.02%             | 2025-10-23      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp                                | ITC Holdings Corp                                                                | CUSIP: 465685AP0<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |      5420000 | PA      | $5320470.26   | 0.07%             | 2027-11-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                         | Charles River Laboratories International Inc                                     | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |      2391000 | PA      | $2338522.57   | 0.03%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | RALPH LAUREN CORP CLASS A                                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |        61684 | OU      | $19341635.04  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | REVVITY INC                                                                      | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         3216 | OU      | $281882.40    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                              | Cheniere Energy Inc                                                              | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |      3200000 | PA      | $3298688.86   | 0.04%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | WHIRLPOOL CORP                                                                   | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |         3572 | OU      | $-280759.20   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                           | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BJ0<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |      1005000 | PA      | $947994.10    | 0.01%             | 2031-03-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                       | CUSIP: 21H0526A1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     19925000 | PA      | $20073287.43  | 0.25%             | 2054-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED PHP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | PH        |            1 | NC      | $-74392.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.495500 23-JUN-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     22820000 | OU      | $137147.71    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | OPEN TEXT CORP                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |        89650 | OU      | $-3351117.00  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| NOVARTIS CAPITAL CORP                            | Novartis Capital Corp                                                            | CUSIP: 66989HAR9<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |       180000 | PA      | $165481.85    | 0.00%             | 2030-08-14      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | EBAY INC                                                                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       348340 | OU      | $31681523.00  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA1                                          | CUSIP: 35564KQC6<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | USGSE             | US        |      6040000 | PA      | $6138816.21   | 0.08%             | 2042-01-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| OTIS WORLDWIDE CORP                              | Otis Worldwide Corp                                                              | CUSIP: 68902VAJ6<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |        65000 | PA      | $63397.74     | 0.00%             | 2027-04-05      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | DELTA AIR LINES INC                                                              | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         1780 | OU      | $101015.00    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JW8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      1265000 | PA      | $1219520.20   | 0.02%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | CELANESE CORP                                                                    | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        94915 | OU      | $-3994023.20  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |            1 | NC      | $-74182.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | GRAPHIC PACKAGING HOLDING                                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      1156644 | OU      | $-22635523.08 | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                | CUSIP: 404280DX4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      1900000 | PA      | $2050884.70   | 0.03%             | 2034-06-20      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                         | Toyota Motor Credit Corp                                                         | CUSIP: 89236TNA9<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |      5661000 | PA      | $5831381.32   | 0.07%             | 2030-01-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.587850 17-DEC-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     15010381 | OU      | $-183463.71   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                 | Altria Group Inc                                                                 | CUSIP: 02209SBT9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      1125000 | PA      | $1167903.95   | 0.01%             | 2035-02-06      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.492160 07-JUL-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      7530000 | OU      | $48924.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2020-HQA5                                          | CUSIP: 35565TBD0<br>LEI: 5493000IT2BRJ2Q9YQ96 | Long             | ABS-MBS          | USGSE             | US        |     34062962 | PA      | $37682151.71  | 0.47%             | 2050-11-25      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                           | Match Group Holdings II LLC                                                      | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |      1626000 | PA      | $1535744.97   | 0.02%             | 2030-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAJ4<br>LEI: N/A                  | Long             | DBT              |  | US        |       160000 | PA      | $161996.84    | 0.00%             | 2027-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | WHIRLPOOL CORP                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        18968 | OU      | $-1490884.80  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | BALL CORP                                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       464578 | OU      | $23424022.76  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PILGRIMS PRIDE CORP                                                              | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       809877 | OU      | $32978191.44  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                | Nexstar Media Inc                                                                | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      6984000 | PA      | $6816679.42   | 0.08%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | THERMO FISHER SCIENTIFIC INC                                                     | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        73880 | OU      | $-35833277.60 | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.639490 17-DEC-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     54160000 | OU      | $-56438.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                     | Canadian National Railway Co                                                     | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |         1220 | NS      | $115046.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | TWILIO INC CLASS A                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       333210 | OU      | $33350988.90  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                          | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2400000 | PA      | $2502537.60   | 0.03%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                 | Under Armour Inc                                                                 | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |       473000 | PA      | $472415.38    | 0.01%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                              | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    332800000 | PA      | $332314541.31 | 4.14%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     22140000 | PA      | $21581852.15  | 0.27%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140JLMJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       408238 | PA      | $402666.13    | 0.01%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      1077000 | PA      | $1075436.84   | 0.01%             | 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        |      7923000 | PA      | $8262460.94   | 0.10%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Dover Corp                                       | Dover Corp                                                                       | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |          427 | NS      | $71236.41     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | DEVON ENERGY CORP                                                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |         7590 | OU      | $-266105.40   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      2424000 | PA      | $2425403.42   | 0.03%             | 2028-10-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | BAXTER INTERNATIONAL INC                                                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       187258 | OU      | $-4263864.66  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAH3<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |        50000 | PA      | $49605.76     | 0.00%             | 2028-06-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |            1 | NC      | $681.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mueller Industries Inc                           | Mueller Industries Inc                                                           | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |          619 | NS      | $62587.09     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STONEX GROUP INC                                 | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |      5447000 | PA      | $5728108.78   | 0.07%             | 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        |      3032000 | PA      | $2863161.26   | 0.04%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.846210 17-DEC-2055 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     29258661 | OU      | $-411011.76   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AFLAC INC                                        | Aflac Inc                                                                        | CUSIP: 001055BK7<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |      2360000 | PA      | $2328388.60   | 0.03%             | 2026-03-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                    | CUSIP: 571903BQ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      2620000 | PA      | $2691044.21   | 0.03%             | 2034-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |            1 | NC      | $50988.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | ALCOA CORP                                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |      1069203 | OU      | $35166086.67  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| DAVITA INC                                       | DaVita Inc                                                                       | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      5360000 | PA      | $5136964.45   | 0.06%             | 2030-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                         | Snap Inc                                                                         | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |      2042000 | PA      | $2087125.42   | 0.03%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                           | Motorola Solutions Inc                                                           | CUSIP: 620076BW8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     11250000 | PA      | $11842702.31  | 0.15%             | 2032-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                       | AbbVie Inc                                                                       | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      7360000 | PA      | $7573618.77   | 0.09%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-HQA1                                          | CUSIP: 35564KTJ8<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | USGSE             | US        |     79033000 | PA      | $83274353.36  | 1.04%             | 2042-03-25      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                | Cisco Systems Inc                                                                | CUSIP: 17275RBT8<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |      3320000 | PA      | $3434096.15   | 0.04%             | 2034-02-26      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                       | Carvana Co                                                                       | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |      4929885 | PA      | $5157729.50   | 0.06%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-A                                         | CUSIP: 00834BAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4170000 | PA      | $4194714.76   | 0.05%             | 2029-02-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3212000 | PA      | $2836819.61   | 0.04%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | JOHNSON CONTROLS INTERNATIONAL PLC                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       282811 | OU      | $31095069.45  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis Inc                                       | Zoetis Inc                                                                       | CUSIP: 98978VAL7<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |     11280000 | PA      | $11081762.69  | 0.14%             | 2027-09-12      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | KROGER                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       452557 | OU      | $30506867.37  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3132LAV82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        26078 | PA      | $25758.77     | 0.00%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | EQUIFAX INC                                                                      | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         6362 | OU      | $-1632043.86  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                           | Roper Technologies Inc                                                           | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |          218 | NS      | $108714.42    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | GE AEROSPACE                                                                     | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        36648 | OU      | $11024451.36  | 0.14%             |  |  |  | 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        |      4082000 | PA      | $4237320.10   | 0.05%             | 2031-05-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      2730000 | PA      | $2782031.07   | 0.03%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |       955000 | PA      | $969515.05    | 0.01%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | HYATT HOTELS CORP CLASS A                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       147266 | OU      | $-20901463.38 | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group Inc                                 | Altria Group Inc                                                                 | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |         2710 | NS      | $179022.60    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                              | VICI Properties Inc                                                              | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |       233554 | NS      | $7616195.94   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                         | LKQ Corp                                                                         | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |        40167 | NS      | $1226700.18   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20755RAG0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      6297000 | PA      | $6306823.32   | 0.08%             | 2044-09-25      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | STEEL DYNAMICS INC                                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |         1559 | OU      | $-217371.37   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                      | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      4305000 | PA      | $4302887.79   | 0.05%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | KR        |            1 | NC      | $-47255.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ANYWHERE REAL EST/CO-ISS                         | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp                         | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4800000 | PA      | $4857611.71   | 0.06%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CITY ELECTRIC                           | Atlantic City Electric Co                                                        | CUSIP: 048303CH2<br>LEI: 549300S5TW3VP5V06B73 | Long             | DBT              | CORP              | US        |        50000 | PA      | $49907.60     | 0.00%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                                    | Amphenol Corp                                                                    | CUSIP: 032095AJ0<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $946175.23    | 0.01%             | 2030-02-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.737540 17-DEC-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      2037291 | OU      | $-12828.05    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-X2                                        | CUSIP: 00833QAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3125000 | PA      | $3156033.13   | 0.04%             | 2029-12-17      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | OPEN TEXT CORP                                                                   | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        64110 | OU      | $-2396431.80  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QAJQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        13505 | PA      | $13647.91     | 0.00%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | STELLANTIS NV                                                                    | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        24822 | OU      | $-231837.48   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD                               | Honda Motor Co Ltd                                                               | CUSIP: 438127AF9<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |     10460000 | PA      | $10657877.99  | 0.13%             | 2035-07-08      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |            1 | NC      | $-26896.