# EDGAR Filing Document

**Accession Number:** 0001715468
**File Stem:** 0001752724-23-002207
**Filing Date:** 2023-1
**Character Count:** 448735
**Document Hash:** fa7e4ffdcfd25e679af50e0acef8c4b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-002207.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001752724-23-002207

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Multi-Sector Opportunities Trust
- **CENTRAL INDEX KEY:** 0001715468
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23285
- **FILM NUMBER:** 23530869

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Fixed Income Value Opportunities II
- **DATE OF NAME CHANGE:** 20171102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Multi-Sector Opportunities Trust Series I
- **DATE OF NAME CHANGE:** 20170824

## Nport-Ex

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
|  AIMCO CLO 10 Ltd., Series 2019-10A, Class SUB, 0.00%, 07/22/32<sup>(a)(b)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;1844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180529 |
|  Ajax Mortgage Loan Trust<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class B, 0.00%, 04/25/58<sup>(c)</sup>  |  | 13 | 12784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B, Class B, 0.00%, 02/26/57 |  | 31 | 22353 |
|  Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 7.91%, 01/15/30<sup>(a)(b)</sup>  |  | 1000 | 842502 |
|  Anchorage Capital CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 6.80%), 9.26%, 10/13/30<sup>(a)(b)</sup>  |  | 3050 | 2733778 |
|  Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.70%), 8.41%, 04/20/31<sup>(a)(b)</sup>  |  | 1000 | 828660 |
|  Apres Static CLO Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 4.25%), 6.76%, 10/15/28<sup>(a)(b)</sup>  |  | 500 | 472481 |
|  ARES LI CLO Ltd., Series 2019-51A, Class ER, (3 mo. LIBOR US + 6.85%), 9.36%, 07/15/34<sup>(a)(b)</sup>  |  | 700 | 612911 |
|  Ares LV CLO Ltd., Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 5.66%, 07/15/34<sup>(a)(b)</sup>  |  | 1000 | 876554 |
|  Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 6.15%), 8.66%, 10/15/30<sup>(a)(b)</sup>  |  | 1450 | 1205509 |
|  BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22<sup>(a)</sup>  |  | 2300 | 737603 |
|  Bean Creek CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.75%), 8.46%, 04/20/31<sup>(a)(b)</sup>  |  | 1500 | 1263443 |
|  Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 5.39%, 01/17/28<sup>(a)(b)</sup>  |  | 250 | 235296 |
|  CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 5.91%, 04/20/32<sup>(a)(b)</sup>  |  | 250 | 221530 |
|  CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 9.15%, 07/20/32<sup>(a)(b)</sup>  |  | 2200 | 1900850 |
|  Cedar Funding IX CLO Ltd., Series 2018-9A, Class E, (3 mo. LIBOR US + 5.35%), 8.06%, 04/20/31<sup>(a)(b)</sup>  |  | 2000 | 1672161 |
|  Cedar Funding XIV CLO Ltd.<sup>(a)(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class D, (3 mo. LIBOR US + 3.25%), 5.76%, 07/15/33 |  | 1000 | 879971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class E, (3 mo. LIBOR US + 6.34%), 8.85%, 07/15/33 |  | 750 | 643778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class SUB, 0.00%, 07/15/33 |  | 750 | 433500 |
|  Deer Creek CLO Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 6.35%), 9.06%, 10/20/30<sup>(a)(b)</sup>  |  | 1000 | 861325 |
|  Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 9.51%, 04/20/34<sup>(a)(b)</sup>  |  | 250 | 225865 |
|  Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39<sup>(b)</sup>  | CAD | 210 | 138483 |
|  Generate CLO 2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 8.41%, 01/22/31<sup>(a)(b)</sup>  | USD | 500 | 425312 |
|  Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 5.46%, 10/15/30<sup>(a)(b)</sup>  |  | 550 | 502312 |
|  Goldentree Loan Management U.S. CLO 2 Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 4.70%), 7.41%,<br>11/28/30<sup>(a)(b)</sup>  |  | 1500 | 1222277 |
|  GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class ER2, (3 mo. LIBOR US + 5.66%), 8.47%,<br>10/29/29<sup>(a)(b)</sup>  |  | 500 | 427453 |
|  Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 8.96%, 04/15/33<sup>(a)(b)</sup>  |  | 250 | 223827 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Highbridge Loan Management Ltd., Series 12A-18, Class D, (3 mo. LIBOR US + 5.15%), 7.89%, 07/18/31<sup>(a)(b)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;1120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926999 |
|  JP Morgan Mortgage Acquisition Corp., Series 2006- FRE2, Class M2, (1 mo. LIBOR US + 0.54%), 3.62%, 02/25/36<sup>(a)</sup>  |  | 2787 | 2499916 |
|  Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31<sup>(b)</sup>  |  | 315 | 273898 |
|  Madison Park Funding XXX Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-30A, Class E, (3 mo.<br>LIBOR US + 4.95%), 7.46%, 04/15/29<sup>(a)(b)</sup>  |  | 1250 | 1072108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-30X, Class E, 7.46%, 04/15/29 |  | 250 | 214422 |
|  Mariner Finance Issuance Trust<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-AA, Class D, 5.44%, 07/20/32 |  | 2500 | 2308618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AA, Class D, 5.75%, 08/21/34 |  | 250 | 225271 |
|  Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44<sup>(b)</sup>  |  | 237 | 218858 |
|  Oceana Australian Fixed Income Trust, A Note Upsize, 8.00%, 09/28/23<sup>(d)</sup>  | AUD | 1210 | 761438 |
|  OCP CLO Ltd.<sup>(a)(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 5.78%, 04/24/29 | USD | 600 | 564067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-16A, Class ER, (3 mo. LIBOR US + 6.35%), 8.78%, 04/10/33 |  | 250 | 218862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-17A, Class ER, (3 mo. LIBOR US + 6.50%), 9.21%, 07/20/32 |  | 1000 | 834043 |
|  Palmer Square CLO Ltd.<sup>(a)(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 5.46%, 07/20/30 |  | 250 | 224575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A, Class DR2, (3 mo. LIBOR US + 5.75%), 8.46%, 07/20/30 |  | 250 | 210665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class D, (3 mo. LIBOR US + 5.60%), 8.34%, 07/16/31 |  | 1500 | 1283922 |
|  Park Avenue Institutional Advisers CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.85%),<br>8.81%, 08/23/31<sup>(a)(b)</sup> |  | 2000 | 1608302 |
|  Rad CLO 6 Ltd., Series 2019-6A, Class E,<br>(3 mo. LIBOR US + 7.53%), 10.24%, 01/20/33<sup>(a)(b)</sup>  |  | 500 | 449774 |
|  Republic Finance Issuance Trust, Series 2020-A, Class D, 7.00%, 11/20/30<sup>(b)</sup>  |  | 700 | 644235 |
|  Rockford Tower CLO Ltd.<sup>(a)(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class ER, (3 mo. LIBOR US + 6.25%), 8.76%, 10/15/29 |  | 1150 | 967469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class D, (3 mo. LIBOR<br>US + 2.65%), 5.36%, 10/20/30 |  | 970 | 859181 |
|  Signal Peak CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 9.67%, 04/30/32<sup>(a)(b)</sup>  |  | 250 | 208686 |
|  Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37<sup>(b)(d)</sup>  |  | — <sup>(e)</sup> | 224000 |
|  Strata CLO I Ltd.<sup>(a)(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class E, (3 mo. LIBOR<br>US + 7.08%), 9.59%, 01/15/31 |  | 500 | 457794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class USUB, 0.00%, 01/15/2118 |  | 1750 | 848575 |
|  TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 9.56%, 04/15/33<sup>(a)(b)</sup>  |  | 500 | 455206 |

---

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  TICP CLO XII Ltd., Series 2018-12A, Class ER, (3 mo. LIBOR US + 6.25%), 8.76%, 07/15/34<sup>(a)(b)</sup>  | USD | 725 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617810 |
|  Trestles CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 8.53%, 07/25/31<sup>(a)(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;1900 |  | 1579099 |
|  York CLO 1 Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 3.01%), 5.77%, 10/22/29<sup>(a)(b)</sup>  |  | 250 |  | 227465 |
|  **Total Asset-Backed Securities — 19.0%<br>(Cost: $50,861,781)** | **Total Asset-Backed Securities — 19.0%<br>(Cost: $50,861,781)** | **Total Asset-Backed Securities — 19.0%<br>(Cost: $50,861,781)** |  | 41788305 |
|  |  | *Shares* |  |  |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** |
|  Service Properties Trust |  | 4000 |  | 20760 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |  |  |
|  Caesars Entertainment, Inc.<sup>(f)</sup>  |  | 3435 |  | 110813 |
|  Carlson Travel, Inc. |  | 5800 |  | 49300 |
|  |  |  |  | 160113 |
| **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
|  California Resources Corp.<sup>(g)</sup>  |  | 19725 |  | 758032 |
|  **Total Common Stocks — 0.4%<br>(Cost: $1,311,348)** | **Total Common Stocks — 0.4%<br>(Cost: $1,311,348)** | **Total Common Stocks — 0.4%<br>(Cost: $1,311,348)** |  | 938905 |
|  |  | *Par<br>(000)* |  |  |
|  **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 0.1%** | **Advertising Agencies — 0.1%** | **Advertising Agencies — 0.1%** | **Advertising Agencies — 0.1%** | **Advertising Agencies — 0.1%** |
|  Interpublic Group of Cos., Inc., 3.38%, 03/01/41 | USD | 178 |  | 117744 |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
|  Embraer Netherlands Finance BV, 6.95%, 01/17/28<sup>(b)(h)</sup>  |  | 291 |  | 273140 |
|  Rolls-Royce PLC, 1.63%, 05/09/28<sup>(i)</sup>  | EUR | 100 |  | 69209 |
|  TransDigm, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26<sup>(b)(h)</sup>  | USD | 1505 |  | 1459850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 |  | 348 |  | 328777 |
|  |  |  |  | 2130976 |
| **Airlines — 0.8%** | **Airlines — 0.8%** | **Airlines — 0.8%** | **Airlines — 0.8%** | **Airlines — 0.8%** |
|  Air France-KLM, 3.88%, 07/01/26<sup>(i)</sup>  | EUR | 100 |  | 79599 |
|  Allegiant Travel Co., 7.25%, 08/15/27<sup>(b)</sup>  | USD | 56 |  | 52780 |
|  American Airlines, Inc.<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 04/22/25 |  | 178 |  | 175268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 12/15/25 |  | 173 |  | 166545 |
|  Avianca Midco 2 Ltd., 9.00%, 12/01/28<sup>(b)</sup>  |  | 615 |  | 465234 |
|  Azul Investments LLP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/26/24<sup>(i)</sup>  |  | 200 |  | 145500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/26<sup>(b)</sup>  |  | 220 |  | 132000 |
|  Deutsche Lufthansa AG, 2.88%, 05/16/27<sup>(i)</sup>  | EUR | 100 |  | 76405 |
|  Gol Finance SA<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/31/25 | USD | 500 |  | 231813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/30/26 |  | 200 |  | 120725 |
|  International Consolidated Airlines Group SA, 2.75%, 03/25/25<sup>(i)</sup>  | EUR | 100 |  | 81526 |
|  |  |  |  | 1727395 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Auto Components — 0.5%** | **Auto Components — 0.5%** | **Auto Components — 0.5%** | **Auto Components — 0.5%** |
|  Aptiv PLC, 3.10%, 12/01/51 | USD | 273 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152878 |
|  Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 05/15/26<sup>(b)(h)</sup>  |  | 71 | 67805 |
|  Dana, Inc., 5.63%, 06/15/28 |  | 352 | 290453 |
|  Faurecia SE<sup>(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/26 | EUR | 100 | 82206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/27 |  | 100 | 75219 |
|  IHO Verwaltungs GmbH, (4.5% PIK), 3.75%, 09/15/26<sup>(i)(j)</sup>  |  | 113 | 91088 |
|  ZF Finance GmbH<sup>(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/21/25 |  | 100 | 86737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/06/27 |  | 100 | 75701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/21/28 |  | 300 | 228672 |
|  |  |  | 1150759 |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
|  Constellation Automotive Financing PLC, 4.88%, 07/15/27<sup>(i)</sup>  | GBP | 100 | 75646 |
|  Ford Motor Co., 6.10%, 08/19/32 | USD | 197 | 173675 |
|  Ford Motor Credit Co. LLC, 5.58%, 03/18/24 |  | 612 | 599944 |
|  Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28<sup>(i)</sup>  | EUR | 100 | 63463 |
|  |  |  | 912728 |
| **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
|  Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00% | USD | 200 | 176475 |
|  BBK BSC, 5.50%, 07/09/24<sup>(i)</sup>  |  | 279 | 270072 |
|  BNP Paribas SA, (5 year CMT + 3.34%), 4.63%, 12/31/99 |  | 400 | 256078 |
|  Commerzbank AG, (5 year EUR<br>Swap + 6.36%), 6.13%<sup>(a)(i)(k)</sup>  | EUR | 400 | 329787 |
|  Freedom Mortgage Corp., 8.25%, 04/15/25<sup>(b)</sup>  | USD | 357 | 294967 |
|  Grupo Aval Ltd., 4.38%, 02/04/30<sup>(b)</sup>  |  | 580 | 417237 |
|  Intesa Sanpaolo SpA, (5 year EUR Swap + 6.09%), 5.88%<sup>(a)(i)(k)</sup>  | EUR | 250 | 173959 |
|  NBK Tier 1 Ltd., 3.63%<sup>(a)(b)(k)</sup>  | USD | 341 | 290340 |
|  |  |  | 2208915 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36 |  | 145 | 130680 |
|  Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50<sup>(h)</sup>  |  | 245 | 201887 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27<sup>(i)</sup>  | GBP | 190 | 137416 |
|  Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24<sup>(b)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;1092 | 1037400 |
|  OI European Group BV, 2.88%, 02/15/25<sup>(i)</sup>  | EUR | 260 | 228058 |
|  Trivium Packaging Finance BV, 5.50%, 08/15/26<sup>(b)</sup>  | USD | 446 | 398889 |
|  |  |  | 2134330 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
|  Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 |  | 390 | 243795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 |  | 23 | 13401 |
|  Gilead Sciences, Inc., 2.80%, 10/01/50<sup>(h)</sup>  |  | 403 | 248879 |
|  |  |  | 506075 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Cemex SAB de CV, 3.13%, 03/19/26<sup>(i)</sup>  | EUR | 300 | 265128 |
|  Standard Industries, Inc., 4.75%, 01/15/28<sup>(b)(h)</sup>  | USD | 46 | 38865 |
|  |  |  | 303993 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
|  Home Depot, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/51 | USD | 23 | $13458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/51 |  | 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 |  | 107 | 80855 |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50<sup>(h)</sup>  |  | 413 | 252900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/52 |  | 100 | 76570 |
|  SRS Distribution, Inc., 4.63%, 07/01/28<sup>(b)</sup>  |  | 29 | 24911 |
|  |  |  | 661701 |
| **Capital Markets — 0.4%** | **Capital Markets — 0.4%** | **Capital Markets — 0.4%** | **Capital Markets — 0.4%** |
|  Intercorp Peru Ltd., 3.88%, 08/15/29<sup>(b)</sup>  |  | 200 | 162000 |
|  Sherwood Financing PLC<sup>(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/26 | EUR | 100 | 74426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/26 | GBP | 156 | 130419 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 4.63%), 4.95%, 11/15/27<sup>(a)</sup>  | EUR | 100 | 86650 |
|  SURA Asset Management SA, 4.88%, 04/17/24<sup>(i)</sup>  | USD | 417 | 405220 |
|  |  |  | 858715 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
|  Alpek SAB de CV, 3.25%, 02/25/31<sup>(b)</sup>  |  | 324 | 238707 |
|  Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25<sup>(i)</sup>  | EUR | 100 | 89674 |
|  Braskem Idesa SAPI, 6.99%, 02/20/32<sup>(b)</sup>  | USD | 300 | 198750 |
|  Chemours Co., 4.00%, 05/15/26 | EUR | 100 | 84652 |
|  Equate Petrochemical BV, 2.63%, 04/28/28<sup>(b)</sup>  | USD | 200 | 168725 |
|  NOVA Chemicals Corp., 4.88%, 06/01/24<sup>(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;1407 | 1322045 |
|  OCI NV, 3.63%, 10/15/25<sup>(i)</sup>  | EUR | 90 | 85889 |
|  Sasol Financing USA LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/18/26<sup>(h)</sup>  | USD | 200 | 175350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/27/28 |  | 200 | 176975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/18/31<sup>(h)</sup>  |  | 315 | 235620 |
|  SCIL IV LLC/SCIL USA Holdings LLC, 4.38%, 11/01/26<sup>(i)</sup>  | EUR | 100 | 77914 |
|  Sherwin-Williams Co., 2.90%, 03/15/52 | USD | 195 | 117194 |
|  |  |  | 2971495 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
|  AMN Healthcare, Inc., 4.63%, 10/01/27<sup>(b)</sup>  |  | 210 | 188387 |
|  Avis Budget Finance PLC, 4.13%, 11/15/24<sup>(i)</sup>  | EUR | 100 | 93364 |
|  Loxam SAS, 3.75%, 07/15/26<sup>(i)</sup>  |  | 200 | 165414 |
|  United Rentals North America, Inc., 4.88%, 01/15/28<sup>(h)</sup>  | USD | 1396 | 1279909 |
|  Verisure Holding AB, 3.50%, 05/15/23<sup>(i)</sup>  | EUR | 271 | 264930 |
|  Verisure Midholding AB, 5.25%, 02/15/29<sup>(i)</sup>  |  | 150 | 108050 |
|  |  |  | 2100054 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
|  Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%<sup>(a)(i)(k)</sup>  |  | 100 | 80374 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
|  KAR Auction Services, Inc., 5.13%, 06/01/25<sup>(b)(h)</sup>  | USD | 180 | 173770 |
| **Consumer Discretionary<sup>(i)</sup> — 0.2%** | **Consumer Discretionary<sup>(i)</sup> — 0.2%** | **Consumer Discretionary<sup>(i)</sup> — 0.2%** | **Consumer Discretionary<sup>(i)</sup> — 0.2%** |
|  Carnival Corp., 10.13%, 02/01/26 | EUR | 110 | 106189 |
|  Q-Park Holding I BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/25 |  | 100 | 84732 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 2.00%), 2.62%, 03/01/26<sup>(a)</sup>  |  | 100 | 84897 |
|  Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 |  | 88 | 77226 |
|  |  |  | 353044 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
|  Encore Capital Group, Inc., 4.88%, 10/15/25<sup>(i)</sup>  |  | 200 | 182291 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
|  Moody's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/18/60 | USD | 6 | $| 3258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/61 |  | 17 |  | 10358 |
|  Muthoot Finance Ltd., 6.13%, 10/31/22<sup>(b)</sup>  |  | 200 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198663 |
|  Visa, Inc., 2.00%, 08/15/50 |  | 23 |  | 13165 |
|  |  |  |  | 407735 |
| **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal |  |  |  |  |
|  Packaging Finance PLC, 3.25%, 09/01/28<sup>(b)</sup>  |  | 493 |  | 402268 |
|  Klabin Austria GmbH, 3.20%, 01/12/31<sup>(b)</sup>  |  | 305 |  | 221888 |
|  Suzano Austria GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/32 |  | 290 |  | 207531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/16/47<sup>(b)</sup>  |  | 773 |  | 695893 |
|  |  |  |  | 1527580 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
|  Rekeep SpA, 7.25%, 02/01/26<sup>(i)</sup>  | EUR | 200 |  | 171509 |
| **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** |
|  ASG Finance Designated Activity Co., 7.88%, 12/03/24<sup>(b)</sup>  | USD | 428 |  | 399110 |
|  Bank of America Corp.<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.56%), 2.97%, 07/21/52 |  | 23 |  | 14106 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51<sup>(h)</sup>  |  | 325 |  | 245142 |
|  Garfunkelux Holdco 3 SA<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/01/25 | EUR | 300 |  | 226774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/01/25 | GBP | 100 |  | 87091 |
|  Goldman Sachs Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 | USD | 195 |  | 161511 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.47%), 2.91%, 07/21/42<sup>(a)</sup>  |  | 23 |  | 14788 |
|  Intercontinental Exchange, Inc., 3.00%, 09/15/60 |  | 23 |  | 13748 |
|  Intrum AB, 4.88%, 08/15/25<sup>(i)</sup>  | EUR | 100 |  | 86356 |
|  JPMorgan Chase & Co.<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.51%), 2.53%, 11/19/41 | USD | 23 |  | 14359 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.58%), 3.33%, 04/22/52 |  | 380 |  | 250506 |
|  Lloyds Banking Group PLC, (5 year USD Swap + 4.76%), 7.50%<sup>(a)(k)</sup>  |  | 500 |  | 464115 |
|  Morgan Stanley, (1 day SOFR + 1.43%), 2.80%, 01/25/52<sup>(a)</sup>  |  | 23 |  | 13885 |
|  Oceana Australian Fixed Income Trust, 10.00%, 08/31/23<sup>(d)</sup>  | AUD | &nbsp;&nbsp;&nbsp;&nbsp;2424 |  | 1556403 |
|  Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25<sup>(b)</sup>  | USD | 661 |  | 387635 |
|  ProGroup AG, 3.00%, 03/31/26<sup>(i)</sup>  | EUR | 100 |  | 80266 |
|  Sun Country Airlines Holdings, Inc., 7.00%, 12/15/23<sup>(d)</sup>  | USD | 473 |  | 459442 |
|  |  |  |  | 4475237 |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
|  Level 3 Financing, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 |  | 975 |  | 760510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 |  | 865 |  | 640437 |
|  Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25<sup>(j)</sup>  |  | 375 |  | 107578 |
|  SoftBank Group Corp.<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/30/25 | EUR | 300 |  | 266374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/19/25 |  | 200 |  | 167868 |
|  Telecom Italia Capital SA, 6.38%, 11/15/33 | USD | 1239 |  | 963236 |
|  Verizon Communications, Inc. 2.88%, 11/20/50<sup>(h)</sup>  |  | 195 |  | 119244 |

---

3.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Verizon Communications, Inc. (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 | USD | 198 | $| 139226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 |  | 23 |  | 13672 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178145 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
|  AES Panama Generation Holdings SRL, 4.38%, 05/31/30<sup>(i)</sup>  |  | 212 |  | 166950 |
|  Comision Federal de Electricidad, 4.88%, 01/15/24 |  | 400 |  | 391000 |
|  Empresas Publicas de Medellin ESP, 4.25%, 07/18/29<sup>(b)</sup> . |  | 305 |  | 218456 |
|  Oryx Funding Ltd., 5.80%, 02/03/31<sup>(b)</sup>  |  | 200 |  | 177663 |
|  Talen Energy Supply LLC<sup>(b)(f)(l)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;1243 |  | 1270967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 |  | 675 |  | 683438 |
|  |  |  |  | 2908474 |
| **Electrical Equipment<sup>(i)</sup> — 0.0%** | **Electrical Equipment<sup>(i)</sup> — 0.0%** | **Electrical Equipment<sup>(i)</sup> — 0.0%** | **Electrical Equipment<sup>(i)</sup> — 0.0%** | **Electrical Equipment<sup>(i)</sup> — 0.0%** |
|  Pearl Holding II Ltd., (6.00% PIK),<br>6.00%<sup>(j)(k)</sup>  |  | 95 |  | 2659 |
|  Pearl Holding III Ltd., 9.00%, 10/22/25 |  | 76 |  | 27170 |
|  |  |  |  | 29829 |
| **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** |
|  Petroleos Mexicanos |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/29<sup>(b)</sup>  |  | 406 |  | 344325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 |  | 381 |  | 266090 |
|  Transocean Phoenix 2 Ltd., 7.75%, 10/15/24<sup>(b)(h)</sup>  |  | 827 |  | 802287 |
|  Vallourec SA, 8.50%, 06/30/26<sup>(i)</sup>  | EUR | 42 |  | 38378 |
|  |  |  |  | 1451080 |
| **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** |
|  Covanta Holding Corp., 4.88%, 12/01/29<sup>(b)</sup>  | USD | 22 |  | 17782 |
|  Republic Services, Inc., 3.05%, 03/01/50 |  | 345 |  | 232775 |
|  |  |  |  | 250557 |
| **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** |
|  American Tower Corp., 3.10%, 06/15/50<sup>(h)</sup>  |  | 218 |  | 135744 |
|  Crown Castle, Inc., 2.90%, 04/01/41 |  | 195 |  | 126604 |
|  Equinix, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/50 |  | 11 |  | 6740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/51 |  | 195 |  | 116800 |
|  Mid-America Apartments LP, 2.88%, 09/15/51 |  | 28 |  | 17490 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.Issuer, 4.88%, 05/15/29<sup>(b)</sup>  |  | 87 |  | 70470 |
|  Service Properties Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/23<sup>(h)</sup>  |  | 865 |  | 844456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/01/24 |  | 24 |  | 21246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 |  | 69 |  | 64515 |
|  Trust Fibra Uno, 5.25%, 01/30/26<sup>(b)</sup>  |  | 230 |  | 208193 |
|  XHR LP<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25 |  | 148 |  | 142038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/29 |  | 27 |  | 22262 |
|  |  |  |  | 1776558 |
| **Food & Staples Retailing — 0.5%** | **Food & Staples Retailing — 0.5%** | **Food & Staples Retailing — 0.5%** | **Food & Staples Retailing — 0.5%** | **Food & Staples Retailing — 0.5%** |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.63%, 01/15/27<sup>(b)</sup>  |  | 360 |  | 321776 |
|  Bellis Acquisition Co. PLC, 3.25%, 02/16/26<sup>(i)</sup>  | GBP | 200 |  | 168045 |
|  General Mills, Inc., 3.00%, 02/01/51 | USD | 385 |  | 249769 |
|  Market Bidco Finco PLC, 5.50%, 11/04/27<sup>(i)</sup>  | GBP | 100 |  | 86354 |
|  Ocado Group PLC, 3.88%, 10/08/26<sup>(i)</sup>  |  | 100 |  | 81443 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Food & Staples Retailing (continued)** | **Food & Staples Retailing (continued)** | **Food & Staples Retailing (continued)** | **Food & Staples Retailing (continued)** | **Food & Staples Retailing (continued)** |
|  Picard Groupe SAS, 3.88%, 07/01/26<sup>(i)</sup>  | EUR | 100 | $| 81834 |
|  Walmart, Inc., 2.65%, 09/22/51 | USD | 23 |  | 15431 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004652 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
|  Frigorifico Concepcion SA, 7.70%, 07/21/28<sup>(b)</sup>  |  | 200 |  | 156412 |
|  Louis Dreyfus Co. Finance BV, 1.63%, 04/28/28<sup>(i)</sup>  | EUR | 200 |  | 158705 |
|  |  |  |  | 315117 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
|  Becton Dickinson & Co., 3.79%, 05/20/50 | USD | 88 |  | 65819 |
|  Danaher Corp., 2.80%, 12/10/51 |  | 23 |  | 14797 |
|  |  |  |  | 80616 |
| **Health Care Providers & Services — 2.7%** | **Health Care Providers & Services — 2.7%** | **Health Care Providers & Services — 2.7%** | **Health Care Providers & Services — 2.7%** | **Health Care Providers & Services — 2.7%** |
|  Acadia Healthcare Co., Inc., 5.50%, 07/01/28<sup>(b)</sup>  |  | 55 |  | 50189 |
|  Elevance Health, Inc., 3.13%, 05/15/50 |  | 195 |  | 128982 |
|  HCA, Inc. |  | 696 |  | 574701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30<sup>(h)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 |  | 23 |  | 14241 |
|  Medline Borrower LP, 3.88%, 04/01/29<sup>(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;1052 |  | 843378 |
|  Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25<sup>(i)</sup>  | EUR | 100 |  | 91635 |
|  Select Medical Corp., 6.25%, 08/15/26<sup>(b)</sup>  | USD | 780 |  | 733918 |
|  Tenet Healthcare Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24 |  | 901 |  | 872024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26 |  | 1488 |  | 1382754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 |  | 49 |  | 42824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 |  | 1124 |  | 930953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/30 |  | 111 |  | 92652 |
|  UnitedHealth Group, Inc., 2.90%, 05/15/50 |  | 23 |  | 15106 |
|  Universal Health Services, Inc., 2.65%, 10/15/30<sup>(b)</sup>  |  | 137 |  | 101357 |
|  |  |  |  | 5874714 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
|  CAB SELAS, 3.38%, 02/01/28<sup>(i)</sup>  | EUR | 149 |  | 111244 |
|  Chrome Bidco SASU, 3.50%, 05/31/28<sup>(i)</sup>  |  | 100 |  | 77546 |
|  Roche Holdings, Inc., 2.61%, 12/13/51<sup>(b)</sup>  | USD | 23 |  | 14996 |
|  |  |  |  | 203786 |
| **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** |
|  Affinity Gaming, 6.88%, 12/15/27<sup>(b)</sup>  |  | 367 |  | 299178 |
|  Boyd Gaming Corp., 4.75%, 12/01/27 |  | 797 |  | 705353 |
|  Caesars Entertainment, Inc.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/25 |  | 486 |  | 468383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27 |  | 314 |  | 299897 |
|  Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25<sup>(b)</sup>  |  | 144 |  | 138946 |
|  CDI Escrow Issuer, Inc., 5.75%, 04/01/30<sup>(b)</sup>  |  | 9 |  | 7860 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25<sup>(b)</sup>  |  | 220 |  | 211625 |
|  Cirsa Finance International SARL, 4.75%, 05/22/25<sup>(i)</sup>  | EUR | 100 |  | 87224 |
|  CPUK Finance Ltd., 6.50%, 08/28/26<sup>(i)</sup>  | GBP | 100 |  | 101262 |
|  Dave & Buster's, Inc., 7.63%, 11/01/25<sup>(b)</sup>  | USD | 35 |  | 34475 |
|  Fortune Star BVI Ltd., 6.85%, 07/02/24<sup>(i)</sup>  |  | 200 |  | 87500 |
|  Full House Resorts, Inc., 8.25%, 02/15/28<sup>(b)</sup>  |  | 29 |  | 26104 |
|  Golden Entertainment, Inc., 7.63%, 04/15/26<sup>(b)(h)</sup>  |  | 274 |  | 270205 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29<sup>(b)</sup>  |  | 361 |  | 291363 |
|  International Game Technology PLC, 6.50%, 02/15/25<sup>(b)</sup>  |  | 365 |  | 364088 |
|  IRB Holding Corp., 7.00%, 06/15/25<sup>(b)</sup>  |  | 151 |  | 150044 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Marriott International, Inc.<sup>(h)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 4.63%, 06/15/30 | USD | 106 | $| 95790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, 3.50%, 10/15/32 |  | 508 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408545 |
|  Marriott Ownership Resorts, Inc.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/25 |  | 278 |  | 271825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/29 |  | 370 |  | 292413 |
|  MGM Resorts International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/26 |  | 355 |  | 313969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 |  | 355 |  | 318971 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29<sup>(b)</sup>  |  | 218 |  | 179583 |
|  Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27<sup>(b)</sup>  |  | 746 |  | 802883 |
|  Scientific Games International, Inc., 7.00%, 05/15/28<sup>(b)(h)</sup> |  | 464 |  | 437482 |
|  SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/25<sup>(b)</sup>  |  | 669 |  | 682380 |
|  Stonegate Pub Co. Financing PLC<sup>(i)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/13/25 | GBP | 100 |  | 97307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 07/31/25 |  | 200 |  | 194838 |
|  Studio City Finance Ltd., 5.00%, 01/15/29<sup>(b)</sup>  | USD | 200 |  | 95000 |
|  Travel & Leisure Co., 6.63%, 07/31/26<sup>(b)</sup>  |  | 189 |  | 177044 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/25 |  | 391 |  | 366074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 |  | 7 |  | 6161 |
|  Wynn Macau Ltd., 5.50%, 01/15/26<sup>(i)</sup>  |  | 200 |  | 150380 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29<sup>(b)</sup>  |  | 482 |  | 389552 |
|  |  |  |  | 8823704 |
| **Household Durables — 3.6%** | **Household Durables — 3.6%** | **Household Durables — 3.6%** | **Household Durables — 3.6%** | **Household Durables — 3.6%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 |  | 495 |  | 414833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | 66 |  | 47919 |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/27 |  | 541 |  | 454132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 |  | 27 |  | 19987 |
|  Century Communities, Inc., 6.75%, 06/01/27 |  | 110 |  | 102786 |
|  Forestar Group, Inc.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/15/26 |  | 560 |  | 460606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/28 |  | 669 |  | 536692 |
|  M/I Homes, Inc., 4.95%, 02/01/28 |  | 510 |  | 424690 |
|  PulteGroup, Inc., 7.88%, 06/15/32 |  | 1138 |  | 1175946 |
|  Taylor Morrison Communities, Inc.<sup>(b)(h)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/27 |  | 647 |  | 602519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;2269 |  | 1991411 |
|  Tri Pointe Homes, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/27<sup>(h)</sup>  |  | 505 |  | 436673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/28 |  | 38 |  | 32325 |
|  William Lyon Homes, Inc., 6.63%, 07/15/27<sup>(b)</sup>  |  | 1298 |  | 1220120 |
|  |  |  |  | 7920639 |
| **Independent Power and Renewable Electricity Producers — 1.3%** | **Independent Power and Renewable Electricity Producers — 1.3%** | **Independent Power and Renewable Electricity Producers — 1.3%** | **Independent Power and Renewable Electricity Producers — 1.3%** | **Independent Power and Renewable Electricity Producers — 1.3%** |
|  Calpine Corp.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 |  | 1523 |  | 1341748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 |  | 722 |  | 620101 |
|  Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27<sup>(b)</sup>  |  | 217 |  | 176599 |
|  Greenko Solar Mauritius Ltd., 5.95%, 07/29/26<sup>(i)</sup> |  | 100 |  | 83125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** |
|  India Cleantech Energy, 4.70%, 08/10/26<sup>(b)</sup>  | USD | 237 | $| 179930 |
|  SCC Power PLC<sup>(b)(j)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |  | 738 |  | 53902 |
| &nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;1362 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506793 |
|  |  |  |  | 2962198 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
|  American International Group, Inc., 4.38%, 06/30/50 |  | 250 |  | 200056 |
|  Galaxy Bidco Ltd., 6.50%, 07/31/26<sup>(i)</sup>  | GBP | 220 |  | 200197 |
|  |  |  |  | 400253 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
|  Alphabet, Inc., 2.25%, 08/15/60 | USD | 23 |  | 12931 |
|  United Group BV, 4.88%, 07/01/24<sup>(i)</sup>  | EUR | 130 |  | 118330 |
|  |  |  |  | 131261 |
| **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** |
|  Amazon.com, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 | USD | 355 |  | 248526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/60 |  | 23 |  | 13569 |
|  |  |  |  | 262095 |
| **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** |
|  NortonLifeLock, Inc., 6.75%, 09/30/27<sup>(b)</sup>  |  | 120 |  | 115144 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
|  Centurion Bidco SpA, 5.88%, 09/30/26<sup>(i)</sup>  | EUR | 200 |  | 171548 |
|  International Business Machines Corp., 2.95%, 05/15/50<sup>(h)</sup>  | USD | 218 |  | 137396 |
|  La Financiere Atalian SASU, 6.63%, 05/15/25<sup>(i)</sup>  | GBP | 200 |  | 212591 |
|  |  |  |  | 521535 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
|  TK Elevator Midco GmbH(i) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/27 | EUR | 115 |  | 94391 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 4.75%), 4.75%, 07/15/27<sup>(a)</sup>  |  | 173 |  | 157506 |
|  TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup>  | USD | 274 |  | 232958 |
|  |  |  |  | 484855 |
| **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** |
|  Altice Financing SA<sup>(i)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/25 | EUR | 180 |  | 154922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/29 |  | 100 |  | 75717 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 04/01/61 | USD | 23 |  | 13428 |
|  Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/27<sup>(b)</sup>  |  | 738 |  | 623416 |
|  Comcast Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 |  | 235 |  | 147164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 |  | 23 |  | 13039 |
|  CSC Holdings LLC, 5.38%, 02/01/28<sup>(b)</sup>  |  | 360 |  | 314100 |
|  Liquid Telecommunications Financing PLC, 5.50%, 09/04/26<sup>(b)</sup> |  | 200 |  | 158000 |
|  Lorca Telecom Bondco SA, 4.00%, 09/18/27<sup>(i)</sup>  | EUR | 150 |  | 127682 |
|  Network i2i Ltd., (5 year CMT + 4.27%),<br>5.65%<sup>(a)(i)(k)</sup>  | USD | 200 |  | 183788 |
|  Nexstar Media, Inc., 5.63%, 07/15/27<sup>(b)</sup>  |  | 733 |  | 673852 |
|  Sable International Finance Ltd., 5.75%, 09/07/27<sup>(i)</sup>  |  | 260 |  | 227175 |
|  SES SA, (5 year EUR Swap + 5.40%),<br>5.63%<sup>(a)(i)(k)</sup>  | EUR | 100 |  | 93967 |
|  Sirius XM Radio, Inc.<sup>(b)(h)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | USD | 70 |  | 64225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/29 |  | 66 |  | 59366 |