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2020-DNA6                                          | CUSIP: 35566CBD6<br>LEI: 5493000ITBQFEOXM0S98 | Long             | ABS-MBS          | USGSE             | US        |     16535000 | PA      | $17665676.53  | 0.22%             | 2050-12-25      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 31335CAQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         4138 | PA      | $3987.31      | 0.00%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | TARGET CORP                                                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |         1623 | OU      | $-145583.10   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                            | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |      1761000 | PA      | $1836992.43   | 0.02%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | CROWN HOLDINGS INC                                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       358385 | OU      | $34616407.15  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                           | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     11406000 | PA      | $10556443.02  | 0.13%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | BIOGEN INC                                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        75612 | OU      | $-10591728.96 | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | CARLISLE COMPANIES INC                                                           | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        32392 | OU      | $10655672.32  | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                                 | Credit Acceptance Corp                                                           | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5458000 | PA      | $5734344.00   | 0.07%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |            1 | NC      | $7404.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 3.178750 15-SEP-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      5970000 | OU      | $6702.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | XCEL ENERGY INC                                                                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       149484 | OU      | $-12055884.60 | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Master Trust                              | Affirm Master Trust                                                              | CUSIP: 00833BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2500000 | PA      | $2518043.75   | 0.03%             | 2033-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA3                                          | CUSIP: 35564KWA3<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | USGSE             | US        |      1620000 | PA      | $1718722.80   | 0.02%             | 2042-04-25      | Floating      | 10.01%                | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.554200 27-AUG-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     15260000 | OU      | $5167.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754XAC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      4852000 | PA      | $4872475.44   | 0.06%             | 2044-07-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      3015000 | PA      | $2989294.98   | 0.04%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Insmed Inc                                       | Insmed Inc                                                                       | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |          588 | NS      | $84677.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY ARKANSAS LLC                             | Entergy Arkansas LLC                                                             | CUSIP: 29366MAE8<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |       720000 | PA      | $746446.87    | 0.01%             | 2033-09-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                          | Enova International Inc                                                          | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |      1464000 | PA      | $1537445.95   | 0.02%             | 2029-08-01      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                         | Berkshire Hathaway Energy Co                                                     | CUSIP: 084659BD2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |       245000 | PA      | $212251.47    | 0.00%             | 2031-05-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Yum! Brands Inc                                  | Yum! Brands Inc                                                                  | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |          650 | NS      | $98800.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CZK 3.833530 18-MAR-2031 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    190940000 | OU      | $-64895.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                           | Lumen Technologies Inc                                                           | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      2909000 | PA      | $2942913.67   | 0.04%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 0.195650 18-MAR-2031 SAR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      2690000 | OU      | $2010.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                          | Talen Energy Supply LLC                                                          | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |      1862000 | PA      | $1976585.62   | 0.02%             | 2030-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                    | CUSIP: 571903BJ1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      2480000 | PA      | $2523157.18   | 0.03%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                              | Quanta Services Inc                                                              | CUSIP: 74762EAF9<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |      4900000 | PA      | $4574370.79   | 0.06%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                                       | Intuit Inc                                                                       | CUSIP: 46124HAG1<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |      7585000 | PA      | $7929670.36   | 0.10%             | 2033-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| IBM INTERNAT CAPITAL                             | IBM International Capital Pte Ltd                                                | CUSIP: 449276AD6<br>LEI: 2549007KTXQQBYZO7485 | Long             | DBT              | CORP              | SG        |     16600000 | PA      | $16930272.27  | 0.21%             | 2031-02-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCP3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      7450000 | PA      | $7609592.56   | 0.09%             | 2033-02-28      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED PLN / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | PL        |            1 | NC      | $-1392.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.472000 18-JUN-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      7620000 | OU      | $60208.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                 | NetCredit Combined Receivables 2024 LLC                                          | CUSIP: 64113EAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6000000 | PA      | $6130040.28   | 0.08%             | 2030-10-21      | Fixed         | 8.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR Trust 2018-DNA3                                                | CUSIP: 35563WBE3<br>LEI: 549300BL200YC56BUV20 | Long             | ABS-MBS          | USGSE             | US        |      2000000 | PA      | $2310165.20   | 0.03%             | 2048-09-25      | Floating      | 12.22%                | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                      | Prologis LP                                                                      | CUSIP: 74340XCE9<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |      3435000 | PA      | $3464751.08   | 0.04%             | 2033-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                   | Mastercard Inc                                                                   | CUSIP: 57636QBG8<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |      8000000 | PA      | $8286525.04   | 0.10%             | 2032-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3138WGFQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         6557 | PA      | $6175.53      | 0.00%             | 2046-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                         | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 637432PA7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |      2350000 | PA      | $2521121.45   | 0.03%             | 2033-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 31329QHM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         5191 | PA      | $4974.30      | 0.00%             | 2049-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp                               | Franco-Nevada Corp                                                               | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |          475 | NS      | $105882.25    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.611000 01-AUG-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     15420000 | OU      | $-53509.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                         | Hughes Satellite Systems Corp                                                    | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3344000 | PA      | $3179980.14   | 0.04%             | 2026-08-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                | Hyatt Hotels Corp                                                                | CUSIP: 448579AT9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |      4855000 | PA      | $4964319.99   | 0.06%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EDWARDS LIFESCIENCES COR                         | Edwards Lifesciences Corp                                                        | CUSIP: 28176EAD0<br>LEI: YA13X31F3V31L8TMPR58 | Long             | DBT              | CORP              | US        |      6885000 | PA      | $6908950.57   | 0.09%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | BAXTER INTERNATIONAL INC                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       268544 | OU      | $-6114746.88  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | BRISTOL MYERS SQUIBB                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       781556 | OU      | $35248175.60  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | HU        |            1 | NC      | $-5434.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      8100000 | PA      | $8094665.18   | 0.10%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |            1 | NC      | $1180361.51   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MARVELL TECHNOLOGY INC                                                           | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       367509 | OU      | $-30896481.63 | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                     | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |      5105000 | PA      | $5293752.27   | 0.07%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NZ        |            1 | NC      | $-113612.37   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | OTIS WORLDWIDE CORP                                                              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       399485 | OU      | $36524913.55  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| PulteGroup Inc                                   | PulteGroup Inc                                                                   | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          578 | NS      | $76371.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                         | Ferguson Enterprises Inc                                                         | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |          427 | NS      | $95895.66     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.113910 17-DEC-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      7010000 | OU      | $43832.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | ABBVIE INC                                                                       | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        74811 | OU      | $-17321738.94 | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20755AAD4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      5000000 | PA      | $5412500.00   | 0.07%             | 2043-01-25      | Floating      | 9.91%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | CAPITAL ONE FINANCIAL CORP                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        60780 | OU      | $-12920612.40 | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                         | Regeneron Pharmaceuticals Inc                                                    | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |     20690000 | PA      | $18248422.55  | 0.23%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                         | AT&T Inc                                                                         | CUSIP: 00206RJY9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     10350000 | PA      | $9485928.59   | 0.12%             | 2031-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CHEVRON CORP                                     | Chevron Corp                                                                     | CUSIP: 166764BY5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       170000 | PA      | $157207.27    | 0.00%             | 2030-05-11      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAK1<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |       565000 | PA      | $565364.05    | 0.01%             | 2028-09-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | OVINTIV INC                                                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       594490 | OU      | $24005506.20  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MARTIN MARIETTA MATERIALS INC                                                    | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        15139 | OU      | $9541808.92   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Rogers Communications Inc                        | Rogers Communications Inc                                                        | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |         1947 | NS      | $67113.09     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | ALLY FINANCIAL INC                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       708664 | OU      | $-27779628.80 | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | EQUITABLE HOLDINGS INC                                                           | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        33720 | OU      | $1712301.60   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | BAXTER INTERNATIONAL INC                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        46953 | OU      | $-1069119.81  | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac Stacr Remic Trust 2025-Hqa1                                          | CUSIP: 35564NHA4<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | USGSE             | US        |      5200000 | PA      | $5199996.36   | 0.06%             | 2045-02-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | MGM RESORTS INTERNATIONAL                                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       701621 | OU      | $24318183.86  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                           | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BN1<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     14566000 | PA      | $15484538.37  | 0.19%             | 2033-12-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PTC Inc                                          | PTC Inc                                                                          | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |          357 | NS      | $72478.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LYB INTERNATIONAL FINANC                         | LYB International Finance II BV                                                  | CUSIP: 50247WAB3<br>LEI: 549300ZSNDBYN4Z4VZ93 | Long             | DBT              | CORP              | NL        |      2480000 | PA      | $2450496.73   | 0.03%             | 2027-03-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.825000 18-MAR-2031 SHI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     24560000 | OU      | $-9875.