---

5.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  Summer BC Holdco B SARL, 5.75%, 10/31/26<sup>(i)</sup>  | EUR | 131 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109154 |
|  TEGNA, Inc., 4.63%, 03/15/28 | USD | 301 |  | 277899 |
|  Tele Columbus AG, 3.88%, 05/02/25<sup>(i)</sup>  | EUR | 100 |  | 79032 |
|  Walt Disney Co., 2.75%, 09/01/49 | USD | 23 |  | 14593 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410519 |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
|  AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 |  | 200 |  | 155475 |
|  Commercial Metals Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/30 |  | 1356 |  | 1113298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 |  | 381 |  | 298789 |
|  Freeport Indonesia PT, 4.76%, 04/14/27<sup>(i)</sup>  |  | 344 |  | 311320 |
|  Metinvest BV<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/23/26 |  | 296 |  | 133200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.65%, 10/01/27 |  | 400 |  | 182325 |
|  Nexa Resources SA, 5.38%, 05/04/27<sup>(b)</sup>  |  | 462 |  | 409678 |
|  Periama Holdings LLC, 5.95%, 04/19/26<sup>(i)</sup>  |  | 200 |  | 173250 |
|  thyssenkrupp AG, 1.88%, 03/06/23<sup>(i)</sup>  | EUR | 127 |  | 122002 |
|  Vedanta Resources Finance II PLC, 8.95%, 03/11/25<sup>(b)</sup>  | USD | 320 |  | 216800 |
|  |  |  |  | 3116137 |
| **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** |
|  Buckeye Partners LP, 4.13%, 03/01/25<sup>(b)</sup>  |  | 195 |  | 178474 |
|  California Resources Corp., 7.13%, 02/01/26<sup>(b)</sup>  |  | 378 |  | 355320 |
|  Cheniere Energy Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 |  | 335 |  | 294931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 |  | 38 |  | 29178 |
|  Cheniere Energy, Inc., 4.63%, 10/15/28 |  | 75 |  | 68800 |
|  Chesapeake Energy Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/26 |  | 110 |  | 105325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 |  | 40 |  | 37095 |
|  Citgo Holding, Inc., 9.25%, 08/01/24<sup>(b)</sup>  |  | 306 |  | 303632 |
|  CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25<sup>(b)</sup>  |  | 54 |  | 51698 |
|  Ecopetrol SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/16/25 |  | 440 |  | 400757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/02/31 |  | 299 |  | 208179 |
|  EG Global Finance PLC, 4.38%, 02/07/25<sup>(i)</sup>  | EUR | 144 |  | 121369 |
|  EIG Pearl Holdings SARL, 3.55%, 08/31/36<sup>(b)</sup>  | USD | 401 |  | 318795 |
|  Geopark Ltd., 5.50%, 01/17/27<sup>(b)</sup>  |  | 205 |  | 160643 |
|  Hammerhead Resources, Inc., Series AI, (12.00% PIK), 9.00%, 07/10/22<sup>(d)(j)</sup>  |  | 442 |  | 441431 |
|  HTA Group Ltd., 7.00%, 12/18/25<sup>(b)</sup>  |  | 415 |  | 361387 |
|  IHS Holding Ltd., 6.25%, 11/29/28<sup>(b)</sup>  |  | 305 |  | 234812 |
|  Kinetik Holdings LP, 5.88%, 06/15/30<sup>(b)</sup>  |  | 47 |  | 43036 |
|  Leviathan Bond Ltd., 5.75%, 06/30/23<sup>(b)(i)</sup>  |  | 124 |  | 122006 |
|  MC Brazil Downstream Trading SARL, 7.25%, 06/30/31<sup>(b)</sup>  |  | 315 |  | 233100 |
|  Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26<sup>(i)</sup>  |  | 200 |  | 171250 |
|  Neptune Energy Bondco PLC, 6.63%, 05/15/25<sup>(b)(h)</sup>  |  | 200 |  | 185673 |
|  NGPL PipeCo LLC, 7.77%, 12/15/37<sup>(b)(h)</sup>  |  | 1032 |  | 1043027 |
|  Oil & Gas Holding Co. BSCC, 7.63%, 11/07/24<sup>(i)</sup>  |  | 263 |  | 260423 |
|  OQ SAOC, 5.13%, 05/06/28<sup>(b)</sup>  |  | 286 |  | 255756 |
|  Permian Resources Operating LLC<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/26<sup>(h)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 |  | 1679912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/27 |  | 127 |  | 122867 |
|  Petroleos Mexicanos |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/13/27<sup>(h)</sup>  |  | 734 |  | 614652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 514 |  | 345973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/23/45 |  | 288 |  | 158544 |
|  Puma International Financing SA, 5.13%, 10/06/24<sup>(b)</sup>  |  | 442 |  | 417690 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  SM Energy Co., 6.75%, 09/15/26 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328212 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/27<sup>(h)</sup>  |  | 27 |  | 25746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/29 |  | 67 |  | 55580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/30 |  | 427 |  | 349072 |
|  Transocean Guardian Ltd., 5.88%, 01/15/24<sup>(b)(h)</sup>  |  | 131 |  | 123686 |
|  UGI International LLC, 2.50%, 12/01/29<sup>(i)</sup>  | EUR | 100 |  | 72924 |
|  Vivo Energy Investments BV, 5.13%, 09/24/27<sup>(b)</sup>  | USD | 400 |  | 364000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10644955 |
| **Personal Products — 0.1%** | **Personal Products — 0.1%** | **Personal Products — 0.1%** | **Personal Products — 0.1%** | **Personal Products — 0.1%** |
|  Coty, Inc., 3.88%, 04/15/26<sup>(i)</sup>  | EUR | 100 |  | 88205 |
|  GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/52<sup>(b)</sup>  | USD | 315 |  | 233122 |
|  |  |  |  | 321327 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
|  AbbVie, Inc., 4.88%, 11/14/48 |  | 300 |  | 263780 |
|  AstraZeneca PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/06/50 |  | 23 |  | 13241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/51<sup>(h)</sup>  |  | 320 |  | 221807 |
|  Bristol-Myers Squibb Co., 2.55%, 11/13/50 |  | 23 |  | 14171 |
|  Cheplapharm Arzneimittel GmbH<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/11/27 | EUR | 100 |  | 80022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 |  | 331 |  | 265920 |
|  CVS Health Corp., 5.05%, 03/25/48 | USD | 195 |  | 171729 |
|  Eli Lilly & Co., 2.25%, 05/15/50 |  | 23 |  | 14228 |
|  Johnson & Johnson, 2.25%, 09/01/50 |  | 23 |  | 14181 |
|  Merck & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/50 |  | 23 |  | 14153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/51 |  | 103 |  | 67083 |
|  Nidda Healthcare Holding GmbH, 3.50%, 09/30/24<sup>(i)</sup>  | EUR | 172 |  | 152555 |
|  Rossini SARL<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/30/25 |  | 100 |  | 94819 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 3.88%), 4.14%, 10/30/25<sup>(a)</sup>  |  | 100 |  | 92982 |
|  Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/27 |  | 100 |  | 82404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/09/30 |  | 100 |  | 77075 |
|  |  |  |  | 1640150 |
| **Producer Durables: Miscellaneous — 0.1%** | **Producer Durables: Miscellaneous — 0.1%** | **Producer Durables: Miscellaneous — 0.1%** | **Producer Durables: Miscellaneous — 0.1%** | **Producer Durables: Miscellaneous — 0.1%** |
|  Salesforce, Inc., 2.90%, 07/15/51 | USD | 363 |  | 239775 |
| **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** |
|  Adler Group SA<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/05/25 | EUR | 300 |  | 161708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/13/26 |  | 100 |  | 49003 |
|  Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26<sup>(b)</sup>  | USD | 510 |  | 454792 |
|  China Aoyuan Group Ltd., 7.95%, 02/19/23<sup>(f)(i)(l)</sup> |  | 400 |  | 25450 |
|  China Evergrande Group<sup>(f)(i)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 04/11/22 |  | 200 |  | 12475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 01/22/23 |  | 200 |  | 12725 |
|  DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24<sup>(i)</sup>  | EUR | 100 |  | 70926 |
|  Fantasia Holdings Group Co. Ltd.<sup>(f)(i)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 10/17/22 | USD | 400 |  | 34000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 07/28/23 |  | 200 |  | 17000 |
|  Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25<sup>(b)</sup>  |  | 750 |  | 596556 |
|  Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%<sup>(a)(i)(k)</sup>  | EUR | 100 |  | 56902 |
|  Howard Hughes Corp., 5.38%,<br>08/01/28<sup>(b)(h)</sup>  | USD | 981 |  | 814230 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
|  JGC Ventures Pte. Ltd.<sup>(j)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.00% PIK), 3.00%, 06/30/25<sup>(f)(i)(l)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106643 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.00% PIK), 3.00%, 06/30/25 |  | 4 |  | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.00% PIK), 3.00%, 06/30/25 |  | — <sup>(e)</sup> |  | 114 |
|  Jingrui Holdings Ltd., 12.00%,<br>07/25/22<sup>(f)(i)(l)</sup>  |  | 200 |  | 38732 |
|  Kaisa Group Holdings Ltd.<sup>(f)(i)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.95%, 10/22/22 |  | 200 |  | 20912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.95%, 11/12/23 |  | 200 |  | 19500 |
|  MAF Sukuk Ltd.<sup>(i)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 05/14/29 |  | 250 |  | 238719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 02/28/30 |  | 243 |  | 221176 |
|  Modern Land China Co. Ltd.<sup>(f)(i)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 11/13/22 |  | 240 |  | 37200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80%, 04/11/23 |  | 200 |  | 31000 |
|  Redsun Properties Group Ltd., 10.50%, 10/03/22<sup>(f)(i)(l)</sup>  |  | 200 |  | 14000 |
|  Ronshine China Holdings Ltd.<sup>(f)(i)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 12/15/23 |  | 200 |  | 11000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 01/25/25 |  | 200 |  | 11000 |
|  Sinic Holdings Group Co. Ltd., 10.50%, 06/18/22<sup>(f)(l)</sup>  |  | 200 |  | 2000 |
|  Yango Justice International Ltd.<sup>(f)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 09/15/22 |  | 250 |  | 11922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/04/24<sup>(i)</sup>  |  | 200 |  | 10000 |
|  Yanlord Land HK Co. Ltd., 6.80%, 02/27/24<sup>(i)</sup>  |  | 200 |  | 166000 |
|  Yuzhou Group Holdings Co. Ltd.<sup>(f)(i)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 02/20/25 |  | 200 |  | 12500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/13/26 |  | 400 |  | 25000 |
|  |  |  |  | 3284746 |
| **Road & Rail — 0.4%** | **Road & Rail — 0.4%** | **Road & Rail — 0.4%** | **Road & Rail — 0.4%** | **Road & Rail — 0.4%** |
|  Canadian Pacific Railway Co., 3.10%, 12/02/51 |  | 340 |  | 223193 |
|  CMA CGM SA, 7.50%, 01/15/26<sup>(i)</sup>  | EUR | 236 |  | 234935 |
|  CSX Corp., 2.50%, 05/15/51 | USD | 23 |  | 13766 |
|  Getlink SE, 3.50%, 10/30/25<sup>(i)</sup>  | EUR | 175 |  | 156073 |
|  Norfolk Southern Corp., 2.90%, 08/25/51 | USD | 340 |  | 215337 |
|  |  |  |  | 843304 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
|  ams-OSRAM AG, Series AMS, 0.00%, 03/05/25<sup>(i)(m)</sup>  | EUR | 200 |  | 155493 |
|  Analog Devices, Inc., 2.95%, 10/01/51 | USD | 104 |  | 69247 |
|  Broadcom, Inc., 3.75%, 02/15/51<sup>(b)(h)</sup>  |  | 390 |  | 255758 |
|  Intel Corp., 3.10%, 02/15/60 |  | 4 |  | 2413 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc., 3.25%, 11/30/51 |  | 23 |  | 13742 |
|  |  |  |  | 496653 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
|  Boxer Parent Co., Inc., 6.50%, 10/02/25<sup>(i)</sup>  | EUR | 100 |  | 91635 |
|  Microsoft Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 | USD | 310 |  | 218642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 |  | 23 |  | 14462 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50<sup>(h)</sup>  |  | 673 |  | 421098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 |  | 48 |  | 31834 |
|  Picard Midco, Inc., 6.50%, 03/31/29 |  | 239 |  | 201883 |
|  Playtika Holding Corp., 4.25%, 03/15/29<sup>(b)</sup>  |  | 436 |  | 348687 |
|  |  |  |  | 1328241 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
|  Goldstory SASU, 5.38%, 03/01/26<sup>(i)</sup>  | EUR | 254 |  | 211593 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
|  Apple, Inc.<br>2.40%, 08/20/50 | USD | 23 |  | 14275 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
|  Apple, Inc. (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51<sup>(h)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128024 |
|  Dell International LLC/EMC Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/46<sup>(h)</sup>  |  | 49 |  | 52852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51<sup>(b)</sup>  |  | 23 |  | 13075 |
|  |  |  |  | 208226 |
| **Thrifts & Mortgage Finance — 0.5%** | **Thrifts & Mortgage Finance — 0.5%** | **Thrifts & Mortgage Finance — 0.5%** | **Thrifts & Mortgage Finance — 0.5%** | **Thrifts & Mortgage Finance — 0.5%** |
|  doValue SpA, 3.38%, 07/31/26<sup>(i)</sup>  | EUR | 259 |  | 206607 |
|  Jerrold Finco PLC<sup>(i)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26 | GBP | 100 |  | 86533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/27 |  | 100 |  | 83350 |
|  Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27<sup>(b)</sup>  | USD | 24 |  | 20490 |
|  Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/29 |  | 541 |  | 416381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/31 |  | 122 |  | 88432 |
|  United Wholesale Mortgage LLC, 5.75%, 06/15/27<sup>(b)</sup>  |  | 374 |  | 296359 |
|  |  |  |  | 1198152 |
| **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** |
|  Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61<sup>(b)</sup>  |  | 310 |  | 220836 |
|  Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29<sup>(b)</sup>  |  | 347 |  | 320281 |
|  DP World Salaam, (5 year CMT + 5.75%),<br>6.00%<sup>(a)(i)(k)</sup>  |  | 200 |  | 192813 |
|  FedEx Corp., 4.05%, 02/15/48 |  | 195 |  | 142897 |
|  Mexico City Airport Trust, 5.50%, 07/31/47<sup>(i)</sup>  |  | 300 |  | 185910 |
|  |  |  |  | 1062737 |
| **Utilities — 1.2%** | **Utilities — 1.2%** | **Utilities — 1.2%** | **Utilities — 1.2%** | **Utilities — 1.2%** |
|  Electricite de France SA, (12 year EUR<br>Swap + 3.04%), 5.00%<sup>(a)(i)(k)</sup>  | EUR | 100 |  | 85264 |
|  FEL Energy VI SARL, 5.75%, 12/01/40 | USD | 282 |  | 193081 |
|  Genneia SA, 8.75%, 09/02/27<sup>(b)</sup>  |  | 197 |  | 182239 |
|  Inkia Energy Ltd., 5.88%, 11/09/27<sup>(b)</sup>  |  | 278 |  | 255760 |
|  Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(i)</sup>  |  | 325 |  | 252281 |
|  Orano SA, 2.75%, 03/08/28<sup>(i)</sup>  | EUR | 100 |  | 84724 |
|  Thames Water Kemble Finance PLC, 4.63%, 05/19/26<sup>(i)</sup>  | . | 293 |  | 271525 |
|  Veolia Environnement SA, (5 year EUR<br>Swap + 2.84%), 2.50%<sup>(a)(i)(k)</sup>  | EUR | 700 |  | 523829 |
|  Vistra Operations Co. LLC, 5.00%, 07/31/27<sup>(b)</sup>  | USD | 792 |  | 715374 |
|  |  |  |  | 2564077 |
| **Wireless Telecommunication Services — 2.0%** | **Wireless Telecommunication Services — 2.0%** | **Wireless Telecommunication Services — 2.0%** | **Wireless Telecommunication Services — 2.0%** | **Wireless Telecommunication Services — 2.0%** |
|  Altice France SA<sup>(i)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/25 | EUR | 141 |  | 122321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/25 |  | 148 |  | 126721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/27 |  | 100 |  | 84544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/29 |  | 200 |  | 147929 |
|  GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31 | USD | 350 |  | 286095 |
|  Kenbourne Invest SA, 6.88%, 11/26/24<sup>(b)(h)</sup>  |  | 400 |  | 371325 |
|  Millicom International Cellular SA, 4.50%, 04/27/31<sup>(b)</sup>  |  | 380 |  | 272650 |
|  T-Mobile USA, Inc., 3.30%, 02/15/51<sup>(h)</sup>  |  | 390 |  | 254084 |
|  VICI Properties LP/VICI Note Co., Inc.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/24 |  | 1895 |  | 1861824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/25 |  | 123 |  | 115746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/29 |  | 422 |  | 366102 |