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1061000 | PA      | $1075573.90   | 0.01%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                    | CUSIP: 571903BX0<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      4400000 | PA      | $4439169.06   | 0.06%             | 2035-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                           | Motorola Solutions Inc                                                           | CUSIP: 620076BU2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |      3485000 | PA      | $3181307.86   | 0.04%             | 2031-05-24      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                            | Texas Instruments Inc                                                            | CUSIP: 882508BL7<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |      2445000 | PA      | $2158103.99   | 0.03%             | 2031-09-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                          | MPLX LP                                                                          | CUSIP: 55336VBV1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     20410000 | PA      | $20415072.09  | 0.25%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      4700000 | PA      | $4805284.70   | 0.06%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                              | CUSIP: 912797QG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    160300000 | PA      | $159905461.63 | 1.99%             | 2025-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4540000 | PA      | $4839834.90   | 0.06%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | IQVIA HOLDINGS INC                                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         9003 | OU      | $-1710029.82  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2650000 | PA      | $2672509.82   | 0.03%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                                      | Equifax Inc                                                                      | CUSIP: 294429AX3<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |      5130000 | PA      | $5213184.54   | 0.06%             | 2029-09-15      | Fixed         | 4.80%                 | 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        |      2415000 | PA      | $2417330.48   | 0.03%             | 2032-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                               | Ingersoll Rand Inc                                                               | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |         1025 | NS      | $84685.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | CELANESE CORP                                                                    | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       671745 | OU      | $-28267029.60 | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| Casella Waste Systems Inc                        | Casella Waste Systems Inc                                                        | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |          560 | NS      | $53132.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2005000 | PA      | $2060687.63   | 0.03%             | 2030-01-16      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Descartes Systems Group Inc/The                  | Descartes Systems Group Inc/The                                                  | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |          560 | NS      | $52768.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | MERITAGE CORP                                                                    | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       444971 | OU      | $-32229249.53 | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                     | ADT Security Corp/The                                                            | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $2901048.30   | 0.04%             | 2029-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                 | Bank of Montreal                                                                 | CUSIP: 06368LWU6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |      3110000 | PA      | $3248715.83   | 0.04%             | 2028-09-25      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA1                                          | CUSIP: 35564KQY8<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | USGSE             | US        |     27820000 | PA      | $28462297.03  | 0.35%             | 2042-01-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| IDACORP Inc                                      | IDACORP Inc                                                                      | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |         9527 | NS      | $1258993.05   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BRMF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       623503 | PA      | $631190.71    | 0.01%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                    | CUSIP: 571903BB8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |       193000 | PA      | $195341.46    | 0.00%             | 2028-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                         | Diversified Healthcare Trust                                                     | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              |  | US        |       245000 | PA      | $249000.74    | 0.00%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA5                                          | CUSIP: 35564KJA8<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | USGSE             | US        |     49121647 | PA      | $52099892.46  | 0.65%             | 2034-01-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAQ7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |       755000 | PA      | $785636.19    | 0.01%             | 2033-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                    | DTE Energy Co                                                                    | CUSIP: 233331BC0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |       122000 | PA      | $117952.85    | 0.00%             | 2029-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                    | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      7590000 | PA      | $7642492.14   | 0.10%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Gentex Corp                                      | Gentex Corp                                                                      | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |         1917 | NS      | $54251.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN FINANCE CORP                             | OneMain Finance Corp                                                             | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      1143000 | PA      | $1185271.57   | 0.01%             | 2031-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | LOWES COMPANIES INC                                                              | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       119243 | OU      | $-29966958.33 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| Natera Inc                                       | Natera Inc                                                                       | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          438 | NS      | $70504.86     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                      | Shopify Inc                                                                      | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |         1815 | NS      | $269727.15    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FORESTAR GROUP INC                               | Forestar Group Inc                                                               | CUSIP: 346232AG6<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |      1428000 | PA      | $1460848.28   | 0.02%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                                       | NetApp Inc                                                                       | CUSIP: 64110DAN4<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |      3777000 | PA      | $3948216.74   | 0.05%             | 2035-03-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | HALLIBURTON                                                                      | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |      1167935 | OU      | $-28731201.00 | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                         | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3162000 | PA      | $3052981.64   | 0.04%             | 2029-12-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                | Cisco Systems Inc                                                                | CUSIP: 17275RBY7<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |      5450000 | PA      | $5634972.78   | 0.07%             | 2032-02-24      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA2                                          | CUSIP: 35564KDY2<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | USGSE             | US        |     18266000 | PA      | $22332263.67  | 0.28%             | 2033-08-25      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | DARDEN RESTAURANTS INC                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       158065 | OU      | $30089253.40  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC                                | Golub Capital BDC Inc                                                            | CUSIP: 38173MAB8<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |       620000 | PA      | $609104.73    | 0.01%             | 2026-08-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.599200 17-DEC-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      7740000 | OU      | $-75581.95    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                  | San Diego Gas & Electric Co                                                      | CUSIP: 797440CE2<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |      3365000 | PA      | $3446724.24   | 0.04%             | 2028-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | HILTON WORLDWIDE HOLDINGS INC                                                    | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       111773 | OU      | $-28998387.12 | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD NZD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |            1 | NC      | $272103.10    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                             | Freeport-McMoRan Inc                                                             | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |       975000 | PA      | $969305.73    | 0.01%             | 2028-03-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Neurocrine Biosciences Inc                       | Neurocrine Biosciences Inc                                                       | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |          458 | NS      | $64294.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                       | CUSIP: 21H0506A5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     14475000 | PA      | $14397112.63  | 0.18%             | 2054-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PAGAYA US HOLDINGS CO                            | Pagaya US Holdings Co LLC                                                        | CUSIP: 69549FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3942000 | PA      | $3670548.79   | 0.05%             | 2030-08-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: AUD 3.818000 18-MAR-2031 AUD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     99270000 | OU      | $-412959.37   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 3.188700 15-AUG-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     16590000 | OU      | $68738.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.165650 17-DEC-2027 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    133540000 | OU      | $-344051.06   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                    | DISH DBS Corp                                                                    | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       847000 | PA      | $780455.45    | 0.01%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                  | CVS Health Corp                                                                  | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      7200000 | PA      | $7326736.78   | 0.09%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Exelixis Inc                                     | Exelixis Inc                                                                     | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |         1592 | NS      | $65749.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SISECAM UK PLC                                   | Sisecam UK PLC                                                                   | CUSIP: 829688AB6<br>LEI: 789000T82YRLMLUOC889 | Long             | DBT              | CORP              | GB        |      5929000 | PA      | $6151337.50   | 0.08%             | 2032-05-02      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                | Hyatt Hotels Corp                                                                | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |      2180000 | PA      | $2221049.73   | 0.03%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                                     | AutoZone Inc                                                                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |           31 | NS      | $132997.44    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC                               | Ally Financial Inc                                                               | CUSIP: 02005NBY5<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      2451000 | PA      | $2450157.40   | 0.03%             | 2040-01-17      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZT4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      5985000 | PA      | $5991319.02   | 0.07%             | 2027-06-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                      | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      7650000 | PA      | $7719218.73   | 0.10%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED PLN / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | PL        |            1 | NC      | $-46618.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0606A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     43850000 | PA      | $44796619.33  | 0.56%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CD5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      2734000 | PA      | $2839242.57   | 0.04%             | 2029-05-19      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | AMERICAN INTERNATIONAL GROUP INC                                                 | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       381190 | OU      | $29938662.60  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                  | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      7800000 | PA      | $8310464.06   | 0.10%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.189520 17-DEC-2030 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     18710000 | OU      | $152721.83    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.504000 20-JUN-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     22940000 | OU      | $117709.60    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kratos Defense & Security Solutions Inc          | Kratos Defense & Security Solutions Inc                                          | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |          866 | NS      | $79126.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEVADA POWER CO                                  | Nevada Power Co                                                                  | CUSIP: 641423CD8<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |       700000 | PA      | $648096.76    | 0.01%             | 2030-05-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | TC ENERGY CORP                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       659912 | OU      | $35905811.92  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| General Dynamics Corp                            | General Dynamics Corp                                                            | CUSIP: 369550BC1<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |      1243000 | PA      | $1240227.80   | 0.02%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |            1 | NC      | $34197.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | YUM BRANDS INC                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       211023 | OU      | $32075496.00  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                         | Amneal Pharmaceuticals LLC                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |       700000 | PA      | $723948.65    | 0.01%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BG9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |        84000 | PA      | $73022.03     | 0.00%             | 2031-03-11      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | HOST HOTELS   RESORTS REIT INC                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      1089799 | OU      | $18548378.98  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |            1 | NC      | $-22360.11    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | WESTERN UNION                                                                    | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |      3572350 | OU      | $-28543076.50 | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp                              | Otis Worldwide Corp                                                              | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |          996 | NS      | $91064.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | CROWN CASTLE INC                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       364954 | OU      | $35214411.46  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                             | Talos Production Inc                                                             | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |      5108000 | PA      | $5281815.02   | 0.07%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED CZK / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CZ        |            1 | NC      | $3179.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                | Chord Energy Corp                                                                | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |       835000 | PA      | $829186.13    | 0.01%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | CBRE GROUP INC CLASS A                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        45909 | OU      | $-7233422.04  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                    | Parkland Corp                                                                    | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |      1606000 | PA      | $1650264.57   | 0.02%             | 2032-08-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Copart Inc                                       | Copart Inc                                                                       | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |         2116 | NS      | $95156.