---

7.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
|  Vmed O2 U.K. Financing I PLC<sup>(i)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/31 | EUR | 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/31 | GBP | 300 | 236988 |
|  |  |  | 4344494 |
|  **Total Corporate Bonds — 44.7%<br>(Cost: $123,240,343)** |  |  | 98584427 |
|  **Floating Rate Loan Interests<sup>(a)</sup>**  | **Floating Rate Loan Interests<sup>(a)</sup>**  | **Floating Rate Loan Interests<sup>(a)</sup>**  | **Floating Rate Loan Interests<sup>(a)</sup>**  |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
|  Kestrel Bidco, Inc., Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.99%, 12/11/26 | USD | — <sup>(e)</sup> | 407 |
| **Building Materials — 0.7%** | **Building Materials — 0.7%** | **Building Materials — 0.7%** | **Building Materials — 0.7%** |
|  Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.07%, 04/12/28 |  | 1935 | 1588289 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
|  SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.81%, 03/16/27 |  | 266 | 246777 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
|  Interface Security Systems LLC, Term Loan, (3 mo. LIBOR + 7.00%, 7.00% PIK), 7.88%, 08/07/23<sup>(d)(j)</sup>  |  | 1116 | 1079545 |
| **Diversified Financial Services — 6.2%** | **Diversified Financial Services — 6.2%** | **Diversified Financial Services — 6.2%** | **Diversified Financial Services — 6.2%** |
|  Colorado Plaza, Term Loan, (1 mo. LIBOR + 6.94%), 9.76%, 05/15/24<sup>(d)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;4118 | 3747059 |
|  Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 6.73%, 02/17/23<sup>(d)</sup>  |  | 112 | 1904 |
|  LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27 |  | 102 | 88973 |
|  Luxembourg Life Fund, 2021 Term Loan, (3 mo. LIBOR + 9.25%), 12.92%, 04/01/23<sup>(d)</sup>  |  | 6745 | 6710917 |
|  Oceana Australian Fixed Income Trust, A Note Upsize, 8.00%, 01/21/24<sup>(d)</sup>  | AUD | 4300 | 2702361 |
|  White Cap Buyer LLC, Term Loan B,<br>(1 mo. SOFR CME + 3.75%), 6.78%, 10/19/27 | USD | 428 | 400016 |
|  |  |  | 13651230 |
| **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** |
|  Magnum Intermediate Holdings I LLC, 2nd Lien Term Loan, (Defaulted), 0.00%, 01/01/59<sup>(d)(f)(l)</sup>  |  | 17000 | 2 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
|  Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 5.62%, 03/06/25 |  | 240 | 231862 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
|  Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 6.87%, 02/02/26 |  | 400 | 351147 |
|  ECL Entertainment LLC, Term Loan,<br>(1 mo. LIBOR + 7.50%, 0.75% Floor), 10.62%, 05/01/28 |  | 269 | 264571 |
|  Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFR + 4.00%, 0.50% Floor), 7.03%, 01/27/29 |  | 588 | 544382 |
|  |  |  | 1160100 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Industrial Conglomerates — 0.7%** |  |  |  |
|  Robertshaw U.S. Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.63%, 02/28/25<sup>(d)</sup>  | USD | 1717 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416156 |
| **Media — 0.5%** |  |  |  |
|  Connect Finco SARL, 2021 Term Loan B,<br>(1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 12/11/26 |  | 828 | 768424 |
|  Diamond Sports Group LLC, Term Loan, (PRIME + 3.35%), 5.95%, 08/24/26 |  | 1484 | 286459 |
|  |  |  | 1054883 |
| **Thrifts & Mortgage Finance — 1.4%** |  |  |  |
|  Caliber Home Loans, Inc., 2018 Revolver,<br>(1 mo. LIBOR + 3.25%), 5.81%, 07/24/25<sup>(d)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;3000 | 2981400 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
|  Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.06%, 01/31/28 |  | 66 | 58952 |
|  **Total Floating Rate Loan Interests — 10.7%<br>(Cost: $32,882,278)** | **Total Floating Rate Loan Interests — 10.7%<br>(Cost: $32,882,278)** | **Total Floating Rate Loan Interests — 10.7%<br>(Cost: $32,882,278)** | 23469603 |
|  **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Bahrain — 0.3%** |  |  |  |
|  Bahrain Government International Bond<sup>(i)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/26/26 |  | 295 | 294871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/16/32 |  | 314 | 249630 |
|  |  |  | 544501 |
| **Chile — 0.1%** |  |  |  |
|  Chile Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 03/07/42 |  | 213 | 169016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/52 |  | 200 | 146000 |
|  |  |  | 315016 |
| **Colombia — 0.5%** |  |  |  |
|  Colombia Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/28/26 |  | 211 | 193170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/25/27 |  | 573 | 485546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/15/31 |  | 400 | 277575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/51<sup>(h)</sup>  |  | 350 | 186769 |
|  |  |  | 1143060 |
| **Dominican Republic — 0.5%** |  |  |  |
|  Dominican Republic International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/25/27<sup>(h)(i)</sup>  |  | 379 | 351475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/22/29<sup>(b)</sup>  |  | 240 | 205545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/30<sup>(b)(h)</sup>  |  | 150 | 117637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/23/32<sup>(b)</sup>  |  | 150 | 111919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/05/49<sup>(i)</sup>  |  | 368 | 263189 |
|  |  |  | 1049765 |
| **Egypt — 0.2%** |  |  |  |
|  Egypt Government International Bond<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/29/24 |  | 265 | 234525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/31/47 |  | 200 | 110750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/16/61 |  | 200 | 102500 |
|  |  |  | 447775 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Guatemala — 0.4%** | **Guatemala — 0.4%** | **Guatemala — 0.4%** | **Guatemala — 0.4%** |
|  Guatemala Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/03/26<sup>(i)</sup>  | USD | 201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/10/29<sup>(b)</sup>  |  | 200 | 179600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/07/33<sup>(i)</sup>  |  | 361 | 259649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/07/41<sup>(b)</sup>  |  | 219 | 152314 |
|  |  |  | 780918 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
|  Hungary Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/25/24 |  | 330 | 323977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/16/29<sup>(b)</sup>  |  | 310 | 279543 |
|  |  |  | 603520 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
|  Indonesia Government International Bond, 5.35%, 02/11/49<sup>(h)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | 280385 |
|  Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27<sup>(b)</sup>  |  | 215 | 206400 |
|  |  |  | 486785 |
| **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** |
|  Ivory Coast Government International Bond, 6.38%, 03/03/28<sup>(i)</sup>  |  | 608 | 539144 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
|  Mexico Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/19/33 |  | 400 | 351600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/47<sup>(h)</sup>  |  | 230 | 162049 |
|  |  |  | 513649 |
| **Mongolia — 0.1%** | **Mongolia — 0.1%** | **Mongolia — 0.1%** | **Mongolia — 0.1%** |
|  Mongolia Government International Bond, 5.13%, 04/07/26<sup>(i)</sup>  |  | 200 | 155022 |
| **Morocco — 0.4%** | **Morocco — 0.4%** | **Morocco — 0.4%** | **Morocco — 0.4%** |
|  Morocco Government International Bond<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/15/27 |  | 464 | 379697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/32<sup>(h)</sup>  |  | 583 | 406387 |
|  |  |  | 786084 |
| **Nigeria — 0.2%** | **Nigeria — 0.2%** | **Nigeria — 0.2%** | **Nigeria — 0.2%** |
|  Nigeria Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 03/24/29<sup>(b)</sup>  |  | 441 | 313110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/16/32<sup>(i)</sup>  |  | 343 | 217805 |
|  |  |  | 530915 |
| **Oman — 0.4%** | **Oman — 0.4%** | **Oman — 0.4%** | **Oman — 0.4%** |
|  Oman Government International Bond<sup>(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/08/47 |  | 457 | 354746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/17/48 |  | 400 | 318500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/25/51 |  | 329 | 269780 |
|  |  |  | 943026 |
| **Panama — 0.3%** | **Panama — 0.3%** | **Panama — 0.3%** | **Panama — 0.3%** |
|  Panama Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/17/28 |  | 563 | 510148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/16/50 |  | 210 | 145202 |
|  |  |  | 655350 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Paraguay — 0.2%** | **Paraguay — 0.2%** | **Paraguay — 0.2%** | **Paraguay — 0.2%** |
|  Paraguay Government International Bond<sup>(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/13/48 | USD | 321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/30/50 |  | 200 | 146912 |
|  |  |  | 387020 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
|  Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25<sup>(i)</sup>  |  | 361 | 347305 |
|  Peruvian Government International Bond, 3.30%, 03/11/41 |  | 240 | 165000 |
|  |  |  | 512305 |
| **Romania — 0.4%** | **Romania — 0.4%** | **Romania — 0.4%** | **Romania — 0.4%** |
|  Romanian Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(b)</sup>  |  | 406 | 367430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/11/29<sup>(i)</sup>  | EUR | 228 | 170703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/08/30<sup>(i)</sup>  |  | 244 | 170726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/14/51<sup>(i)</sup>  | USD | 230 | 127118 |
|  |  |  | 835977 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
|  Saudi Government International Bond, 3.75%, 01/21/55<sup>(i)</sup>  |  | 230 | 170200 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
|  Republic of South Africa Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/30/29 |  | 340 | 279607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/20/32 |  | 440 | 363000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/12/46 |  | 200 | 120725 |
|  |  |  | 763332 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
|  Sri Lanka Government International Bond, 6.35%, 06/28/24<sup>(f)(i)(l)</sup>  |  | 200 | 48913 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
|  Ukraine Government International Bond<sup>(f)(i)(l)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.99%, 02/01/26 |  | 447 | 92753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/27 |  | 369 | 73800 |
|  |  |  | 166553 |
|  **Total Foreign Agency Obligations — 5.6%<br>(Cost: $15,766,808)** | **Total Foreign Agency Obligations — 5.6%<br>(Cost: $15,766,808)** | **Total Foreign Agency Obligations — 5.6%<br>(Cost: $15,766,808)** | 12378830 |
|  |  | *Shares* |  |
|  **Investment Companies** | **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Fixed Income Funds — 0.7%** |  |  |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF<sup>(g)(n)</sup>  |  | 22500 | 1606275 |
|  **Total Investment Companies — 0.7%<br>(Cost: $1,787,578)** | **Total Investment Companies — 0.7%<br>(Cost: $1,787,578)** | **Total Investment Companies — 0.7%<br>(Cost: $1,787,578)** | 1606275 |
|  |  | *Par<br>(000)* |  |
|  **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Puerto Rico<sup>(a)</sup> — 0.2%** | **Puerto Rico<sup>(a)</sup> — 0.2%** | **Puerto Rico<sup>(a)</sup> — 0.2%** | **Puerto Rico<sup>(a)</sup> — 0.2%** |
|  Commonwealth of Puerto Rico, GO<br>0.00%, 11/01/43 | USD | 53 | 26112 |

---

9.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| Commonwealth of Puerto Rico, GO (continued) | Commonwealth of Puerto Rico, GO (continued) | Commonwealth of Puerto Rico, GO (continued) | Commonwealth of Puerto Rico, GO (continued) | Commonwealth of Puerto Rico, GO (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/51 | USD | 579 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212234 |
|  Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51 |  | 242 |  | 79259 |
|  |  |  |  | 317605 |
|  **Total Municipal Bonds — 0.2%<br>(Cost: $367,563)** | **Total Municipal Bonds — 0.2%<br>(Cost: $367,563)** | **Total Municipal Bonds — 0.2%<br>(Cost: $367,563)** |  | 317605 |
|  **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations<sup>(a)</sup> — 2.4%** | **Collateralized Mortgage Obligations<sup>(a)</sup> — 2.4%** | **Collateralized Mortgage Obligations<sup>(a)</sup> — 2.4%** | **Collateralized Mortgage Obligations<sup>(a)</sup> — 2.4%** | **Collateralized Mortgage Obligations<sup>(a)</sup> — 2.4%** |
|  BCAP LLC Trust, Series 2012-RR3, Class 1A5, 11.77%, 12/26/37<sup>(b)(c)</sup>  |  | 980 |  | 856515 |
|  Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69<sup>(b)</sup>  |  | 2140 |  | 2019095 |
|  Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, (30 day SOFR + 6.00%), 8.28%, 10/25/41<sup>(b)</sup>  |  | 456 |  | 392373 |
|  Seasoned Credit Risk Transfer Trust, Series 2018-1, Class BX, 3.78%, 05/25/57<sup>(c)</sup>  |  | 4358 |  | 2124840 |
|  |  |  |  | 5392823 |
| **Commercial Mortgage-Backed Securities — 10.6%** | **Commercial Mortgage-Backed Securities — 10.6%** | **Commercial Mortgage-Backed Securities — 10.6%** | **Commercial Mortgage-Backed Securities — 10.6%** | **Commercial Mortgage-Backed Securities — 10.6%** |
|  Ashford Hospitality Trust, Series 2018-ASHF, Class E, (1 mo. LIBOR US + 3.10%), 5.92%, 04/15/35<sup>(a)(b)</sup>  |  | 315 |  | 288133 |
|  Benchmark Mortgage Trust<sup>(a)(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class D, 2.88%, 02/15/51 |  | 3000 |  | 2181858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B3, Class D, 3.19%, 04/10/51 |  | 540 |  | 395486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9, Class XD, 2.17%, 03/15/52 |  | 11550 |  | 1125602 |
|  BX Trust, Series 2021-MFM1, Class G,<br>(1 mo. LIBOR US + 3.90%), 6.72%, 01/15/34<sup>(a)(b)</sup>  |  | 205 |  | 186046 |
|  CFK Trust, Series 2019-FAX, Class E, 4.79%, 01/15/39<sup>(a)(b)</sup>  |  | 2000 |  | 1605815 |
|  Citigroup Commercial Mortgage Trust, Series 2019-PRM, Class F, 4.89%, 05/10/36<sup>(a)(b)</sup>  |  | 2000 |  | 1971738 |
|  Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 6.31%, 11/15/37<sup>(a)(b)</sup>  |  | 265 |  | 250800 |
|  Credit Suisse Mortgage Capital Certificates Trust<sup>(a)(b)</sup>Class E, (1 mo. LIBOR US + 3.50%), 6.32%, 11/15/38 |  | 250 |  | 238363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 8.98%, 10/15/37 |  | 700 |  | 653657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NET, Class E, 3.83%, 08/15/37 |  | 1500 |  | 1306609 |
|  DBGS Mortgage Trust, Series 2019-1735, Class F, 4.33%, 04/10/37<sup>(a)(b)</sup>  |  | 369 |  | 251528 |
|  DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.65%, 10/10/34<sup>(a)(b)</sup>  |  | 575 |  | 504998 |
|  ELP Commercial Mortgage Trust, Series 2021-ELP, Class J, (1 mo. LIBOR US + 3.61%), 6.43%, 11/15/38<sup>(a)(b)</sup>  |  | 300 |  | 275706 |
|  GS Mortgage Securities Corp. Trust, Series 2021-DM, Class F, (1 mo. LIBOR US + 3.44%), 6.25%, 11/15/36<sup>(a)(b)</sup>  |  | 310 |  | 282931 |
|  GS Mortgage Securities Trust, Series 2012-GCJ9, Class C, 4.45%, 11/10/45<sup>(a)(b)</sup>  |  | 982 |  | 978096 |
|  HONO Mortgage Trust<sup>(a)(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LULU, Class E, (1 mo. LIBOR US + 3.35%), 6.17%, 10/15/36 |  | 200 |  | 187145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LULU, Class F, (1 mo. LIBOR US + 4.40%), 7.22%, 10/15/36 |  | 110 |  | 102557 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class F, (1 mo. SOFR + 3.54%), 6.38%,<br>04/15/37<sup>(a)(b)</sup>  | USD | 250 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228724 |
|  JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.27%, 12/15/48<sup>(a)(b)</sup>  |  | 857 |  | 731354 |
|  JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class XD, 1.50%, 06/15/51<sup>(a)(b)</sup>  |  | 11427 |  | 725464 |
|  LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 4.76%, 03/10/49<sup>(a)(b)</sup>  |  | 476 |  | 433531 |
|  MED Trust, Series 2021, Class G, (1 mo. LIBOR US + 5.25%), 8.07%,<br>11/15/38<sup>(a)(b)(d)</sup>  |  | 300 |  | 282000 |
|  MF1 Trust, Series 2021-W10, Class G, (1 mo. SOFR + 4.22%), 7.07%, 12/15/34<sup>(a)(b)</sup>  |  | 310 |  | 296927 |
|  Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50 |  | 250 |  | 178359 |
|  Morgan Stanley Capital I Trust<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class D, 2.55%, 06/15/50 |  | 895 |  | 668231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-MP, Class E, 4.42%, 07/11/40<sup>(a)</sup>  |  | 826 |  | 600904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.55%), 5.37%, 07/15/35<sup>(a)</sup>  |  | 1360 |  | 1319652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H7, Class D, 3.00%, 07/15/52 |  | 1250 |  | 899064 |
|  MTN Commercial Mortgage Trust, Class F, (1 mo. SOFR + 5.29%), 8.13%,<br>03/15/39<sup>(a)(b)</sup>  |  | 275 |  | 259850 |
|  One New York Plaza Trust, Series 2020-1NYP, Class D, (1 mo. LIBOR US + 2.75%), 5.57%, 01/15/36<sup>(a)(b)</sup>  |  | 100 |  | 93949 |
|  SREIT Trust, Series 2021-MFP2, Class J, (1 mo. LIBOR US + 3.92%), 6.73%,<br>11/15/36<sup>(a)(b)</sup>  |  | 250 |  | 230282 |
|  STWD Mortgage Trust, Series 2021-LIH, Class G, (1 mo. LIBOR US + 4.20%), 7.02%, 11/15/36<sup>(a)(b)</sup>  |  | 250 |  | 229867 |
|  Velocity Commercial Capital Loan Trust<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M5, 6.26%, 04/25/48 |  | 179 |  | 156927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M6, 7.26%, 04/25/48 |  | 251 |  | 200785 |
|  Wells Fargo Commercial Mortgage Trust<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class D, 2.60%, 11/15/50<sup>(a)</sup>  |  | 967 |  | 671345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class D, 3.00%, 05/15/51 |  | 710 |  | 499265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class D, 3.00%, 06/15/51 |  | 2100 |  | 1463432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 5.56%, 02/15/37<sup>(a)</sup>  |  | 400 |  | 372673 |
|  |  |  |  | 23329653 |
|  **Total Non-Agency Mortgage-Backed Securities — 13.0%<br>(Cost: $31,550,161)** | **Total Non-Agency Mortgage-Backed Securities — 13.0%<br>(Cost: $31,550,161)** | **Total Non-Agency Mortgage-Backed Securities — 13.0%<br>(Cost: $31,550,161)** |  | 28722476 |
|  **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 5.3%<sup>(a)</sup>** | **Capital Trusts — 5.3%<sup>(a)</sup>** | **Capital Trusts — 5.3%<sup>(a)</sup>** | **Capital Trusts — 5.3%<sup>(a)</sup>** | **Capital Trusts — 5.3%<sup>(a)</sup>** |
| **Automobiles<sup>(i)(k)</sup> — 0.2%** | **Automobiles<sup>(i)(k)</sup> — 0.2%** | **Automobiles<sup>(i)(k)</sup> — 0.2%** | **Automobiles<sup>(i)(k)</sup> — 0.2%** | **Automobiles<sup>(i)(k)</sup> — 0.2%** |
|  Volkswagen International Finance NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | EUR | 100 |  | 76441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% |  | 400 |  | 316239 |
|  |  |  |  | 392680 |
| **Banks<sup>(k)</sup> — 1.5%** | **Banks<sup>(k)</sup> — 1.5%** | **Banks<sup>(k)</sup> — 1.5%** | **Banks<sup>(k)</sup> — 1.5%** | **Banks<sup>(k)</sup> — 1.5%** |
|  ABN AMRO Bank NV, 4.75%<sup>(i)</sup>  |  | 800 |  | 605412 |
|  AIB Group PLC, 5.25%<sup>(i)</sup>  |  | 200 |  | 169450 |
|  Banco Bilbao Vizcaya Argentaria SA, 6.00%<sup>(i)</sup>  |  | 200 |  | 177607 |
|  Banco Mercantil del Norte SA<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | USD | 350 |  | 284878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% |  | 770 |  | 714319 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  CaixaBank SA<sup>(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% |  | 200 | 179994 |
|  ING Groep NV, 3.88% | USD | 400 | 259940 |
|  Svenska Handelsbanken AB, 4.38%<sup>(i)</sup>  |  | 400 | 325000 |
|  |  |  | 3273758 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
|  Solvay SA, 2.50%<sup>(i)(k)</sup>  | EUR | 600 | 492065 |
| **Diversified Financial Services<sup>(k)</sup> — 1.5%** | **Diversified Financial Services<sup>(k)</sup> — 1.5%** | **Diversified Financial Services<sup>(k)</sup> — 1.5%** | **Diversified Financial Services<sup>(k)</sup> — 1.5%** |
|  Banco Santander SA<sup>(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% |  | 800 | 483165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% |  | 200 | 151908 |
|  Barclays PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | USD | 850 | 788502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% |  | 273 | 230030 |
|  Credit Agricole SA, 4.00%<sup>(i)</sup>  | EUR | 800 | 627232 |
|  NatWest Group PLC, 4.60% | USD | 400 | 250000 |
|  UBS Group AG, 4.88%<sup>(b)</sup>  |  | 525 | 408844 |
|  UniCredit SpA<sup>(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | EUR | 200 | 182668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% |  | 200 | 172086 |
|  |  |  | 3294435 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
|  British Telecommunications PLC, 4.25%, 11/23/81<sup>(b)</sup>  | USD | 200 | 168724 |
|  Telefonica Europe BV<sup>(i)(k)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | EUR | 200 | 184831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% |  | 1400 | 970397 |
|  |  |  | 1323952 |
| **Electric Utilities<sup>(i)(k)</sup> — 0.1%** | **Electric Utilities<sup>(i)(k)</sup> — 0.1%** | **Electric Utilities<sup>(i)(k)</sup> — 0.1%** | **Electric Utilities<sup>(i)(k)</sup> — 0.1%** |
|  Iberdrola International BV, 1.83% |  | 300 | 209897 |
|  Naturgy Finance BV, 2.37% |  | 100 | 74974 |
|  |  |  | 284871 |
| **Insurance<sup>(i)(k)</sup> — 0.2%** | **Insurance<sup>(i)(k)</sup> — 0.2%** | **Insurance<sup>(i)(k)</sup> — 0.2%** | **Insurance<sup>(i)(k)</sup> — 0.2%** |
|  Allianz SE, 3.20% | USD | 400 | 258140 |
|  BUPA Finance PLC, 4.00% | GBP | 430 | 284205 |
|  |  |  | 542345 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  SES SA, 2.88%<sup>(i)(k)</sup>  | EUR | 250 | 181965 |
| **Oil, Gas & Consumable Fuels<sup>(i)(k)</sup> — 0.2%** | **Oil, Gas & Consumable Fuels<sup>(i)(k)</sup> — 0.2%** | **Oil, Gas & Consumable Fuels<sup>(i)(k)</sup> — 0.2%** | **Oil, Gas & Consumable Fuels<sup>(i)(k)</sup> — 0.2%** |
|  Abertis Infraestructuras Finance BV, 3.25% |  | 100 | 79236 |
|  Eni SpA, Series NC-9, 2.75% |  | 450 | 308950 |
|  |  |  | 388186 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
|  Bayer AG, 3.13%, 11/12/79<sup>(i)</sup>  |  | 700 | 547147 |
| **Real Estate Management & Development<sup>(i)(k)</sup> — 0.2%** | **Real Estate Management & Development<sup>(i)(k)</sup> — 0.2%** | **Real Estate Management & Development<sup>(i)(k)</sup> — 0.2%** | **Real Estate Management & Development<sup>(i)(k)</sup> — 0.2%** |
|  ATF Netherlands BV, 3.75% |  | 300 | 258355 |
|  NWD Finance BVI Ltd., 4.13% | USD | 200 | 151000 |
|  |  |  | 409355 |
| **Utilities<sup>(i)(k)</sup> — 0.2%** | **Utilities<sup>(i)(k)</sup> — 0.2%** | **Utilities<sup>(i)(k)</sup> — 0.2%** | **Utilities<sup>(i)(k)</sup> — 0.2%** |
|  Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | EUR | 300 | 273347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% |  | 200 | 132919 |
|  |  |  | 406266 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
|  Vodafone Group PLC, 4.20%, 10/03/78<sup>(i)</sup>  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84799 |
|  |  |  | 11621824 |
|  |  | *Shares* |  |
| **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |  |
|  2020 Cash Mandatory Exchangeable Trust, 5.25%, 06/01/23<sup>(b)</sup>  |  | 295 | 331845 |
|  |  |  | 331845 |
|  **Total Preferred Securities — 5.4%<br>(Cost: $16,577,112)** | **Total Preferred Securities — 5.4%<br>(Cost: $16,577,112)** | **Total Preferred Securities — 5.4%<br>(Cost: $16,577,112)** | 11953669 |
|  |  | *Par*<br> *(000)* |  |
|  **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA1, Class B1, (1 mo. LIBOR US + 3.15%), 6.23%, 07/25/30<sup>(a)</sup>  | USD | 2000 | 1945877 |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |
|  FREMF Mortgage Trust, Series 2017-KGX1, Class BFX, 3.71%,<br>10/25/27<sup>(a)(b)</sup>  |  | 370 | 328088 |
|  **Total U.S. Government Sponsored Agency<br>Securities — 1.0%<br>(Cost: $2,306,684)** | **Total U.S. Government Sponsored Agency<br>Securities — 1.0%<br>(Cost: $2,306,684)** | **Total U.S. Government Sponsored Agency<br>Securities — 1.0%<br>(Cost: $2,306,684)** | 2273965 |
|  **Total Long-Term Investments — 100.7%<br>(Cost: $276,651,656)** | **Total Long-Term Investments — 100.7%<br>(Cost: $276,651,656)** | **Total Long-Term Investments — 100.7%<br>(Cost: $276,651,656)** | 222034060 |
|  |  | *Shares* |  |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%<sup>(n)(o)</sup>  |  | 7166820 | 7166820 |
|  **Total Short-Term Securities — 3.3%<br>(Cost: $7,166,820)** | **Total Short-Term Securities — 3.3%<br>(Cost: $7,166,820)** | **Total Short-Term Securities — 3.3%<br>(Cost: $7,166,820)** | 7166820 |
|  **Options Purchased — 0.0%<br>(Cost: $13,773)** | **Options Purchased — 0.0%<br>(Cost: $13,773)** | **Options Purchased — 0.0%<br>(Cost: $13,773)** | 20107 |
|  **Total Investments Before Options Written — 104.0%<br>(Cost: $283,832,249)** | **Total Investments Before Options Written — 104.0%<br>(Cost: $283,832,249)** | **Total Investments Before Options Written — 104.0%<br>(Cost: $283,832,249)** | 229220987 |
|  **Options Written — (0.0)%<br>(Premiums Received: $(4704))** | **Options Written — (0.0)%<br>(Premiums Received: $(4704))** | **Options Written — (0.0)%<br>(Premiums Received: $(4704))** | (6831) |
|  **Total Investments, Net of Options Written — 104.0%<br>(Cost: $283,827,545)** | **Total Investments, Net of Options Written — 104.0%<br>(Cost: $283,827,545)** | **Total Investments, Net of Options Written — 104.0%<br>(Cost: $283,827,545)** | 229214156 |
| **Liabilities in Excess of Other Assets — (4.0)%** | **Liabilities in Excess of Other Assets — (4.0)%** | **Liabilities in Excess of Other Assets — (4.0)%** | (8737083) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $220477073 |