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                            | Northrop Grumman Corp                                                            | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |        11144 | NS      | $6790262.08   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN FINANCE CORP                             | OneMain Finance Corp                                                             | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      5851000 | PA      | $6116411.95   | 0.08%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MSC Industrial Direct Co Inc                     | MSC Industrial Direct Co Inc                                                     | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |          602 | NS      | $55468.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                               | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      4250000 | PA      | $4251890.10   | 0.05%             | 2027-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| NVR Inc                                          | NVR Inc                                                                          | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |            9 | NS      | $72311.94     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                              | Electronic Arts Inc                                                              | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |          567 | NS      | $114363.90    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | SERVICE                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       346856 | OU      | $28865356.32  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| KIOXIA HOLDINGS CORP                             | Kioxia Holdings Corp                                                             | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |      7410000 | PA      | $7558229.64   | 0.09%             | 2030-07-24      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | ENBRIDGE INC                                                                     | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       376029 | OU      | $-18974423.34 | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | FTAI AVIATION LTD                                                                | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        88584 | OU      | $-14781126.24 | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| CARLISLE COS INC                                 | Carlisle Cos Inc                                                                 | CUSIP: 142339AN0<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |      1865000 | PA      | $1887566.59   | 0.02%             | 2035-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                      | Cencora Inc                                                                      | CUSIP: 03073EAP0<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |       849000 | PA      | $837054.93    | 0.01%             | 2027-12-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | POST HOLDINGS INC                                                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       284424 | OU      | $-30569891.52 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                             | Verisk Analytics Inc                                                             | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |          337 | NS      | $84758.87     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL                          | Honeywell International Inc                                                      | CUSIP: 438516CM6<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |      7150000 | PA      | $7083301.65   | 0.09%             | 2034-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ASGN INCORPORATED                                | ASGN Inc                                                                         | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |      1611000 | PA      | $1581383.21   | 0.02%             | 2028-05-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NNN REIT Inc                                     | NNN REIT Inc                                                                     | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |       102293 | NS      | $4354613.01   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | MERCK   CO INC                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       386261 | OU      | $-32418885.73 | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                         | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |      1387239 | PA      | $1211403.60   | 0.02%             | 2030-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | CHUBB LTD                                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |         4918 | OU      | $1388105.50   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kroger Co/The                                    | Kroger Co/The                                                                    | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |       117303 | NS      | $7907395.23   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA2                                          | CUSIP: 35564KSJ9<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | USGSE             | US        |     21344000 | PA      | $22231056.64  | 0.28%             | 2042-02-25      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS                           | Mid-America Apartments LP                                                        | CUSIP: 59523UAT4<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              |  | US        |       260000 | PA      | $253023.21    | 0.00%             | 2026-09-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | INTERNATIONAL FLAVORS   FRAGRANCES                                               | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       334965 | OU      | $20613746.10  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      4500000 | PA      | $4662607.50   | 0.06%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC                                  | Rain Carbon Inc                                                                  | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |      3261000 | PA      | $3492100.55   | 0.04%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1150000 | PA      | $1217476.25   | 0.02%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | ECOLAB INC                                                                       | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        17363 | OU      | $-4755031.18  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| RPM International Inc                            | RPM International Inc                                                            | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |          521 | NS      | $61415.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | SNAP INC CLASS A                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |      3966268 | OU      | $-30579926.28 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       655000 | PA      | $587051.56    | 0.01%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON CO                           | Commonwealth Edison Co                                                           | CUSIP: 202795JZ4<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |      3570000 | PA      | $3726200.82   | 0.05%             | 2034-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | WHIRLPOOL CORP                                                                   | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |        17505 | OU      | $-1375893.00  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                            | Universal Health Services Inc                                                    | CUSIP: 913903AW0<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |      1918000 | PA      | $1731594.84   | 0.02%             | 2030-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                   | Whirlpool Corp                                                                   | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |      1115000 | PA      | $1123732.95   | 0.01%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Church & Dwight Co Inc                           | Church & Dwight Co Inc                                                           | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |          796 | NS      | $69753.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: KRW 2.480000 18-MAR-2031 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  11425740000 | OU      | $70772.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2024-HQA1                                          | CUSIP: 35564NCA9<br>LEI: 529900PGKDI4ZEXFQ523 | Long             | ABS-MBS          | USGSE             | US        |      3805000 | PA      | $3843019.94   | 0.05%             | 2044-03-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                            | Bath & Body Works Inc                                                            | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      5391000 | PA      | $5547619.33   | 0.07%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                              | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250250000 | PA      | $250222047.08 | 3.12%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                    | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     23540000 | PA      | $21658886.11  | 0.27%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                            | United Parcel Service Inc                                                        | CUSIP: 911312BY1<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |      1200000 | PA      | $1220318.56   | 0.02%             | 2030-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | METLIFE INC                                                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       289947 | OU      | $23882934.39  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Synopsys Inc                                     | Synopsys Inc                                                                     | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |          290 | NS      | $143083.10    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                | CUSIP: 404280ES4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     11560000 | PA      | $11929454.25  | 0.15%             | 2036-03-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | TARGET CORP                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       337327 | OU      | $30258231.90  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | US        |            1 | NC      | $110844.98    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                             | PURCHASED EUR / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | XX        |            1 | NC      | $11874.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | METLIFE INC                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       131177 | OU      | $-10805049.49 | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | AT T INC                                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      1082648 | OU      | $-30573979.52 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED CHF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CH        |            1 | NC      | $-18644.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                       | CUSIP: 21H0426A2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     19175000 | PA      | $18592112.02  | 0.23%             | 2055-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                        | Apple Inc                                                                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |         5172 | NS      | $1316946.36   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | BATH AND BODY WORKS INC                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      1294407 | OU      | $33343924.32  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | EQT CORP                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |       255049 | OU      | $13882317.07  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                 | Welltower OP LLC                                                                 | CUSIP: 95040QAR5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |      6180000 | PA      | $5920800.60   | 0.07%             | 2032-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | SEMPRA                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       162766 | OU      | $-14645684.68 | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |            1 | NC      | $-424607.31   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | GENERAL MILLS INC                                                                | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       586165 | OU      | $29554439.30  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | DICKS SPORTING INC                                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       109886 | OU      | $-24418866.92 | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |      3666000 | PA      | $3617825.09   | 0.05%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |            1 | NC      | $159776.94    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MOTOROLA SOLUTIONS INC                                                           | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         8698 | OU      | $-3977508.42  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | MID AMERICA APARTMENT COMMUNITIES                                                | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       245014 | OU      | $34235806.22  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | VISTRA CORP                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |         1484 | OU      | $-290745.28   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FISERV INC                                       | Fiserv Inc                                                                       | CUSIP: 337738BE7<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |      9930000 | PA      | $10404552.12  | 0.13%             | 2033-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                           | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AL8<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |      3628000 | PA      | $3627195.67   | 0.05%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Danaher Corp                                     | Danaher Corp                                                                     | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |         1057 | NS      | $209560.82    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DPFY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       563244 | PA      | $576999.25    | 0.01%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | XYLEM INC                                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       250229 | OU      | $-36908777.50 | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                      | Wayfair LLC                                                                      | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |      4025000 | PA      | $4221200.40   | 0.05%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                         | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |      1773000 | PA      | $1692749.59   | 0.02%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | XX        |            1 | NC      | $2755.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | CDW CORP                                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |        70837 | OU      | $-11282917.36 | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                    | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     18490000 | PA      | $16832935.63  | 0.21%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                   | Morgan Stanley                                                                   | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       509000 | PA      | $507884.08    | 0.01%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDR8<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      2103000 | PA      | $2045263.61   | 0.03%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.378750 18-MAR-2031 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      7140000 | OU      | $-5045.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                          | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                          | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4040000 | PA      | $4408985.32   | 0.05%             | 2030-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Lennox International Inc                         | Lennox International Inc                                                         | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |          120 | NS      | $63523.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                    | Regeneron Pharmaceuticals Inc                                                    | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |          203 | NS      | $114140.81    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | REPUBLIC SERVICES INC                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        42475 | OU      | $9747163.00   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | HP INC                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       650263 | OU      | $-17706661.49 | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                  | CUSIP: 718172CJ6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      4436000 | PA      | $4312455.45   | 0.05%             | 2029-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.381710 17-DEC-2030 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     28508092 | OU      | $40764.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |            1 | NC      | $5582.