---

<sup>(a)</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>(b)</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>(c)</sup> When-issued security.

11.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)** |

---

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

<sup>(e)</sup> Rounds to less than 1,000.

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

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

<sup>(h)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

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

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

<sup>(l)</sup> Issuer filed for bankruptcy and/or is in default. (m) Zero-coupon bond.

<sup>(n)</sup> Affiliate of the Trust.

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

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

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *09/30/22* | *Shares*<br> *Held at*<br> *09/30/22* | *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $24175756 | $— | $(17008936)<sup>(a)</sup> | $— | $— | $7166820 | 7166820 | $132696 | $— |
|  iShares iBoxx $ High Yield Corporate Bond ETF | 2610300 |  | (596398) | (6753) | (400874) | 1606275 | 22500 | 66927 |  |
|  iShares iBoxx $ Investment Grade Corporate Bonds ETF<sup>(b)</sup>  |  | 10756668 | (11001565) | 244897 |  |  |  |  |  |
|  |  |  |  | $238144 | $(400874) | $8773095 |  | $199623 | $— |

---

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

<sup>(b)</sup> As of period end, the entity is no longer held.

**Reverse Repurchase Agreements** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate* | *Trade*<br> *Date* | *Maturity* <br> *Date<sup>(a)</sup>*  | *Face Value* | *Face Value*<br> *Including*<br> *Accrued Interest* | *Type of Non-Cash Underlying*<br> *Collateral* | *Remaining* <br> *Contractual Maturity* <br> *of the Agreements<sup>(a)</sup>* |
|  RBC Capital Markets LLC | 3.40 %<sup>(b)</sup> | 08/17/22 | Open | $145125 | $145606 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.25 <sup>(b)</sup> | 09/09/22 | Open | 418465 | 419017 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.38 <sup>(b)</sup> | 09/09/22 | Open | 57954 | 58034 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 716130 | 717132 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 500616 | 501316 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 1241625 | 1243362 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 104968 | 105114 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 54163 | 54238 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 374100 | 374623 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 21803 | 21833 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 32660 | 32706 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 1085390 | 1086908 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 483720 | 484397 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 686594 | 687554 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 159500 | 159723 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 51645 | 51717 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 366125 | 366637 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/09/22 | Open | 228447 | 228767 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.15 <sup>(b)</sup> | 09/14/22 | Open | 150192 | 150353 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.20 <sup>(b)</sup> | 09/14/22 | Open | 170250 | 170435 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 126994 | 127138 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 124313 | 124453 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 52920 | 52980 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 202737 | 202967 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 121144 | 121281 | Corporate Bonds | Open/Demand |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)** |

---

**Reverse Repurchase Agreements (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate* | *Trade*<br> *Date* | *Maturity* <br> *Date<sup>(a)</sup>*  | *Face Value* | *Face Value*<br> *Including*<br> *Accrued Interest* | *Type of Non-Cash Underlying*<br> *Collateral* | *Remaining* <br> *Contractual Maturity* <br> *of the Agreements<sup>(a)</sup>* |
|  Barclays Capital, Inc. | 3.30 %<sup>(b)</sup> | 09/14/22 | Open  | $121388 | $121525 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.30 <sup>(b)</sup> | 09/14/22 | Open  | 428187 | 428673 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.30 <sup>(b)</sup> | 09/14/22 | Open  | 259187 | 259481 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.10 <sup>(b)</sup> | 09/27/22 | Open  | 165813 | 165855 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.25 <sup>(b)</sup> | 09/27/22 | Open  | 547455 | 547603 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/27/22 | Open  | 881070 | 881312 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/27/22 | Open  | 89173 | 89197 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/27/22 | Open  | 224437 | 224499 | Corporate Bonds | Open/Demand |
|  Credit Suisse Securities (USA) LLC | 3.30 <sup>(b)</sup> | 09/27/22 | Open  | 246881 | 246949 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.05 <sup>(b)</sup> | 09/28/22 | Open  | 108188 | 108206 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.05 <sup>(b)</sup> | 09/28/22 | Open  | 218875 | 218912 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.25 <sup>(b)</sup> | 09/28/22 | Open  | 202800 | 202837 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/28/22 | Open  | 221350 | 221391 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/28/22 | Open  | 331500 | 331561 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/28/22 | Open  | 221812 | 221853 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/28/22 | Open  | 252442 | 252489 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/28/22 | Open  | 237412 | 237456 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/28/22 | Open  | 234975 | 235018 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.40 <sup>(b)</sup> | 09/28/22 | Open  | 302252 | 302310 | Foreign Agency Obligations | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/29/22 | Open  | 666275 | 666275 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/29/22 | Open  | 1364641 | 1364641 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/29/22 | Open  | 1596809 | 1596809 | Corporate Bonds | Open/Demand |
|  |  |  |  | $16600502 | $16613143 |  |  |

---

<sup>(a)</sup> Certain agreements have no stated maturity and can be terminated by either party at any time.

<sup>(b)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount (000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 183 | 12/20/22 | $20507 | $(1012271) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 21 | 12/20/22 | 2655 | (198257) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 207 | 12/30/22 | 42516 | (628133) |
|  |  |  |  | (1838661) |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro BOBL | 1 | 12/08/22 | 117 | 3243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | 2 | 12/13/22 | 2049 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | 263 | 12/20/22 | 31161 | 1750613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | 1 | 12/20/22 | 137 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 409 | 12/30/22 | 43971 | 1115831 |
|  |  |  |  | 2873238 |
|  |  |  |  | $1034577 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| USD | 393780 | EUR | 390020 | State Street Bank and Trust Co. | 12/14/22 | $9508 |
| EUR | 1775309 | USD | 1743750 | Bank of America N.A. | 12/21/22 | 6770 |
| USD | 5360036 | AUD | 7934000 | BNY Mellon | 12/21/22 | 278212 |
| USD | 14774 | AUD | 22000 | Morgan Stanley & Co. International PLC | 12/21/22 | 683 |
| USD | 141570 | CAD | 187000 | BNY Mellon | 12/21/22 | 6147 |

---

13.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| USD | 591000 | CNH | 4113705 | HSBC Bank USA N.A. | 12/21/22 | $14014 |
| USD | 21104275 | EUR | 21008058 | Deutsche Bank AG | 12/21/22 | 389560 |
| USD | 6437264 | EUR | 6406940 | Morgan Stanley & Co. International PLC | 12/21/22 | 119786 |
| USD | 551682 | EUR | 549000 | State Street Bank and Trust Co. | 12/21/22 | 10348 |
| USD | 1514886 | GBP | 1317817 | Bank of America N.A. | 12/21/22 | 41748 |
| USD | 1570097 | GBP | 1372073 | Morgan Stanley & Co. International PLC | 12/21/22 | 36309 |
| USD | 61235 | IDR | 916223830 | Bank of America N.A. | 12/21/22 | 1605 |
| USD | 172158 | ZAR | 3034635 | JPMorgan Chase Bank N.A. | 12/21/22 | 5645 |
|  |  |  |  |  |  | 920335 |
| CNH | 2071533 | USD | 295500 | Bank of America N.A. | 12/21/22 | (4948) |
| EUR | 1378000 | USD | 1369281 | BNY Mellon | 12/21/22 | (10523) |
| EUR | 5703329 | USD | 5733152 | BNY Mellon | 12/21/22 | (109460) |
| ZAR | 3124507 | USD | 177214 | UBS AG | 12/21/22 | (5769) |
|  |  |  |  |  |  | (130700) |
|  |  |  |  |  |  | $789635 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 50 | 7 | 10/21/22 | EUR | 3400.00 | EUR | 232 | $8973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 600 Automobiles & Parts Index | 6 | 12/16/22 | EUR | 350.00 | EUR | 143 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 600 Automobiles & Parts Index | 3 | 12/16/22 | EUR | 470.00 | EUR | 72 | 4454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 600 Chemicals Index | 2 | 12/16/22 | EUR | 1040.00 | EUR | 105 | 4930 |
|  |  |  |  |  |  |  | $20107 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 50 | 7 | 10/21/22 | EUR | 3200.00 | EUR | 232 | $(3234) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 600 Automobiles & Parts Index | 3 | 12/16/22 | EUR | 400.00 | EUR | 72 | (1676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 600 Chemicals Index | 2 | 12/16/22 | EUR | 940.00 | EUR | 105 | (1921) |
|  |  |  |  |  |  |  | $(6831) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate Received*<br> *by the Trust* | *Payment*<br> *Frequency* | *Termination*<br> *Date* | &nbsp;&nbsp;&nbsp;&nbsp;*Credit*<br> &nbsp;&nbsp;&nbsp;&nbsp;*Rating<sup>(a)</sup>* | *Notional* <br> *Amount (000)<sup>(b)</sup>* | *Notional* <br> *Amount (000)<sup>(b)</sup>* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  CDX.NA.HY.30.V15 | 5.00% | Quarterly | 06/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;C | USD | 10750 | $166087 | $(18656) | $184743 |
|  CDX.NA.HY.32.V13 | 5.00 | Quarterly | 06/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;C | USD | 8923 | 135104 | (21880) | 156984 |
|  CDX.NA.HY.34.V10 | 5.00 | Quarterly | 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;CC- | USD | 13741 | 63025 | (37914) | 100939 |
|  CDX.NA.HY.39.V1 | 5.00 | Quarterly | 12/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;B+ | USD | 5810 | (227756) | (245825) | 18069 |
|  |  |  |  |  |  |  | $136460 | $(324275) | $460735 |

---

<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 Trust may pay should a negative credit event take place as defined under the terms of the agreement. 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)** |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective* | *Termination* | *Notional* | *Notional* |  | *Upfront<br>Premium<br>Paid* | *Unrealized<br>Appreciation* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Date* | *Date* | *Amount (000)* | *Amount (000)* | *Value* | *(Received)* | *(Depreciation)* |
| 4.18% | Annual | 1-Day SOFR, 3.07% | Annual | N/A | 06/21/24 | USD | 4685 | $1340 | $(10499) | $11839 |
| 1-Day SOFR, 3.07% | Annual | 3.71% | Annual | N/A | 01/10/27 | USD | 7146 | (43198) | 58870 | (102068) |
| 1-Day SOFR, 3.07% | Annual | 1.56% | Annual | N/A | 03/07/27 | USD | 8805 | (808352) | 72 | (808424) |
| 3.50% | Annual | 1-Day SOFR, 3.07% | Annual | N/A | 05/28/31 | USD | 200 | 1450 | (3619) | 5069 |
| 3.22% | Annual | 1-Day SOFR, 3.07% | Annual | N/A | 05/28/51 | USD | 89 | (1932) | (4689) | 2757 |
|  |  |  |  |  |  |  |  | $(850692) | $40135 | $(890827) |

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference*<br> *Obligation/Index* | *Financing<br>Rate Received<br>by the Trust* | *Payment<br>Frequency* | *Counterparty* | *Termination<br>Date* | *Credit<br>Rating<sup>(a)</sup>* | *Notional* <br> *Amount (000)<sup>(b)</sup>* | *Notional* <br> *Amount (000)<sup>(b)</sup>* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  CMA CGM SA | 5.00% | Quarterly | Credit Suisse International | 06/20/27 | BB+ | EUR | 6 | $(200) | $189 | $(389) |
|  CMA CGM SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ | EUR | 6 | (201) | 206 | (407) |
|  CMA CGM SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ | EUR | 5 | (189) | 193 | (382) |
|  CMA CGM SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ | EUR | 3 | (90) | 91 | (181) |
|  CMBX.NA.9 | 3.00 | Monthly | Deutsche Bank AG | 09/17/58 | NR | USD | 10000 | (1944066) | (1205952) | (738114) |
|  CMBX.NA.9 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | NR | USD | 10000 | (1944067) | (1050300) | (893767) |
|  CMBX.NA.9 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | NR | USD | 11000 | (2138473) | (774054) | (1364419) |
|  CMBX.NA.15 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 11/18/64 | NR | USD | 4000 | (843012) | (751693) | (91319) |
|  |  |  |  |  |  |  |  | $(6870298) | $(3781320) | $(3088978) |

---

<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 Trust may pay should a negative credit event take place as defined under the terms of the agreement. 

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  | *Upfront<br>Premium* | *Unrealized* |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Paid<br>(Received)* | *Appreciation<br>(Depreciation)* |
|  1-Day SOFR minus 2.85%, 3.07% | Monthly | iShares iBoxx $ High Yield Corporate Bond ETF | Monthly | JPMorgan Chase Bank N.A. | N/A | 10/26/22 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 43 | $66 | $— | $66 |

---

**Fair Value Hierarchy as of Period End** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or

15.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)** |

---

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

funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust's policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40802867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41788305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 20760 |  |  | 20760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110813 | 49300 |  | 160113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 758032 |  |  | 758032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advertising Agencies |  | 117744 |  | 117744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense |  | 2130976 |  | 2130976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airlines |  | 1385582 | 341813 | 1727395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Components |  | 1150759 |  | 1150759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 912728 |  | 912728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 2208915 |  | 2208915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages |  | 2134330 |  | 2134330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology |  | 506075 |  | 506075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Materials |  | 303993 |  | 303993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products |  | 661701 |  | 661701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets |  | 858715 |  | 858715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 2971495 |  | 2971495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies |  | 2100054 |  | 2100054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering |  | 80374 |  | 80374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials |  | 173770 |  | 173770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 353044 |  | 353044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance |  | 407735 |  | 407735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging |  | 1527580 |  | 1527580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services |  | 171509 |  | 171509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 2459392 | 2015845 | 4475237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services |  | 3178145 |  | 3178145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities |  | 2908474 |  | 2908474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment |  | 29829 |  | 29829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services |  | 1451080 |  | 1451080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental, Maintenance & Security Service |  | 250557 |  | 250557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) |  | 1776558 |  | 1776558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing |  | 1004652 |  | 1004652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products |  | 315117 |  | 315117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies |  | 80616 |  | 80616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services |  | 5874714 |  | 5874714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology |  | 203786 |  | 203786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure |  | 8823704 |  | 8823704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables |  | 7920639 |  | 7920639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers |  | 2962198 |  | 2962198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance |  | 400253 |  | 400253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services |  | 131261 |  | 131261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail |  | 262095 |  | 262095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internet Software & Services |  | 115144 |  | 115144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services |  | 521535 |  | 521535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery |  | 484855 |  | 484855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media |  | 3410519 |  | 3410519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining |  | 3116137 |  | 3116137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels |  | 10203524 | 441431 | 10644955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Products |  | 321327 |  | 321327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 1640150 |  | 1640150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Producer Durables: Miscellaneous |  | 239775 |  | 239775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development |  | 3284746 |  | 3284746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail |  | 843304 |  | 843304 |

---

S C H E D U L E O F I N V E S T M E N T S 16

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | $155493 | $341160 | $— | $496653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software |  | 1328241 |  | 1328241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  | 211593 |  | 211593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals |  | 208226 |  | 208226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance |  | 1198152 |  | 1198152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure |  | 1062737 |  | 1062737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 2564077 |  | 2564077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 4344494 |  | 4344494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 4830259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18639344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23469603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations |  | 12378830 |  | 12378830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606275 |  |  | 1606275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 317605 |  | 317605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28440476 | 282000 | 28722476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts |  | 11621824 |  | 11621824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 331845 |  | 331845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 2273965 |  | 2273965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7166820 |  |  | 7166820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 20107 |  |  | 20107 |
|  | $9838300 | $196676816 | $22705871 | $229220987 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | $— | $460735 | $— | $460735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  | 66 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 920335 |  | 920335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 2873238 | 19665 |  | 2892903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | (3088978) |  | (3088978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (6831) |  |  | (6831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (130700) |  | (130700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | (1838661) | (910492) |  | (2749153) |
|  | $1027746 | $(2729369) | $— | $(1701623) |

---

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, reverse repurchase agreements of $16,613,143 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Asset-Backed<br>Securities* | *Corporate<br>Bonds* | *Floating<br>Rate Loan<br>Interests* | *Non-Agency<br>Mortgage-Backed<br>Securities* | *Total* |
|  **Assets** |  |  |  |  |  |
|  Opening balance, as of December 31, 2021 | $260152 | $3510918 | $16135486 | $— | $19906556 |
|  Transfers into Level 3 |  |  | 1625366 | 297022 | 1922388 |
|  Transfers out of Level 3 |  | (3817) |  |  | (3817) |
|  Accrued discounts/premiums |  | (12591) | 29976 |  | 17385 |
|  Net realized gain (loss) |  | 16210 | 3549 |  | 19759 |
|  Net change in unrealized appreciation (depreciation)<sup>(a)</sup>  | (185420) | (232509) | (882048) | (15022) | (1314999) |
|  Purchases | 910706 | 99504 | 3301819 |  | 4312029 |
|  Sales |  | (578626) | (1574804) |  | (2153430) |
|  Closing balance, as of September 30, 2022 | $985438 | $2799089 | $18639344 | $282000 | $22705871 |
|  Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022<sup>(a)</sup>  | $(185420) | $(232509) | $(883568) | $(15022) | $(1316519) |

---

<sup>(a)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

17.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust (MSO)** |

---

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $8,652,521. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | *Valuation*<br> *Approach* | *Unobservable<br>Inputs* | *Range of* <br> *Unobservable* <br> *Inputs* <br> *Utilized<sup>(a)</sup>*  | *Weighted<br>Average of<br>Unobservable<br>Inputs Based<br>on Fair Value* |
|  **Assets** |  |  |  |  |  |
|  Corporate Bonds | $2799089 | Income | Discount Rate | 7%-12% | 10% |
|  Floating Rate Loan Interests | 11254261 | Income | Discount Rate | 9%-15% | 13% |
|  |  | Estimated Recovery Value | Discount Rate | 15% |  |
|  | $14053350 |  |  |  |  |

---

<sup>(a)</sup> A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CNH | Chinese Yuan |
| EUR | Euro |
| GBP | British Pound |
| IDR | Indonesian Rupiah |
| USD | United States Dollar |
| ZAR | South African Rand |
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| CDI | CREST Depository Interest |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FREMF | Freddie Mac Multifamily Securities |
| GO | General Obligation Bonds |
| LIBOR | London Interbank Offered Rate |
| MTN | Medium-Term Note |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind |
| RB | Revenue Bond |
| SAB | Special Assessment Bonds |
| SOFR | Secured Overnight Financing Rate |

---

S C H E D U L E O F I N V E S T M E N T S 18

## 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 Multi-Sector Opportunities Trust

- **b. Investment Company Act file number:** 811-23285

- **c. CIK number of Registrant:** 0001715468

- **d. LEI of Registrant:** 549300SWBKZ41SJTBV02

- **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 Multi-Sector Opportunities Trust

- **c. LEI of Series:** 549300SWBKZ41SJTBV02

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-09-30

**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:** $249659922.96

**Total Liabilities:** $29704167.25

**Net Assets:** $219955755.71

**Delayed Delivery Securities:** $70376.21

**Cash Not Reported:** $10577151.65

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2184.92000000 | **1-Year:** 662.03000000 | **5-Year:** 8457.16000000 | **10-Year:** 3113.69000000 | **30-Year:** 26472.57000000