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                 | UWM Holdings LLC                                                                 | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1075000 | PA      | $1069880.17   | 0.01%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                          | CUSIP: 808513BY0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |      1495000 | PA      | $1462663.09   | 0.02%             | 2027-03-03      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179TUB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         7905 | PA      | $7562.54      | 0.00%             | 2048-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | VAIL RESORTS INC                                                                 | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       236728 | OU      | $35407406.96  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0404A2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      7800000 | PA      | $7670478.58   | 0.10%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPALACHIAN POWER CO                             | Appalachian Power Co                                                             | CUSIP: 037735CZ8<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |       800000 | PA      | $729044.14    | 0.01%             | 2031-04-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | VERIZON COMMUNICATIONS INC                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       674036 | OU      | $-29623882.20 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DVK38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       730968 | PA      | $677174.06    | 0.01%             | 2050-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-HQA4                                          | CUSIP: 35564KPN3<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | USGSE             | US        |     57744000 | PA      | $59238928.64  | 0.74%             | 2041-12-25      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                      | Prologis LP                                                                      | CUSIP: 74340XCG4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |      1245000 | PA      | $1273491.54   | 0.02%             | 2028-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PRUDENTIAL FINANCIAL INC                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |        53844 | OU      | $-5585776.56  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |            1 | NC      | $-3936.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EXELON CORP                                      | Exelon Corp                                                                      | CUSIP: 30161NBJ9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |      2050000 | PA      | $2096767.43   | 0.03%             | 2028-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | BXP INC                                                                          | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        30015 | OU      | $-2231315.10  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.114340 17-DEC-2035 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     15280000 | OU      | $94832.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                              | Quanta Services Inc                                                              | CUSIP: 74762EAH5<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |      5895000 | PA      | $5174289.50   | 0.06%             | 2032-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                          | Consolidated Edison Co of New York Inc                                           | CUSIP: 209111GH0<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |      3845000 | PA      | $4007997.32   | 0.05%             | 2034-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                             | Lockheed Martin Corp                                                             | CUSIP: 539830CA5<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     28270000 | PA      | $28531036.13  | 0.36%             | 2034-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                             | Howmet Aerospace Inc                                                             | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |          735 | NS      | $144229.05    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 31335AUF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         6261 | PA      | $5880.15      | 0.00%             | 2046-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |            1 | NC      | $82625.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3138WFHS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3239297 | PA      | $3045303.10   | 0.04%             | 2045-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | CAN 10YR BOND FUT DEC25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |         -360 | NC      | $-706639.36   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                    | Automatic Data Processing Inc                                                    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |        27149 | NS      | $7968231.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | KB HOME                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        11801 | OU      | $-751015.64   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      1335000 | PA      | $1261959.43   | 0.02%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                              | Century Communities Inc                                                          | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |       690000 | PA      | $696043.86    | 0.01%             | 2033-09-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | D R HORTON INC                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       206588 | OU      | $-35010468.36 | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.561040 22-SEP-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     37570000 | OU      | $-19331.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                          | Southern Co Gas Capital Corp                                                     | CUSIP: 8426EPAH1<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      1220000 | PA      | $1223562.44   | 0.02%             | 2034-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                      | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      4040000 | PA      | $4062245.98   | 0.05%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| New York Times Co/The                            | New York Times Co/The                                                            | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |          988 | NS      | $56711.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COREWEAVE INC                                    | CoreWeave Inc                                                                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      3154000 | PA      | $3232468.37   | 0.04%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MGIC INVESTMENT CORP                             | MGIC Investment Corp                                                             | CUSIP: 552848AG8<br>LEI: 254900S8483WM4M98R28 | Long             | DBT              | CORP              | US        |       597000 | PA      | $595845.34    | 0.01%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                           | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBN6<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      4130000 | PA      | $4176399.48   | 0.05%             | 2029-02-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                         | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |      1217000 | PA      | $1219165.04   | 0.02%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartment Communities Inc            | Mid-America Apartment Communities Inc                                            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |        41437 | NS      | $5789992.01   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3132A8TN9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2711142 | PA      | $2666498.68   | 0.03%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 31418C3D4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        31454 | PA      | $30206.54     | 0.00%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                       | US Bancorp                                                                       | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     12910000 | PA      | $13367576.23  | 0.17%             | 2036-02-12      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                | Kinder Morgan Inc                                                                | CUSIP: 49456BAU5<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      3850000 | PA      | $3749763.13   | 0.05%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                | Union Electric Co                                                                | CUSIP: 906548CR1<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |       240000 | PA      | $228044.69    | 0.00%             | 2030-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179R7H6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        26824 | PA      | $24341.29     | 0.00%             | 2046-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |            1 | NC      | $68251.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                           | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |      7220000 | PA      | $7208206.85   | 0.09%             | 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        |      6033000 | PA      | $6137269.30   | 0.08%             | 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        |      3150000 | PA      | $3050606.70   | 0.04%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | AVANTOR INC                                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      2498867 | OU      | $-31185860.16 | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | COLGATE-PALMOLIVE                                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       425829 | OU      | $34040770.26  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 4.611600 17-DEC-2055 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      7850000 | OU      | $-55581.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | DEERE                                                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        72696 | OU      | $33240972.96  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Glaukos Corp                                     | Glaukos Corp                                                                     | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |          536 | NS      | $43710.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3385000 | PA      | $3096746.60   | 0.04%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      2495000 | PA      | $2523051.11   | 0.03%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Pembina Pipeline Corp                            | Pembina Pipeline Corp                                                            | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |         1932 | NS      | $78168.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP                          | Principal Financial Group Inc                                                    | CUSIP: 74251VAT9<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |      2650000 | PA      | $2753290.45   | 0.03%             | 2033-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                            | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6513000 | PA      | $6736291.69   | 0.08%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA5                                          | CUSIP: 35564KYW3<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | USGSE             | US        |      7500000 | PA      | $8174148.00   | 0.10%             | 2042-06-25      | Floating      | 11.11%                | No            |                  2 | On Loan: No      |
| Federal Signal Corp                              | Federal Signal Corp                                                              | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |          458 | NS      | $54497.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CLUE OPCO LLC                                    | Clue Opco LLC                                                                    | CUSIP: 36267QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5347445.00   | 0.07%             | 2031-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                          | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      3740000 | PA      | $3572306.14   | 0.04%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                            | Truist Financial Corp                                                            | CUSIP: 89788MAE2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |       199000 | PA      | $187534.34    | 0.00%             | 2029-06-07      | Fixed         | 1.89%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                     | AutoZone Inc                                                                     | CUSIP: 053332BE1<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |      8785000 | PA      | $8850872.65   | 0.11%             | 2026-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                             | Targa Resources Corp                                                             | CUSIP: 87612GAM3<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |      9930000 | PA      | $10127804.01  | 0.13%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | LAS VEGAS SANDS CORP                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       336405 | OU      | $18095224.95  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Clean Harbors Inc                                | Clean Harbors Inc                                                                | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |          263 | NS      | $61073.86     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVEL 3 FINANCING INC                            | Level 3 Financing Inc                                                            | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      1475000 | PA      | $1500530.91   | 0.02%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 3617NWHH8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1289246 | PA      | $1090528.54   | 0.01%             | 2050-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-B                                         | CUSIP: 00835AAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5500000 | PA      | $5509301.60   | 0.07%             | 2029-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | EASTMAN CHEMICAL                                                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       112346 | OU      | $7083415.30   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 3.224150 15-AUG-2035 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     11050000 | OU      | $-872.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3132LA2L5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        63300 | PA      | $59016.92     | 0.00%             | 2049-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PPL ELECTRIC UTILITIES                           | PPL Electric Utilities Corp                                                      | CUSIP: 69351UBC6<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |      2265000 | PA      | $2290890.63   | 0.03%             | 2034-02-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | DAVITA INC                                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       258695 | OU      | $34372804.65  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179VDQ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3780742 | PA      | $3599161.95   | 0.04%             | 2050-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RELIANCE INC                                     | Reliance Inc                                                                     | CUSIP: 759509AG7<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $1795090.64   | 0.02%             | 2030-08-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | KB HOME                                                                          | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       430785 | OU      | $-27415157.40 | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| WW Grainger Inc                                  | WW Grainger Inc                                                                  | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |          106 | NS      | $101013.76    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2023-HQA3                                          | CUSIP: 35564NAA1<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | USGSE             | US        |      3724328 | PA      | $3928437.56   | 0.05%             | 2043-11-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                       | Carvana Co                                                                       | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |      3351122 | PA      | $3794234.16   | 0.05%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                         | California Resources Corp                                                        | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |       565000 | PA      | $561110.65    | 0.01%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: JPY 0.920000 17-DEC-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  23787000000 | OU      | $-331384.18   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                            | Level 3 Financing Inc                                                            | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      2500000 | PA      | $2337454.25   | 0.03%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | IN        |            1 | NC      | $-278497.21   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     12130000 | PA      | $12454427.77  | 0.16%             | 2042-04-25      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | MCKESSON CORP                                                                    | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        10796 | OU      | $8340341.84   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | FREEPORT MCMORAN INC                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |         3363 | OU      | $131896.86    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.549200 18-SEP-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      5460000 | OU      | $3058.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                     | Enbridge Inc                                                                     | CUSIP: 29250NCC7<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      2615000 | PA      | $2729550.86   | 0.03%             | 2034-04-05      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Sunbit Asset Securitization Trust                | Sunbit Asset Securitization Trust 2025-1                                         | CUSIP: 86709SAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8000000 | PA      | $8033366.40   | 0.10%             | 2030-07-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                                  | T-Mobile US Inc                                                                  | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |         1498 | NS      | $358591.24    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                              | Kimberly-Clark Corp                                                              | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |        61164 | NS      | $7605131.76   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | LINDE PLC                                                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |        71684 | OU      | $34049900.00  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                   | NCR Atleos Corp                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |      6568000 | PA      | $7110004.50   | 0.09%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                         | RTX Corp                                                                         | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      1530000 | PA      | $1651454.90   | 0.02%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                | Ares Capital Corp                                                                | CUSIP: 04010LBA0<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |      3936000 | PA      | $3866796.89   | 0.05%             | 2026-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                 | Bank of Montreal                                                                 | CUSIP: 06368FAC3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |      2260000 | PA      | $2202165.33   | 0.03%             | 2026-09-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                             | Targa Resources Corp                                                             | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |      4680000 | PA      | $4753751.84   | 0.06%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | CHUBB LTD                                                                        | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       109775 | OU      | $30983993.75  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     14815000 | PA      | $14624288.88  | 0.18%             | 2027-03-09      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                          | Southwestern Electric Power Co                                                   | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |       920000 | PA      | $940335.78    | 0.01%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | WHIRLPOOL CORP                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |       279853 | OU      | $-21996445.80 | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | KINDER MORGAN INC                                                                | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       635153 | OU      | $17981181.43  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Deckers Outdoor Corp                             | Deckers Outdoor Corp                                                             | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |          592 | NS      | $60011.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                               | Kraft Heinz Co/The                                                               | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |         3110 | NS      | $80984.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA4                                          | CUSIP: 35564KXA2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | USGSE             | US        |     36250000 | PA      | $38561532.00  | 0.48%             | 2042-05-25      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp                            | Encompass Health Corp                                                            | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |          495 | NS      | $62874.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | CLEVELAND CLIFFS INC                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      2818732 | OU      | $-34388530.40 | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | ALLSTATE CORP                                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       113310 | OU      | $24321991.50  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON CO                           | Commonwealth Edison Co                                                           | CUSIP: 202795JR2<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |       170000 | PA      | $156544.69    | 0.00%             | 2030-03-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | WHIRLPOOL CORP                                                                   | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |        16653 | OU      | $-1308925.80  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.502680 17-DEC-2035 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    119326884 | OU      | $1559247.97   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                              | American Express Co                                                              | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      7670000 | PA      | $7977375.71   | 0.10%             | 2036-01-30      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | ORACLE CORP                                                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       119697 | OU      | $-33663584.28 | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                             | IHO Verwaltungs GmbH                                                             | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |      3193804 | PA      | $3341674.47   | 0.04%             | 2030-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 31329QCR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         5783 | PA      | $5548.07      | 0.00%             | 2049-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | CHARTER COMMUNICATIONS INC CLASS A                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        40549 | OU      | $-11155232.65 | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | NVENT ELECTRIC PLC                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |       360995 | OU      | $-35608546.80 | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | ALCON AG                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       463235 | OU      | $34515639.85  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                             | PURCHASED PLN / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | PL        |            1 | NC      | $-6623.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                       | CUSIP: 14040HCN3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |        69000 | PA      | $66495.96     | 0.00%             | 2030-03-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.839400 17-DEC-2055 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     22670000 | OU      | $-345469.04   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | BATH AND BODY WORKS INC                                                          | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |      1102770 | OU      | $28407355.20  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $-19322.34    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                       | CUSIP: 21H0306A7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     30375000 | PA      | $27112001.16  | 0.34%             | 2055-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CGI Inc                                          | CGI Inc                                                                          | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |          758 | NS      | $67560.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED TWD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TW        |            1 | NC      | $-37565.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                               | CNX Resources Corp                                                               | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |       193000 | PA      | $193079.13    | 0.00%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED NZD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | NZ        |            1 | NC      | $-999570.32   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MCM0<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |      2735000 | PA      | $2672025.70   | 0.03%             | 2027-01-14      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP                               | CNA Financial Corp                                                               | CUSIP: 126117AZ3<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |      4800000 | PA      | $4809179.04   | 0.06%             | 2035-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED PHP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | PH        |            1 | NC      | $-63988.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |            1 | NC      | $802.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | BCE INC                                                                          | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |      1014428 | OU      | $-23727470.92 | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                         | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAG0<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |      3417000 | PA      | $3454287.36   | 0.04%             | 2027-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                         | Turning Point Brands Inc                                                         | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |      1088000 | PA      | $1151321.60   | 0.01%             | 2032-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-HQA1                                          | CUSIP: 35564KCP2<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | USGSE             | US        |     14160000 | PA      | $16385469.14  | 0.20%             | 2033-08-25      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| Black Hills Corp                                 | Black Hills Corp                                                                 | CUSIP: 092113AM1<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |      1960000 | PA      | $1933922.51   | 0.02%             | 2027-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE                         | SK Invictus Intermediate II Sarl                                                 | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      6407000 | PA      | $6270899.88   | 0.08%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | TD SYNNEX CORP                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       216910 | OU      | $-35519012.50 | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                     | CUSIP: 11135FBE0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      2460000 | PA      | $2343673.32   | 0.03%             | 2028-02-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | AMGEN INC                                                                        | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       107674 | OU      | $30385602.80  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | ADT INC                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |      3672938 | OU      | $31991289.98  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group Inc/The                                             | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      2910000 | PA      | $2994588.23   | 0.04%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                          | Consolidated Edison Co of New York Inc                                           | CUSIP: 209111FX6<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |       330000 | PA      | $319524.20    | 0.00%             | 2030-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                      | Wayfair LLC                                                                      | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |      6696000 | PA      | $6903848.19   | 0.09%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                              | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15580000 | PA      | $14545229.68  | 0.18%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |            1 | NC      | $84366.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | BR        |            1 | NC      | $130760.57    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | DOLLAR TREE INC                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       182109 | OU      | $17185626.33  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                          | American Electric Power Co Inc                                                   | CUSIP: 025537AR2<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $2990745.87   | 0.04%             | 2025-11-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | OCCIDENTAL PETROLEUM CORP                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       133125 | OU      | $-6290156.25  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KBJ8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |       150000 | PA      | $146615.18    | 0.00%             | 2029-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Performance Food Group Co                        | Performance Food Group Co                                                        | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |          646 | NS      | $67209.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 1.976530 15-AUG-2035 CPT                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      6160000 | OU      | $665.98       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                             | Booking Holdings Inc                                                             | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |           46 | NS      | $248366.42    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      1545000 | PA      | $1401653.71   | 0.02%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Valmont Industries Inc                           | Valmont Industries Inc                                                           | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |          154 | NS      | $59710.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                      | ARTHUR J GALLAGHER                                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        45737 | OU      | $-14166578.38 | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | BARRICK MINING CORPORATION                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       881062 | OU      | $28872401.74  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                    | CUSIP: 571903BN2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      2120000 | PA      | $2201516.10   | 0.03%             | 2028-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PULTEGROUP INC                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       225929 | OU      | $-29851998.77 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                             | Keurig Dr Pepper Inc                                                             | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |         3248 | NS      | $82856.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                              | Cheniere Energy Inc                                                              | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |      3590000 | PA      | $3578776.30   | 0.04%             | 2028-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.501500 02-JUL-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      4750000 | OU      | $26359.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                         | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |      2482000 | PA      | $2537226.98   | 0.03%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RES                           | CenterPoint Energy Resources Corp                                                | CUSIP: 15189YAG1<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |       885000 | PA      | $907805.48    | 0.01%             | 2028-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                                   | Merck & Co Inc                                                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |        96099 | NS      | $8065589.07   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HKD 2.995000 18-MAR-2031 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      9699000 | OU      | $-2176.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.082000 18-MAR-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    593230000 | OU      | $63279.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     19787000 | PA      | $17653122.23  | 0.22%             | 2032-10-20      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | KRAFT HEINZ                                                                      | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       797687 | OU      | $-20771769.48 | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| PACIFICORP                                       | PacifiCorp                                                                       | CUSIP: 695114DC9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |       725000 | PA      | $751609.96    | 0.01%             | 2031-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |       900000 | PA      | $956382.30    | 0.01%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                              | Coinbase Global Inc                                                              | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      8250000 | PA      | $7830100.58   | 0.10%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JP3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      2350000 | PA      | $2342521.34   | 0.03%             | 2026-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | MCDONALDS CORP                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       101585 | OU      | $30870665.65  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-HQA2                                          | CUSIP: 35564KB65<br>LEI: 5493000IRLADKYZNON28 | Long             | ABS-MBS          | USGSE             | US        |     25860000 | PA      | $27848116.80  | 0.35%             | 2042-07-25      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                    | CommScope LLC                                                                    | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      4010000 | PA      | $4024736.75   | 0.05%             | 2028-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp                               | Expand Energy Corp                                                               | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |          772 | NS      | $82017.