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

- **3-Month:** 20440.26000000 | **1-Year:** 5244.10000000 | **5-Year:** 41468.74000000 | **10-Year:** 3407.55000000 | **30-Year:** 5898.63000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 3.11%                | -0.72%               | -4.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2562253.67             | $7566663.83                                |
| Month 2  | $-3434877.70             | $170646.19                                 |
| Month 3  | $-2116866.59             | $-9752746.70                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bank of America N.A.                              | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $1605.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tele Columbus AG                                  | Tele Columbus AG                                                                 | CUSIP: 000000000<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $79032.02     | 0.04%             | 2025-05-02      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GREENKO SOLAR MAURITIUS                           | Greenko Solar Mauritius Ltd                                                      | CUSIP: 000000000<br>LEI: 2138007S1PL541B3KP92 | Long             | DBT              | CORP              | MU        |    100000 | PA      | $83125.00     | 0.04%             | 2026-07-29      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                              | Telefonica Europe BV                                                             | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |   1400000 | PA      | $970396.61    | 0.44%             | 2029-02-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                            | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     24000 | PA      | $20490.00     | 0.01%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC BOR ESC                          | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    361000 | PA      | $291363.10    | 0.13%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                          | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     66000 | PA      | $47919.46     | 0.02%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| DBUBS Mortgage Trust                              | DBUBS 2017-BRBK Mortgage Trust                                                   | CUSIP: 23305JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    575000 | PA      | $504998.12    | 0.23%             | 2034-10-10      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP HCA INC                                                                      | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -483720 | PA      | $-483720.00   | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| DP WORLD SALAAM                                   | DP World Salaam                                                                  | CUSIP: 000000000<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $192812.50    | 0.09%             | 2025-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition Corp               | JP Morgan Mortgage Acquisition Corp 2006-FRE2                                    | CUSIP: 46626LHC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2787454 | PA      | $2499916.41   | 1.14%             | 2036-02-25      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| BOXER PARENT CO INC                               | Boxer Parent Co Inc                                                              | CUSIP: 000000000<br>LEI: 5493006T045HLTF7YX04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91634.68     | 0.04%             | 2025-10-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                              | Colombia Government International Bond                                           | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    350000 | PA      | $186768.75    | 0.08%             | 2051-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                    | Home Depot Inc/The                                                               | CUSIP: 437076CQ3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    107000 | PA      | $80855.38     | 0.04%             | 2052-04-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                               | Sherwin-Williams Co/The                                                          | CUSIP: 824348BP0<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    195000 | PA      | $117193.60    | 0.05%             | 2052-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                          | Ajax Mortgage Loan Trust 2018-A                                                  | CUSIP: 00969EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12675 | PA      | $12783.62     | 0.01%             | 2058-04-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GALAXY BIDCO LTD                                  | Galaxy Bidco Ltd                                                                 | CUSIP: 000000000<br>LEI: 2138006O8YW3QCHKDY76 | Long             | DBT              | CORP              | JE        |    220000 | PA      | $200197.41    | 0.09%             | 2026-07-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQUATE PETROCHEMICAL BV                           | Equate Petrochemical BV                                                          | CUSIP: 29441WAD7<br>LEI: 635400Y3Z5R4NJSMQ630 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $168725.00    | 0.08%             | 2028-04-28      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust               | Citigroup Commercial Mortgage Trust 2019-PRM                                     | CUSIP: 29429JAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1971737.60   | 0.90%             | 2036-05-10      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                            | Oman Government International Bond                                               | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    329000 | PA      | $269780.00    | 0.12%             | 2051-01-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                      | CaixaBank SA                                                                     | CUSIP: 000000000<br>LEI: 549300685QG7DJS55M76 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $557158.48    | 0.25%             | 2023-09-19      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO                               | Allegiant Travel Co                                                              | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |     56000 | PA      | $52780.00     | 0.02%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| YANGO JUSTICE INTL                                | Yango Justice International Ltd                                                  | CUSIP: 000000000<br>LEI: 3003007ELD2HAYCXPT77 | Long             | DBT              | CORP              | HK        |    250000 | PA      | $11921.88     | 0.01%             | 2022-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                 | Chile Government International Bond                                              | CUSIP: 168863DW5<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $146000.00    | 0.07%             | 2052-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairstone Financial Issuance Trust I              | Fairstone Financial Issuance Trust I                                             | CUSIP: 30575PAU0<br>LEI: 549300LY2ZF7LX6T3F37 | Long             | ABS-O            | CORP              | CA        |    210000 | PA      | $138482.79    | 0.06%             | 2039-10-20      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                | Banco Santander SA                                                               | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $483164.70    | 0.22%             | 2029-03-21      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Rossini Sarl                                      | Rossini Sarl                                                                     | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $94819.06     | 0.04%             | 2025-10-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INTERCORP PERU LTD                                | Intercorp Peru Ltd                                                               | CUSIP: 458652AB0<br>LEI: 549300L0OFVSOE4NSY75 | Long             | DBT              | CORP              | BS        |    200000 | PA      | $162000.00    | 0.07%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP VERIZON COM                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -121144 | PA      | $-121143.75   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                              | SWAP/CDSWAP/SCDS: (CMACG)                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | XX        |      5914 | OU      | $-200.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                             | Mexico Government International Bond                                             | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    400000 | PA      | $351600.00    | 0.16%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                  | Peruvian Government International Bond                                           | CUSIP: 715638DS8<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    240000 | PA      | $165000.00    | 0.08%             | 2041-03-11      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PICARD GROUPE SA                                  | Picard Groupe SAS                                                                | CUSIP: 000000000<br>LEI: 969500C0PA29TV19CT55 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $81834.18     | 0.04%             | 2026-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NEPTUNE ENERGY BONDCO                             | Neptune Energy Bondco PLC                                                        | CUSIP: 64073KAA1<br>LEI: 549300CPMT8I2QBRYF88 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $185673.00    | 0.08%             | 2025-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGES                             | Techem Verwaltungsgesellschaft 674 mbH                                           | CUSIP: 000000000<br>LEI: 549300W2QKB8BC676O97 | Long             | DBT              | CORP              | DE        |     87920 | PA      | $77226.11     | 0.04%             | 2026-07-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                             | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAA4<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    446000 | PA      | $398888.69    | 0.18%             | 2026-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                              | Colombia Government International Bond                                           | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    400000 | PA      | $277575.00    | 0.13%             | 2031-04-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                       | Equinix Inc                                                                      | CUSIP: 29444UBJ4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     11000 | PA      | $6739.83      | 0.00%             | 2050-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                   | IHS Holding Ltd                                                                  | CUSIP: 44963HAB1<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    305000 | PA      | $234811.88    | 0.11%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              |  | US        |    422000 | PA      | $366101.88    | 0.17%             | 2029-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                            | Chesapeake Energy Corp                                                           | CUSIP: 165167DF1<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105325.00    | 0.05%             | 2026-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                         | Apple Inc                                                                        | CUSIP: 037833DZ0<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14274.90     | 0.01%             | 2050-08-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2018-C45                                   | CUSIP: 95001NAC2<br>LEI: 5493006021R83VCLAO08 | Long             | ABS-MBS          | CORP              | US        |   2100000 | PA      | $1463432.25   | 0.67%             | 2051-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                              | Commercial Metals Co                                                             | CUSIP: 201723AP8<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    381000 | PA      | $298788.72    | 0.14%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GRUPO AVAL LTD                                    | Grupo Aval Ltd                                                                   | CUSIP: 40053FAC2<br>LEI: 549300J4FW1ELLQ80113 | Long             | DBT              | CORP              | KY        |    580000 | PA      | $417237.50    | 0.19%             | 2030-02-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                              | Lorca Telecom Bondco SA                                                          | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |    150000 | PA      | $127681.91    | 0.06%             | 2027-09-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OP CO LP/FIVE                          | Five Point Operating Co LP / Five Point Capital Corp                             | CUSIP: 33834YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $596556.31    | 0.27%             | 2025-11-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                          | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     27000 | PA      | $19987.29     | 0.01%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                               | Kinetik Holdings LP                                                              | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     47000 | PA      | $43035.97     | 0.02%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                | CDS: (CMBX.NA.9.BBB-)                                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | US        |  10000000 | OU      | $-1944066.63  | -0.88%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP HOWARD HUGH                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -716130 | PA      | $-716130.00   | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                       | SWP: OIS 3.220000 28-MAY-2051                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     89000 | OU      | $7446.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                               | Altice Financing SA                                                              | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    180000 | PA      | $154922.40    | 0.07%             | 2025-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                             | Caesars Entertainment Inc                                                        | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    314000 | PA      | $299896.69    | 0.14%             | 2027-07-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I 2017-HR2                                                | CUSIP: 61691NAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $178359.05    | 0.08%             | 2050-12-15      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                                            | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $111918.75    | 0.05%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR ULTRA FUT DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -263 | NC      | $1742394.29   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Robertshaw US Holding Corp                        | Robertshaw US Holding Corp 2018 1st Lien Term Loan                               | CUSIP: 77051UAF6<br>LEI: 549300NMXRV2JIXFIY04 | Long             | LON              | CORP              | US        |   1721046 | PA      | $1419862.93   | 0.65%             | 2025-02-28      | Floating      | 6.63%                 | No            |                  3 | On Loan: No      |
| ORACLE CORP                                       | Oracle Corp                                                                      | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     48000 | PA      | $31833.86     | 0.01%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                           | Sasol Financing USA LLC                                                          | CUSIP: 80386WAD7<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    315000 | PA      | $235620.00    | 0.11%             | 2031-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES                                 | AMERICAN AIRLINES                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    173250 | PA      | $166545.23    | 0.08%             | 2025-12-15      | Fixed         | 3.93%                 | No            |                  3 | On Loan: No      |
| Vodafone Group PLC                                | Vodafone Group PLC                                                               | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $84798.83     | 0.04%             | 2078-10-03      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                 | Stonegate Pub Co Financing 2019 PLC                                              | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $97307.33     | 0.04%             | 2025-07-13      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                      | Comcast Corp                                                                     | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    235000 | PA      | $147164.27    | 0.07%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                          | Ajax Mortgage Loan Trust 2018-B                                                  | CUSIP: 00969FAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30637 | PA      | $22352.94     | 0.01%             | 2057-02-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                         | TEGNA Inc                                                                        | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    301000 | PA      | $277899.00    | 0.13%             | 2028-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GOL FINANCE SA                                    | Gol Finance SA                                                                   | CUSIP: 36254VAA6<br>LEI: 5299007RH8MA67ZC6J07 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $231812.50    | 0.11%             | 2025-01-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VIVO ENERGY INVESTMENTS                           | Vivo Energy Investments BV                                                       | CUSIP: 92856HAB0<br>LEI: 724500P3OXMB2IERLM56 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $364000.00    | 0.17%             | 2027-09-24      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP MARRIOTT IN                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -89172 | PA      | $-89172.50    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                    | CarVal CLO III Ltd                                                               | CUSIP: 14686VAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2200000 | PA      | $1900849.94   | 0.86%             | 2032-07-20      | Floating      | 9.15%                 | No            |                  2 | On Loan: No      |
| ORANO SA                                          | Orano SA                                                                         | CUSIP: 000000000<br>LEI: 969500161UMNDC85C891 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $84723.86     | 0.04%             | 2028-03-08      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                  | Boyd Gaming Corp                                                                 | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    797000 | PA      | $705352.97    | 0.32%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                          | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05971PAA6<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    770000 | PA      | $714319.38    | 0.32%             | 2024-09-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                  | Altice France SA/France                                                          | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $84544.02     | 0.04%             | 2027-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                    | Salesforce Inc                                                                   | CUSIP: 79466LAL8<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    363000 | PA      | $239775.25    | 0.11%             | 2051-07-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| PERIAMA HOLDINGS LLC/DE                           | Periama Holdings LLC/DE                                                          | CUSIP: 000000000<br>LEI: 254900NINXO00BLT2Z47 | Long             | DBT              | CORP              | US        |    200000 | PA      | $173250.00    | 0.08%             | 2026-04-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Strata CLO, Ltd                                   | Strata CLO I Ltd                                                                 | CUSIP: 86267XAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $848575.00    | 0.39%             | 2118-01-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                         | Anchorage Capital CLO 2013-1 Ltd                                                 | CUSIP: 033289AJ8<br>LEI: 5493008PWA7TS1SR9447 | Long             | ABS-CBDO         | CORP              | KY        |   3050000 | PA      | $2733777.83   | 1.24%             | 2030-10-13      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| BUPA FINANCE PLC                                  | BUPA Finance PLC                                                                 | CUSIP: 000000000<br>LEI: ZIMCVQHUFZ8GVHENP290 | Long             | DBT              | CORP              | GB        |    430000 | PA      | $284204.95    | 0.13%             | 2031-09-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD                              | Fortune Star BVI Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $87500.00     | 0.04%             | 2024-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                           | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $17000.00     | 0.01%             | 2023-07-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                             | Guatemala Government Bond                                                        | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    361000 | PA      | $259649.25    | 0.12%             | 2033-10-07      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                                        | FedEx Corp                                                                       | CUSIP: 31428XBQ8<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    195000 | PA      | $142897.13    | 0.06%             | 2048-02-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP KENBOURNE I                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -331500 | PA      | $-331500.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                    | Amazon.com Inc                                                                   | CUSIP: 023135CB0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    355000 | PA      | $248526.36    | 0.11%             | 2051-05-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| FREEPORT INDONESIA PT                             | Freeport Indonesia PT                                                            | CUSIP: 000000000<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |    344000 | PA      | $311320.00    | 0.14%             | 2027-04-14      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Republic of Guatemala                             | Guatemala Government Bond                                                        | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    201000 | PA      | $189354.56    | 0.09%             | 2026-05-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| THAMES WATER KEMBLE FINA                          | Thames Water Kemble Finance PLC                                                  | CUSIP: 000000000<br>LEI: 213800S7UU2MQXYJQO60 | Long             | DBT              | CORP              | GB        |    126000 | PA      | $116764.83    | 0.05%             | 2026-05-19      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                            | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $76441.56     | 0.03%             | 2031-03-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PUMA INTERNATIONAL FINAN                          | Puma International Financing SA                                                  | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |    442000 | PA      | $417690.00    | 0.19%             | 2024-10-06      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                              | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |   2269000 | PA      | $1991410.54   | 0.91%             | 2028-01-15      | Fixed         | 5.75%                 | 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        |    541000 | PA      | $454131.63    | 0.21%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                            | Lending Funding Trust 2020-2                                                     | CUSIP: 51507KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315000 | PA      | $273898.14    | 0.12%             | 2031-04-21      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE LUFTHANSA AG                             | Deutsche Lufthansa AG                                                            | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $76404.71     | 0.03%             | 2027-05-16      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                          | Ford Motor Credit Co LLC                                                         | CUSIP: 345397ZQ9<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    612000 | PA      | $599943.60    | 0.27%             | 2024-03-18      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP ANHEUSER BU                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -202738 | PA      | $-202737.50   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                          | Kaisa Group Holdings Ltd                                                         | CUSIP: G52132BW9<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $20912.50     | 0.01%             | 2022-10-22      | Fixed         | 11.95%                | No            |                  2 | On Loan: No      |
| Republic of Paraguay                              | Paraguay Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    321000 | PA      | $240108.00    | 0.11%             | 2048-03-13      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| DAVE & BUSTER'S INC                               | Dave & Buster's Inc                                                              | CUSIP: 23833NAH7<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34475.00     | 0.02%             | 2025-11-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                          | Madison Park Funding XXX LTD                                                     | CUSIP: 55822HAA0<br>LEI: 549300FFTJ3WPTJK8589 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1072108.00   | 0.49%             | 2029-04-15      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| DBGS Mortgage Trust                               | DBGS 2019-1735 Mortgage Trust                                                    | CUSIP: 23307EAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    369000 | PA      | $251528.33    | 0.11%             | 2037-04-10      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| GSK CONSUMER HEALTHCARE                           | GSK Consumer Healthcare Capital US LLC                                           | CUSIP: 36264FAE1<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    315000 | PA      | $233122.44    | 0.11%             | 2052-03-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | SWAP/CDSWAP/ICE: (CDX.NA.HY.30.V14)                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |  10750000 | OU      | $203399.27    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                | Forestar Group Inc                                                               | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    669000 | PA      | $536691.87    | 0.24%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |         1 | NC      | $278212.00    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Fertitta Entertainment, LLC                       | Fertitta Entertainment, LLC 2022 Term Loan B                                     | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |    587861 | PA      | $544382.44    | 0.25%             | 2029-01-27      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| White Cap Buyer LLC                               | White Cap Buyer LLC Term Loan B                                                  | CUSIP: 96350TAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    428397 | PA      | $400015.92    | 0.18%             | 2027-10-19      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                          | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    350000 | PA      | $284878.13    | 0.13%             | 2027-01-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Verisure Holding AB                               | Verisure Holding AB                                                              | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |    271000 | PA      | $264929.59    | 0.12%             | 2023-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP HOSPITALITY                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -686594 | PA      | $-686593.75   | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                     | HTA Group Ltd/Mauritius                                                          | CUSIP: 40435WAB6<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    415000 | PA      | $361387.19    | 0.16%             | 2025-12-18      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                          | Saudi Government International Bond                                              | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    230000 | PA      | $170200.00    | 0.08%             | 2055-01-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                       | SREIT Trust 2021-MFP2                                                            | CUSIP: 85236WCU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $230281.95    | 0.10%             | 2036-11-15      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                          | Permian Resources Operating LLC                                                  | CUSIP: 15138AAC4<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    127000 | PA      | $122866.79    | 0.06%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PCE4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    380000 | PA      | $250506.26    | 0.11%             | 2052-04-22      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                           | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              |  | US        |    350000 | PA      | $286095.59    | 0.13%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AZUL INVESTMENTS LLP                              | Azul Investments LLP                                                             | CUSIP: 000000000<br>LEI: 549300C6XNC8IDH04C74 | Long             | DBT              | CORP              | US        |    200000 | PA      | $145500.00    | 0.07%             | 2024-10-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                            | Egypt Government International Bond                                              | CUSIP: 03846JAC4<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $102500.00    | 0.05%             | 2061-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                          | Permian Resources Operating LLC                                                  | CUSIP: 15138AAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1841000 | PA      | $1679912.50   | 0.76%             | 2026-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INTERPUBLIC GROUP COS                             | Interpublic Group of Cos Inc/The                                                 | CUSIP: 460690BS8<br>LEI: 5493008IUOJ5VWTRC333 | Long             | DBT              | CORP              | US        |    178000 | PA      | $117743.57    | 0.05%             | 2041-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                            | Mexico City Airport Trust                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    300000 | PA      | $185910.00    | 0.08%             | 2047-07-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                          | Benchmark 2019-B9 Mortgage Trust                                                 | CUSIP: 08160JAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11550000 | PA      | $1125601.79   | 0.51%             | 2052-03-15      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F                          | CrownRock LP / CrownRock Finance Inc                                             | CUSIP: 228701AF5<br>LEI: WFBCP6PB6JZR80B7U482 | Long             | DBT              | CORP              | US        |     54000 | PA      | $51697.98     | 0.02%             | 2025-10-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE SECURITIES (USA) LLC                | RRP INDONESIA (                                                                  | CUSIP: 000000000<br>LEI: 1V8Y6QCX6YMJ2OELII46 | Short            | RA               | CORP              | US        |   -246881 | PA      | $-246881.25   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                 | Generate CLO 2 Ltd                                                               | CUSIP: 98625RAE9<br>LEI: 5493009C48K5WG4EX118 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $425312.25    | 0.19%             | 2031-01-22      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PBV7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14358.57     | 0.01%             | 2041-11-19      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| KENBOURNE INVEST SA                               | Kenbourne Invest SA                                                              | CUSIP: 48855KAA8<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $371325.00    | 0.17%             | 2024-11-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                      | TICP CLO VII Ltd                                                                 | CUSIP: 87248UAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $455205.70    | 0.21%             | 2033-04-15      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| NORTONLIFELOCK INC                                | NortonLifeLock Inc                                                               | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115143.60    | 0.05%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                      | Calpine Corp                                                                     | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    722000 | PA      | $620101.63    | 0.28%             | 2028-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP NGPL PIPECO                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -881070 | PA      | $-881070.00   | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| EQUINIX INC                                       | Equinix Inc                                                                      | CUSIP: 29444UBM7<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    195000 | PA      | $116799.97    | 0.05%             | 2051-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $13427.42     | 0.01%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                           | Veolia Environnement SA                                                          | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $523828.94    | 0.24%             | 2029-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PENINSULA PACIFIC ENTERT                          | Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In | CUSIP: 70715XAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    746000 | PA      | $802882.50    | 0.37%             | 2027-11-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                           | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |         1 | NC      | $-109460.33   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    447000 | PA      | $92752.50     | 0.04%             | 2026-02-01      | Fixed         | 8.99%                 | No            |                  2 | On Loan: No      |
| GARFUNKELUX HOLDCO 3 SA                           | Garfunkelux Holdco 3 SA                                                          | CUSIP: 000000000<br>LEI: 2221007QVSNJV7EWBX69 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $87090.90     | 0.04%             | 2025-11-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Connect Finco Sarl                                | Connect Finco Sarl 2021 Term Loan B                                              | CUSIP: 000000000<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |    830051 | PA      | $770394.83    | 0.35%             | 2026-12-11      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| CHROME BIDCO SASU                                 | Chrome Bidco SASU                                                                | CUSIP: 000000000<br>LEI: 9845000C1FYE89DC8677 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $77546.66     | 0.04%             | 2028-05-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MODERN LAND CHINA CO LTD                          | Modern Land China Co Ltd                                                         | CUSIP: 000000000<br>LEI: 549300PDOU6AR9Z9IN08 | Long             | DBT              | CORP              | KY        |    240000 | PA      | $37200.00     | 0.02%             | 2022-11-13      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                          | Lloyds Banking Group PLC                                                         | CUSIP: 539439AG4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $464115.00    | 0.21%             | 2024-06-27      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cold Storage Trust                                | Cold Storage Trust 2020-ICE5                                                     | CUSIP: 193051AS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    265407 | PA      | $250800.26    | 0.11%             | 2037-11-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                         | Caesars Entertainment Inc                                                        | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      3435 | NS      | $110813.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP DOMINICAN R                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -108188 | PA      | $-108187.50   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP LOWES COMPA                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -221812 | PA      | $-221812.50   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Freedom Mortgage Corp                             | Freedom Mortgage Corp                                                            | CUSIP: 35640YAB3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    357000 | PA      | $294966.58    | 0.13%             | 2025-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                            | Marriott International Inc/MD                                                    | CUSIP: 571903BF9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    508000 | PA      | $408544.91    | 0.19%             | 2032-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                              | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAA0<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    647000 | PA      | $602518.75    | 0.27%             | 2027-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION                               | Moody's Corp                                                                     | CUSIP: 615369AU9<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |      6000 | PA      | $3258.20      | 0.00%             | 2060-08-18      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                             | Palmer Square CLO 2015-2 Ltd                                                     | CUSIP: 69689DAN4<br>LEI: 549300PACXK2KP6J2T91 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $210665.25    | 0.10%             | 2030-07-20      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | STXE 600 CHEMICALS EUR                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -2 | NC      | $-1920.90     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TICP CLO LTD                                      | TICP CLO XII Ltd                                                                 | CUSIP: 87250GAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    725000 | PA      | $617810.42    | 0.28%             | 2034-07-15      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                  | Crown Castle Inc                                                                 | CUSIP: 22822VAX9<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    195000 | PA      | $126603.60    | 0.06%             | 2041-04-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2018-C44                                   | CUSIP: 95001JAC1<br>LEI: 549300AGZIS1CJS4RM30 | Long             | ABS-MBS          | CORP              | US        |    710000 | PA      | $499265.18    | 0.23%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hammerhead Resources Inc                          | Hammerhead Resources Inc                                                         | CUSIP: 408304AB9<br>LEI: 549300IDIKECPEDTFL90 | Long             | DBT              | CORP              | CA        |    441431 | PA      | $441431.00    | 0.20%             | 2022-07-10      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP CLARIOS GLO                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -57954 | PA      | $-57953.75    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Group Corp                               | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $266374.09    | 0.12%             | 2025-07-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                               | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   1052000 | PA      | $843377.88    | 0.38%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx High Yield Corporate Bond ETF       | iShares iBoxx High Yield Corporate Bond ETF                                      | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |     22500 | NS      | $1606275.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| OAFIT A NOTE UPSIZE (PT.2)                        | OAFIT A NOTE UPSIZE (PT.2)                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |   1210000 | PA      | $761438.06    | 0.35%             | 2023-09-28      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| VMED O2 UK FINAN                                  | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    133000 | PA      | $98165.11     | 0.04%             | 2031-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CDI ESCROW ISSUER INC                             | CDI Escrow Issuer Inc                                                            | CUSIP: 12511VAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $7859.84      | 0.00%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                          | Comision Federal de Electricidad                                                 | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $391000.00    | 0.18%             | 2024-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                | Panama Government International Bond                                             | CUSIP: 698299BH6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    210000 | PA      | $145201.88    | 0.07%             | 2050-04-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LA FINAC ATALIAN SA                               | La Financiere Atalian SASU                                                       | CUSIP: 000000000<br>LEI: 969500ICOLJMB33J0L87 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $212591.11    | 0.10%             | 2025-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| METINVEST BV                                      | Metinvest BV                                                                     | CUSIP: 000000000<br>LEI: 635400TMCKVEU87EJ582 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $182325.00    | 0.08%             | 2027-10-01      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                              | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    734000 | PA      | $614651.60    | 0.28%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    381000 | PA      | $266090.40    | 0.12%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ROSSINI SARL                                      | Rossini Sarl                                                                     | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $92982.25     | 0.04%             | 2025-10-30      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2020-NET                                                                    | CUSIP: 126438AL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1306609.05   | 0.59%             | 2037-08-15      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| COTY INC                                          | Coty Inc                                                                         | CUSIP: 000000000<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88204.51     | 0.04%             | 2026-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                          | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 000000000<br>LEI: 549300SO59UL53O4D221 | Long             | DBT              | CORP              | XX        |    190000 | PA      | $137416.19    | 0.06%             | 2027-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                          | Republic of South Africa Government International Bond                           | CUSIP: 836205AV6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $120725.00    | 0.05%             | 2046-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gulf Stream Meridian 1 Ltd.                       | Gulf Stream Meridian 1 Ltd                                                       | CUSIP: 402564AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $223826.63    | 0.10%             | 2033-04-15      | Floating      | 8.96%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                       | OCP CLO 2019-16 Ltd                                                              | CUSIP: 67570RAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $218861.65    | 0.10%             | 2033-04-10      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| INDIA CLEANTECH ENERGY                            | India Cleantech Energy                                                           | CUSIP: 45410BAA2<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | CORP              | MU        |    236750 | PA      | $179930.00    | 0.08%             | 2026-08-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                      | ARES LI CLO Ltd                                                                  | CUSIP: 04019MAE2<br>LEI: 5493003FNA8PT0CMDE92 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $612911.11    | 0.28%             | 2034-07-15      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    738000 | PA      | $623416.02    | 0.28%             | 2027-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                           | Summer BC Holdco B SARL                                                          | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |    131000 | PA      | $109154.26    | 0.05%             | 2026-10-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY LEVANTE                          | Continuum Energy Levanter Pte Ltd                                                | CUSIP: 21218MAB1<br>LEI: 254900MFSMO37F3WJ232 | Long             | DBT              | CORP              | SG        |    217688 | PA      | $176598.98    | 0.08%             | 2027-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Resources Corp                         | California Resources Corp                                                        | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     19725 | NS      | $758031.75    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                            | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $55579.85     | 0.03%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| China Evergrande Group                            | China Evergrande Group                                                           | CUSIP: 000000000<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $12475.00     | 0.01%             | 2022-04-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NWD FINANCE (BVI) LTD                             | NWD Finance BVI Ltd                                                              | CUSIP: 000000000<br>LEI: 25490076V8K09HMNCT88 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $151000.00    | 0.07%             | 2028-03-10      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AZUL INVESTMENTS LLP                              | Azul Investments LLP                                                             | CUSIP: 05502FAC2<br>LEI: 549300C6XNC8IDH04C74 | Long             | DBT              | CORP              | US        |    220000 | PA      | $132000.00    | 0.06%             | 2026-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2020-SDAL                                  | CUSIP: 95002GAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $372673.20    | 0.17%             | 2037-02-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| DANAHER CORP                                      | Danaher Corp                                                                     | CUSIP: 235851AW2<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14796.84     | 0.01%             | 2051-12-10      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    228000 | PA      | $170702.92    | 0.08%             | 2029-03-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE GMBH                                   | ZF Finance GmbH                                                                  | CUSIP: 000000000<br>LEI: 5493001N9T6QDCCXB426 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $86736.79     | 0.04%             | 2025-09-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP SASOL FINAN                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -224438 | PA      | $-224437.50   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| ATF NETHERLANDS BV                                | ATF Netherlands BV                                                               | CUSIP: 000000000<br>LEI: 529900Z1P6YBY9EOYT70 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $258354.54    | 0.12%             | 2023-01-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                       | Oracle Corp                                                                      | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    673000 | PA      | $421097.74    | 0.19%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| VALLOUREC SA                                      | Vallourec SA                                                                     | CUSIP: 000000000<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |     42000 | PA      | $38377.90     | 0.02%             | 2026-06-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                           | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |         1 | NC      | $6147.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARABIAN CENTRES SUKUK II                          | Arabian Centres Sukuk II Ltd                                                     | CUSIP: 03847QAA1<br>LEI: 549300X92PKHJD8UYG94 | Long             | DBT              | CORP              | KY        |    510000 | PA      | $454792.50    | 0.21%             | 2026-10-07      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1488000 | PA      | $1382753.76   | 0.63%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                          | Corp Financiera de Desarrollo SA                                                 | CUSIP: 000000000<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |    361000 | PA      | $347304.56    | 0.16%             | 2025-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE GMBH                                   | ZF Finance GmbH                                                                  | CUSIP: 000000000<br>LEI: 5493001N9T6QDCCXB426 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $228671.95    | 0.10%             | 2028-09-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDG2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     49000 | PA      | $42824.36     | 0.02%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                      | CaixaBank SA                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $179993.65    | 0.08%             | 2024-06-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                      | Alphabet Inc                                                                     | CUSIP: 02079KAG2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     23000 | PA      | $12930.45     | 0.01%             | 2060-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| eG Global Finance PLC                             | eG Global Finance PLC                                                            | CUSIP: 000000000<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    144000 | PA      | $121369.40    | 0.06%             | 2025-02-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Corp Trust 2021-DM                                        | CUSIP: 36265AAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310000 | PA      | $282931.27    | 0.13%             | 2036-11-15      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| INTL CONSOLIDATED AIRLIN                          | International Consolidated Airlines Group SA                                     | CUSIP: 000000000<br>LEI: 959800TZHQRUSH1ESL13 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $81525.87     | 0.04%             | 2025-03-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| APTIV PLC                                         | Aptiv PLC                                                                        | CUSIP: 03835VAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    273000 | PA      | $152877.85    | 0.07%             | 2051-12-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP UNITED RENT                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -1085390 | PA      | $-1085390.00  | -0.49%            |  |  |  | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAF2<br>LEI: N/A                  | Long             | DBT              |  | US        |   1895000 | PA      | $1862311.25   | 0.85%             | 2024-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC                            | Sherwood Financing PLC                                                           | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $86649.76     | 0.04%             | 2027-11-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| OCEANA AUSTRALIAN FIXINC TRUST                    | OCEANA AUSTRALIAN FIXINC TRUST                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   2424000 | PA      | $1556403.50   | 0.71%             | 2023-08-31      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| China Aoyuan Group Ltd                            | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $25450.00     | 0.01%             | 2023-02-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX 2021-MFM1                                                                     | CUSIP: 05608VAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    205000 | PA      | $186045.72    | 0.08%             | 2034-01-15      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                           | Studio City Finance Ltd                                                          | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $95000.00     | 0.04%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | SWAP/CDSWAP/ICE: (CDX.NA.HY.32.V12)                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   8923200 | OU      | $178864.02    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SOLVAY SA                                         | Solvay SA                                                                        | CUSIP: 000000000<br>LEI: 549300MMVL80RTBP3O28 | Long             | DBT              | CORP              | BE        |    600000 | PA      | $492064.73    | 0.22%             | 2025-12-02      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                    | Lowe's Cos Inc                                                                   | CUSIP: 548661DZ7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    413000 | PA      | $252899.77    | 0.11%             | 2050-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                      | Ares XXXVII CLO Ltd                                                              | CUSIP: 04015NAM6<br>LEI: 635400YF4AHA6NB2CU53 | Long             | ABS-CBDO         | CORP              | KY        |   1450000 | PA      | $1205508.69   | 0.55%             | 2030-10-15      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                                         | CUSIP: 81761LAA0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     69000 | PA      | $64515.00     | 0.03%             | 2025-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                               | Suzano Austria GmbH                                                              | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    290000 | PA      | $207531.25    | 0.09%             | 2032-01-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                            | Telecom Italia Capital SA                                                        | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |   1239000 | PA      | $963235.77    | 0.44%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                    | CarVal CLO II Ltd                                                                | CUSIP: 14686AAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $221530.28    | 0.10%             | 2032-04-20      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES                                 | AMERICAN AIRLINES                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    177938 | PA      | $175268.47    | 0.08%             | 2025-04-22      | Fixed         | 4.87%                 | No            |                  3 | On Loan: No      |
| REPUBLIC OF PARAGUAY                              | Paraguay Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    200000 | PA      | $146912.50    | 0.07%             | 2050-03-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                      | Comcast Corp                                                                     | CUSIP: 20030NDP3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     23000 | PA      | $13039.29     | 0.01%             | 2052-08-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| CAB                                               | CAB SELAS                                                                        | CUSIP: 000000000<br>LEI: 9695008EGX5O9K1MS743 | Long             | DBT              | CORP              | FR        |    149000 | PA      | $111243.72    | 0.05%             | 2028-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                 | Cedar Funding XIV CLO Ltd                                                        | CUSIP: 15034AAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $879971.50    | 0.40%             | 2033-07-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                      | Calpine Corp                                                                     | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   1523000 | PA      | $1341747.77   | 0.61%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| THYSSENKRUPP AG                                   | thyssenkrupp AG                                                                  | CUSIP: 000000000<br>LEI: 549300UDG16DOYUPR330 | Long             | DBT              | CORP              | DE        |    127000 | PA      | $122001.93    | 0.06%             | 2023-03-06      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                 | Cedar Funding XIV CLO Ltd                                                        | CUSIP: 15033GAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $643778.10    | 0.29%             | 2033-07-15      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06051GKB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14106.36     | 0.01%             | 2052-07-21      | Fixed         | 2.97%                 | 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      | $119786.44    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                          | Bellis Acquisition Co PLC                                                        | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $168044.79    | 0.08%             | 2026-02-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                     | TransDigm Inc                                                                    | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1459850.00   | 0.66%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                          | California Resources Corp                                                        | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    378000 | PA      | $355320.00    | 0.16%             | 2026-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ECL Entertainment, LLC                            | ECL Entertainment, LLC Term Loan                                                 | CUSIP: 000000000<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    268600 | PA      | $264571.00    | 0.12%             | 2028-05-01      | Floating      | 10.62%                | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust        | JPMBB Commercial Mortgage Securities Trust 2015-C33                              | CUSIP: 46645JBG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    857000 | PA      | $731354.20    | 0.33%             | 2048-12-15      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    230000 | PA      | $127118.13    | 0.06%             | 2051-02-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $389559.94    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| IRB HOLDING CORP                                  | IRB Holding Corp                                                                 | CUSIP: 44988MAC9<br>LEI: 549300HVW4WNWYBXN830 | Long             | DBT              | CORP              | US        |    151000 | PA      | $150044.17    | 0.07%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OIL & GAS HOLDING                                 | Oil and Gas Holding Co BSCC/The                                                  | CUSIP: 000000000<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |    263000 | PA      | $260422.60    | 0.12%             | 2024-11-07      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | PURCHASED CNH / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CN        |         1 | NC      | $-4947.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                    | Merck & Co Inc                                                                   | CUSIP: 58933YBB0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14153.39     | 0.01%             | 2050-06-24      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| OCADO GROUP PLC                                   | Ocado Group PLC                                                                  | CUSIP: 000000000<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $81442.96     | 0.04%             | 2026-10-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP CENTENNIAL                                                                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -1364641 | PA      | $-1364641.25  | -0.62%            |  |  |  | No            |                  2 | On Loan: No      |
| CAESARS RESORT / FINCO                            | Caesars Resort Collection LLC / CRC Finco Inc                                    | CUSIP: 12770RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    144000 | PA      | $138945.60    | 0.06%             | 2025-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP SIRIUS XM R                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -54162 | PA      | $-54162.50    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands, Inc.                 | Cornerstone Building Brands, Inc. 2021 Term Loan B                               | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |   1939894 | PA      | $1588288.50   | 0.72%             | 2028-04-12      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| APRES STATIC CLO 1, LTD                           | Apres Static CLO Ltd                                                             | CUSIP: 03835JBG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $472480.65    | 0.21%             | 2028-10-15      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                           | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                      | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $130680.15    | 0.06%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                     | UniCredit SpA                                                                    | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $182668.40    | 0.08%             | 2023-06-03      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NETWORK I2I LTD                                   | Network i2i Ltd                                                                  | CUSIP: V6703DAA2<br>LEI: 2549003L8M1FGHLHOX45 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $183787.50    | 0.08%             | 2025-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | BNP Paribas SA                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $256078.04    | 0.12%             | 2031-02-25      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                       | SWP: OIS 1.560000 07-MAR-2027                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   8804849 | OU      | $-808337.57   | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | STXE 600 AUTO+PARTS EUR                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         3 | NC      | $4454.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                          | SCIL IV LLC / SCIL USA Holdings LLC                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $77913.98     | 0.04%             | 2026-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP APPLE INC                                                                    | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -126994 | PA      | $-126993.75   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Interface Security Systems, LLC                   | Interface Security Systems, LLC Term Loan                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1115809 | PA      | $1079545.47   | 0.49%             | 2023-08-07      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| CREDIT SUISSE INTERNATIONAL                       | SWAP/CDSWAP/SCDS: (CMACG)                                                        | CUSIP: 000000000<br>LEI: E58DKGMJYYYJLN8C3868 | N/A              | DCR              |  | XX        |      5886 | OU      | $-199.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UGI INTERNATIONAL LLC                             | UGI International LLC                                                            | CUSIP: 000000000<br>LEI: 5493001JFF8MQO00ZQ21 | Long             | DBT              | CORP              | US        |    100000 | PA      | $72924.35     | 0.03%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                           | United Rentals North America Inc                                                 | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   1396000 | PA      | $1279908.64   | 0.58%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WILLIAM LYON INC                                  | William Lyon Homes Inc                                                           | CUSIP: 96926DAV2<br>LEI: 5493001MTHCP4IWKJU06 | Long             | DBT              | CORP              | US        |   1298000 | PA      | $1220120.00   | 0.55%             | 2027-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION                               | Moody's Corp                                                                     | CUSIP: 615369AX3<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |     17000 | PA      | $10358.39     | 0.00%             | 2061-11-29      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                       | PUERTO RICO CMWLTH                                                               | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    578620 | PA      | $212234.34    | 0.10%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| GETLINK SE                                        | Getlink SE                                                                       | CUSIP: 000000000<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | DBT              | CORP              | FR        |    175000 | PA      | $156072.98    | 0.07%             | 2025-10-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TRI POINTE                                                                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -366125 | PA      | $-366125.00   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| ELP 2021-ELP                                      | ELP Commercial Mortgage Trust 2021-ELP                                           | CUSIP: 26863LAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $275706.21    | 0.13%             | 2038-11-15      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK                               | Bangkok Bank PCL/Hong Kong                                                       | CUSIP: 000000000<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |    200000 | PA      | $176475.00    | 0.08%             | 2025-09-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                | SWAP/CDSWAP/CDS: (CMBX.NA.15.BBB-)                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | US        |   4000000 | OU      | $-843012.50   | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                 | Cedar Funding XIV CLO Ltd                                                        | CUSIP: 15033GAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $433500.00    | 0.20%             | 2033-07-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                          | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    482000 | PA      | $389552.40    | 0.18%             | 2029-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                | Bahrain Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    295000 | PA      | $294870.94    | 0.13%             | 2026-01-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| 2020 CASH EXCH TRUST                              | 2020 Cash Mandatory Exchangeable Trust                                           | CUSIP: 901375105<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       295 | NS      | $331845.50    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                | CDS: (CMBX.NA.9.BBB-)                                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | US        |  11000000 | OU      | $-2138473.30  | -0.97%            |  |  |  | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                           | Dell International LLC / EMC Corp                                                | CUSIP: 24703DBG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $13075.77     | 0.01%             | 2051-12-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| United Mexican States                             | Mexico Government International Bond                                             | CUSIP: 91087BAB6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    230000 | PA      | $162049.38    | 0.07%             | 2047-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| YUZHOU GROUP                                      | Yuzhou Group Holdings Co Ltd                                                     | CUSIP: 000000000<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $12500.00     | 0.01%             | 2025-02-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP BANK OF AME                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -259188 | PA      | $-259187.50   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-BHAR                                                                   | CUSIP: 12659VAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $238363.11    | 0.11%             | 2038-11-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                | Seasoned Credit Risk Transfer Trust Series 2018-1                                | CUSIP: 35563PEX3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4358144 | PA      | $2124839.44   | 0.97%             | 2057-05-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                            | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              |  | US        |     87000 | PA      | $70470.00     | 0.03%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                            | TK Elevator Midco GmbH                                                           | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | DBT              | CORP              | DE        |    173000 | PA      | $157505.97    | 0.07%             | 2027-07-15      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141EC31<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    195000 | PA      | $161511.49    | 0.07%             | 2044-07-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                    | Cascade Funding Mortgage Trust 2019-RM3                                          | CUSIP: 147271AC4<br>LEI: 549300HU3WTU5KNK1B36 | Long             | ABS-MBS          | CORP              | US        |   2139823 | PA      | $2019095.43   | 0.92%             | 2069-06-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| XHR LP                                            | XHR LP                                                                           | CUSIP: 98372MAA3<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |    148000 | PA      | $142038.56    | 0.06%             | 2025-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP COLOMBIA (R                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -165812 | PA      | $-165812.50   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| NGPL PipeCo LLC                                   | NGPL PipeCo LLC                                                                  | CUSIP: 62912XAC8<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |   1032000 | PA      | $1043026.87   | 0.47%             | 2037-12-15      | Fixed         | 7.77%                 | No            |                  2 | On Loan: No      |
| Ashford Hospitality Trust                         | Ashford Hospitality Trust 2018-ASHF                                              | CUSIP: 04410RAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315000 | PA      | $288132.99    | 0.13%             | 2035-04-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                            | Verizon Communications Inc                                                       | CUSIP: 92343VFW9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     23000 | PA      | $13671.71     | 0.01%             | 2056-10-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                          | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     38000 | PA      | $29178.49     | 0.01%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                              | IHO Verwaltungs GmbH                                                             | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    113000 | PA      | $91088.31     | 0.04%             | 2026-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                              | FREMF 2017-KGS1 Mortgage Trust                                                   | CUSIP: 30305QAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    370000 | PA      | $328087.58    | 0.15%             | 2027-10-25      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON AND CO                           | Becton Dickinson and Co                                                          | CUSIP: 075887CK3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     88000 | PA      | $65818.75     | 0.03%             | 2050-05-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                          | Canadian Pacific Railway Co                                                      | CUSIP: 13645RBH6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    340000 | PA      | $223193.16    | 0.10%             | 2051-12-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| DEMIRE REAL ESTATE AG                             | DEMIRE Deutsche Mittelstand Real Estate AG                                       | CUSIP: 000000000<br>LEI: 391200FHEFGXUKL2BO93 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $70926.23     | 0.03%             | 2024-10-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                               | Freddie Mac Structured Agency Credit Risk Debt Notes                             | CUSIP: 3137G0UB3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1945877.40   | 0.88%             | 2030-07-25      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECH                           | International Game Technology PLC                                                | CUSIP: 460599AC7<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    365000 | PA      | $364087.50    | 0.17%             | 2025-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                | Morocco Government International Bond                                            | CUSIP: 617726AK0<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    464000 | PA      | $379697.00    | 0.17%             | 2027-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                    | Merck & Co Inc                                                                   | CUSIP: 58933YBF1<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    103000 | PA      | $67082.48     | 0.03%             | 2051-12-10      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                          | Kaisa Group Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $19500.00     | 0.01%             | 2023-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                            | AngloGold Ashanti Holdings PLC                                                   | CUSIP: 03512TAE1<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |    200000 | PA      | $155475.00    | 0.07%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP SIRIUS XM R                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -51645 | PA      | $-51645.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Apidos CLO                                        | Apidos CLO XV                                                                    | CUSIP: 03764WAG4<br>LEI: 549300HXW2GBYSKFE344 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $828659.60    | 0.38%             | 2031-04-20      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| Transocean Guardian Ltd                           | Transocean Guardian Ltd                                                          | CUSIP: 893800AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    131356 | PA      | $123686.14    | 0.06%             | 2024-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SINIC HOLDINGS GROUP CO                           | Sinic Holdings Group Co Ltd                                                      | CUSIP: 000000000<br>LEI: 300300N5XRCGHA7P7B13 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $2000.00      | 0.00%             | 2022-06-18      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| FAURECIA                                          | Faurecia SE                                                                      | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $82206.60     | 0.04%             | 2026-06-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP                  | CUSIP: 466317AQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $228723.98    | 0.10%             | 2037-04-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| VISA INC                                          | Visa Inc                                                                         | CUSIP: 92826CAQ5<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     23000 | PA      | $13164.64     | 0.01%             | 2050-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                | Forestar Group Inc                                                               | CUSIP: 346232AF8<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    560000 | PA      | $460606.15    | 0.21%             | 2026-05-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP MARRIOTT IN                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -418465 | PA      | $-418465.00   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDSTORY SAS                                     | Goldstory SASU                                                                   | CUSIP: 000000000<br>LEI: 969500NWR67ONUJD4A26 | Long             | DBT              | CORP              | FR        |    254000 | PA      | $211592.82    | 0.10%             | 2026-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                           | Hungary Government International Bond                                            | CUSIP: 445545AL0<br>LEI: 5299008DH62LEB10JK83 | Long             | DBT              | NUSS              | HU        |    330000 | PA      | $323977.50    | 0.15%             | 2024-03-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RONSHINE CHINA                                    | Ronshine China Holdings Ltd                                                      | CUSIP: 000000000<br>LEI: 549300GNBBT32SFSEC47 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $11000.00     | 0.01%             | 2023-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OCI NV                                            | OCI NV                                                                           | CUSIP: 000000000<br>LEI: 549300NCMRGIBJYUOE57 | Long             | DBT              | CORP              | NL        |     90000 | PA      | $85889.14     | 0.04%             | 2025-10-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                    | Amazon.com Inc                                                                   | CUSIP: 023135BU9