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DIEBOLD NIXDORF INC                              | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |       694000 | PA      | $732075.78    | 0.01%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co                             | Colgate-Palmolive Co                                                             | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |        57328 | NS      | $4582800.32   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                          | Southern Co Gas Capital Corp                                                     | CUSIP: 8426EPAG3<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |       380000 | PA      | $402723.72    | 0.01%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0226A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    111575000 | PA      | $93984040.87  | 1.17%             | 2055-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Inc                            | Quest Diagnostics Inc                                                            | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |          389 | NS      | $74135.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                       | STERIS PLC                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |          307 | NS      | $75964.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140JLL28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         7708 | PA      | $7399.06      | 0.00%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENTAIR FINANCE SARL                             | Pentair Finance Sarl                                                             | CUSIP: 709629AR0<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |      4300000 | PA      | $4320070.68   | 0.05%             | 2029-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                      | ESSEX PROPERTY TRUST REIT INC                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |        92959 | OU      | $24881405.94  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| S&P Global Inc                                   | S&P Global Inc                                                                   | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |          450 | NS      | $219019.50    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                     | CUSIP: 11135FBB6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |       520000 | PA      | $519201.22    | 0.01%             | 2025-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | UBER TECHNOLOGIES INC                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       366073 | OU      | $35864171.81  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| KROGER CO                                        | Kroger Co/The                                                                    | CUSIP: 501044DP3<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |        40000 | PA      | $36604.57     | 0.00%             | 2030-05-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                               | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      5945000 | PA      | $6231741.80   | 0.08%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | MCDONALDS CORP                                                                   | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        11432 | OU      | $3474070.48   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| West Pharmaceutical Services Inc                 | West Pharmaceutical Services Inc                                                 | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |          274 | NS      | $71878.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX RESOURCES CORP                               | CNX Resources Corp                                                               | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |      1370000 | PA      | $1412474.11   | 0.02%             | 2031-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | GE AEROSPACE                                                                     | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |         3874 | OU      | $-1165376.68  | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | EVERSOURCE ENERGY                                                                | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       513151 | OU      | $36505562.14  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | WALMART INC                                                                      | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       284231 | OU      | $-29292846.86 | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                          | CRH PLC                                                                          | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |         1187 | NS      | $142321.30    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                         | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      4922000 | PA      | $1870360.00   | 0.02%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2025-X1                                        | CUSIP: 00834MAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8600000 | PA      | $8632529.50   | 0.11%             | 2030-04-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                           | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAD1<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |      2079000 | PA      | $2097295.20   | 0.03%             | 2030-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                            | CUSIP: 3132LAS94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        10078 | PA      | $9689.98      | 0.00%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754AAF0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     39240000 | PA      | $39911102.10  | 0.50%             | 2041-12-25      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| VALLOUREC SACA                                   | Vallourec SACA                                                                   | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |      1968000 | PA      | $2096835.12   | 0.03%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                              | Affirm Master Trust Series 2025-3                                                | CUSIP: 00833BAR9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7500000 | PA      | $7470027.00   | 0.09%             | 2034-10-16      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                            | Evergy Kansas Central Inc                                                        | CUSIP: 30036FAC5<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |       860000 | PA      | $925492.17    | 0.01%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AMEREN ILLINOIS CO                               | Ameren Illinois Co                                                               | CUSIP: 02361DAY6<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |      2750000 | PA      | $2639680.64   | 0.03%             | 2032-09-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| PPL ELECTRIC UTILITIES                           | PPL Electric Utilities Corp                                                      | CUSIP: 69351UBA0<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |       500000 | PA      | $514570.10    | 0.01%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                   | Eli Lilly & Co                                                                   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |         1184 | NS      | $903392.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | NRG ENERGY INC                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       160684 | OU      | $26022773.80  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      6109000 | PA      | $6414268.62   | 0.08%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179USW3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        44882 | PA      | $45456.35     | 0.00%             | 2049-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                         | SLM Corp                                                                         | CUSIP: 78442PGF7<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | DBT              | CORP              | US        |      2516000 | PA      | $2621841.55   | 0.03%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                     | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |      1881000 | PA      | $1812653.87   | 0.02%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      4416000 | PA      | $4377691.86   | 0.05%             | 2031-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754KAF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     59545000 | PA      | $60717441.05  | 0.76%             | 2041-11-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                         | Virginia Electric and Power Co                                                   | CUSIP: 927804GT5<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |      1670000 | PA      | $1700524.56   | 0.02%             | 2035-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      8505000 | PA      | $8466897.43   | 0.11%             | 2026-11-19      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                                   | Amazon.com Inc                                                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |         5266 | NS      | $1156255.62   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RIO TINTO FIN USA LTD                            | Rio Tinto Finance USA Ltd                                                        | CUSIP: 767201AD8<br>LEI: 213800RX94ZKEZXPKH58 | Long             | DBT              | CORP              | AU        |       699000 | PA      | $755246.23    | 0.01%             | 2028-07-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.737540 17-DEC-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     54174582 | OU      | $341116.89    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DVLC7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       824947 | PA      | $710912.77    | 0.01%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J92G5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         3995 | PA      | $3842.77      | 0.00%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                                     | Energean PLC                                                                     | CUSIP: 29280EAA7<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |      3310000 | PA      | $3292415.63   | 0.04%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED EUR / SOLD NOK                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |            1 | NC      | $16446.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      2250000 | PA      | $2268506.70   | 0.03%             | 2044-02-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-HQA2                                          | CUSIP: 35564KGS2<br>LEI: 5493000ISM9M3KNO6J64 | Long             | ABS-MBS          | USGSE             | US        |     14800000 | PA      | $17276201.32  | 0.22%             | 2033-12-25      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | H R BLOCK INC                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       570167 | OU      | $28833345.19  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | UNITED AIRLINES HOLDINGS INC                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        25369 | OU      | $-2448108.50  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J82T9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        13843 | PA      | $13859.25     | 0.00%             | 2046-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp         | Westinghouse Air Brake Technologies Corp                                         | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |          441 | NS      | $88407.27     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH INC                              | Cardinal Health Inc                                                              | CUSIP: 14149YBV9<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |      1700000 | PA      | $1710120.24   | 0.02%             | 2035-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                                       | Zoetis Inc                                                                       | CUSIP: 98978VAS2<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |      2215000 | PA      | $2014168.41   | 0.03%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0324A9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      2950000 | PA      | $2857737.78   | 0.04%             | 2040-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                           | Arizona Public Service Co                                                        | CUSIP: 040555DD3<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |      2310000 | PA      | $2016286.94   | 0.03%             | 2031-12-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3496000 | PA      | $3656644.70   | 0.05%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |       428000 | PA      | $388972.25    | 0.00%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | CHURCH AND DWIGHT INC                                                            | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        96599 | OU      | $8464970.37   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754GAF7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     15516000 | PA      | $15777838.71  | 0.20%             | 2044-02-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | NETFLIX INC                                                                      | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        25438 | OU      | $30498126.96  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0506A9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     42000000 | PA      | $41649600.72  | 0.52%             | 2055-10-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |            1 | NC      | $13757.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | ROYAL CARIBBEAN GROUP LTD                                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        65069 | OU      | $21055027.02  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Roivant Sciences Ltd                             | Roivant Sciences Ltd                                                             | CUSIP: 000000000<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |         4637 | NS      | $70157.81     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVEL 3 FINANCING INC                            | Level 3 Financing Inc                                                            | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $2619280.50   | 0.03%             | 2030-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | RAYMOND JAMES INC                                                                | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        40746 | OU      | $-7032759.60  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754DAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      7000000 | PA      | $7514860.50   | 0.09%             | 2042-04-25      | Floating      | 11.36%                | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0126A9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     20725000 | PA      | $15909325.74  | 0.20%             | 2055-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS                         | FactSet Research Systems Inc                                                     | CUSIP: 303075AB1<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |      5934000 | PA      | $5482276.80   | 0.07%             | 2032-03-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | BROWN   BROWN INC                                                                | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        22627 | OU      | $-2122186.33  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                 | Taseko Mines Ltd                                                                 | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |      4255000 | PA      | $4506657.55   | 0.06%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                           | Motorola Solutions Inc                                                           | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |          294 | NS      | $134443.26    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.394960 18-MAR-2031 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     84400000 | OU      | $-209787.40   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | NEW GOLD INC                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       572028 | OU      | $4107161.04   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN POWER CO                                | Southern Power Co                                                                | CUSIP: 843646AW0<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $1980851.16   | 0.02%             | 2026-01-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | COTERRA ENERGY INC                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        37451 | OU      | $-885716.15   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | BALL CORP                                                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       599453 | OU      | $30224420.26  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.646850 17-DEC-2027 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    216090000 | OU      | $461059.18    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EZCORP INC                                       | EZCORP Inc                                                                       | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |      1021000 | PA      | $1087858.14   | 0.01%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| RELX CAPITAL INC                                 | RELX Capital Inc                                                                 | CUSIP: 74949LAG7<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |      1090000 | PA      | $1124919.72   | 0.01%             | 2035-03-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Corcept Therapeutics Inc                         | Corcept Therapeutics Inc                                                         | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |          799 | NS      | $66404.89     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                                       | Stride Inc                                                                       | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |          340 | NS      | $50639.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J5G78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        12979 | PA      | $12167.48     | 0.00%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Graco Inc                                        | Graco Inc                                                                        | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |          745 | NS      | $63295.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2021-DNA5                                          | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | USGSE             | US        |     28545000 | PA      | $33870203.91  | 0.42%             | 2034-01-25      | Floating      | 9.86%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                                       | Phinia Inc                                                                       | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |      3594000 | PA      | $3704095.00   | 0.05%             | 2032-10-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | BORGWARNER INC                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       701010 | OU      | $30816399.60  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.149370 17-DEC-2027 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     43670000 | OU      | $-126106.51   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IDEXX Laboratories Inc                           | IDEXX Laboratories Inc                                                           | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |          165 | NS      | $105416.85    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.091850 17-DEC-2027 SOF                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1067382500 | OU      | $4256380.14   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                          | MPLX LP                                                                          | CUSIP: 55336VBN9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     12830000 | PA      | $12842495.65  | 0.16%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CZK 3.806000 18-MAR-2031 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     99320000 | OU      | $-39734.45    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | APA CORP                                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |      1476436 | OU      | $-35847866.08 | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                             | Royal Bank of Canada                                                             | CUSIP: 78016HZV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      1840000 | PA      | $1890934.36   | 0.02%             | 2029-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Reliance Inc                                     | Reliance Inc                                                                     | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |          223 | NS      | $62625.09     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                      | Hologic Inc                                                                      | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |          967 | NS      | $65262.83     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp                  | Old Republic International Corp                                                  | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |       134218 | NS      | $5700238.46   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                           | HOWMET AEROSPACE INC                                                             | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |       153501 | OU      | $30121501.23  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED HUF / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | HU        |            1 | NC      | $43668.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: IFS 2.467500 17-JUN-2035 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |      7610000 | OU      | $63376.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140FCNG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         7588 | PA      | $7093.19      | 0.00%             | 2046-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                         | Builders FirstSource Inc                                                         | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      3835000 | PA      | $4004248.29   | 0.05%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KAROON USA FINANCE INC                           | Karoon USA Finance Inc                                                           | CUSIP: 48575AAA9<br>LEI: 254900I4IZ164TOMZH46 | Long             | DBT              | CORP              | US        |      1669000 | PA      | $1746274.70   | 0.02%             | 2029-05-14      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co                          | Bristol-Myers Squibb Co                                                          | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       166470 | NS      | $7507797.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC                                       | Fiserv Inc                                                                       | CUSIP: 337738BL1<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |      2800000 | PA      | $2893571.24   | 0.04%             | 2034-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | LITHIA MOTORS INC CLASS A                                                        | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |        85265 | OU      | $26943740.00  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | WELLTOWER INC                                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       204779 | OU      | $-36479331.06 | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                 | Duke Energy Corp                                                                 | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      4283000 | PA      | $4231029.35   | 0.05%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | MASTEC INC                                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       172156 | OU      | $36636518.36  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Loar Holdings Inc                                | Loar Holdings Inc                                                                | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          730 | NS      | $58400.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                      | AMERICAN WATER WORKS INC                                                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        77437 | OU      | $10778456.03  | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                  | Xcel Energy Inc                                                                  | CUSIP: 98389BBB5<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |       350000 | PA      | $361169.48    | 0.00%             | 2034-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                                     | Enbridge Inc                                                                     | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |         3533 | NS      | $178275.18    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc                        | CH Robinson Worldwide Inc                                                        | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |          510 | NS      | $67524.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| USA COM PART/USA COM FIN                         | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       715000 | PA      | $717735.03    | 0.01%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HKD 2.997500 18-MAR-2031 HKD                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     36900000 | OU      | $-8831.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                            | RIO TINTO FIN USA PLC                                                            | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |      8315000 | PA      | $8568445.19   | 0.11%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.064500 18-MAR-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    358810000 | OU      | $47691.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     14345000 | PA      | $14058509.98  | 0.18%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                  | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     19819000 | PA      | $20853965.82  | 0.26%             | 2029-11-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| National Fuel Gas Co                             | National Fuel Gas Co                                                             | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |          653 | NS      | $60317.61     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HONDA MOTOR CO LTD                               | Honda Motor Co Ltd                                                               | CUSIP: 438127AB8<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |      4480000 | PA      | $4382131.62   | 0.05%             | 2027-03-10      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | TRACTOR SUPPLY                                                                   | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       133060 | OU      | $-7567122.20  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3138EQTZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         4668 | PA      | $4662.87      | 0.00%             | 2044-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                           | Verizon Communications Inc                                                       | CUSIP: 92343VFX7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      2273000 | PA      | $1998702.93   | 0.02%             | 2030-10-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | ESTEE LAUDER INC CLASS A                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DE               |  | US        |       212494 | OU      | $-18724971.28 | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| AIR PRODUCTS & CHEMICALS                         | Air Products and Chemicals Inc                                                   | CUSIP: 009158BC9<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |      1125000 | PA      | $1027401.90   | 0.01%             | 2030-05-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Inc              | Public Service Enterprise Group Inc                                              | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |         1152 | NS      | $96145.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GENESIS ENERGY LP/FIN                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1809000 | PA      | $1886635.04   | 0.02%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.699740 17-DEC-2027 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     32230000 | OU      | $25734.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.463500 18-MAR-2031 SOR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     15960000 | OU      | $-66774.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fastenal Co                                      | Fastenal Co                                                                      | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |         2367 | NS      | $116077.68    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                          | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAD1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      3360000 | PA      | $3499016.27   | 0.04%             | 2033-03-02      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                             | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | CA        |            1 | NC      | $-128645.29   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | TOLL BROTHERS INC                                                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       251295 | OU      | $-34713891.30 | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                  | CUSIP: 718172CB3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |        50000 | PA      | $49241.73     | 0.00%             | 2027-08-17      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities        | Multifamily Connecticut Avenue Securities Trust 2019-01                          | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |     20080409 | PA      | $20385247.27  | 0.25%             | 2049-10-25      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | FAIR ISAAC CORP                                                                  | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |        21992 | OU      | $32911687.76  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | NORWEGIAN CRUISE LINE HOLDINGS LTD                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        25882 | OU      | $-637473.66   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QAXY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        33113 | PA      | $33469.66     | 0.00%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                               | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       745645 | PA      | $738518.81    | 0.01%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: SEK 2.297980 18-MAR-2031 3M                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     70240000 | OU      | $-51222.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED CAD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CA        |            1 | NC      | $-65373.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | BOEING                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |        77714 | OU      | $-16773012.62 | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                   | CVR Energy Inc                                                                   | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |      4672000 | PA      | $4775054.98   | 0.06%             | 2029-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                                   | Eaton Corp PLC                                                                   | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |          574 | NS      | $214819.50    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                              | Gilead Sciences Inc                                                              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |        70033 | NS      | $7773663.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | CAMPBELL SOUP                                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       353760 | OU      | $-11171740.80 | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | SIMON PROPERTY GROUP REIT INC                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        26642 | OU      | $-4999904.14  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae I Pool                                                                | CUSIP: 3622AADS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       129102 | PA      | $116550.30    | 0.00%             | 2047-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSW Industrials Inc                              | CSW Industrials Inc                                                              | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |          197 | NS      | $47821.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |            1 | NC      | $52625.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERIPRISE FINANCIAL INC                         | Ameriprise Financial Inc                                                         | CUSIP: 03076CAN6<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |      7590000 | PA      | $7945459.59   | 0.10%             | 2028-12-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X53Z4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       683558 | PA      | $607627.49    | 0.01%             | 2050-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PBU9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      5525000 | PA      | $4877915.32   | 0.06%             | 2031-11-19      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 3.812090 17-DEC-2030 SON                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     13730000 | OU      | $-25300.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED EUR / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |            1 | NC      | $2429.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BRKQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       483886 | PA      | $490347.36    | 0.01%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                         | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      2878000 | PA      | $3022792.18   | 0.04%             | 2031-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH                              | Klabin Austria GmbH                                                              | CUSIP: 49836AAB0<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |      3987000 | PA      | $4208079.15   | 0.05%             | 2049-04-03      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                                      | HUNTINGTON INGALLS INDUSTRIES INC                                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |        59133 | OU      | $-17024982.03 | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | SOUTHERN                                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       337999 | OU      | $-32032165.23 | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | LENNAR A CORP CLASS A                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       239513 | OU      | $-30188218.52 | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                           | ALBERTSONS COMPANY INC CLASS A                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |        58279 | OU      | $1020465.29   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | AUTONATION INC                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |       108067 | OU      | $-23641817.59 | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** BlackRock Funds IV

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer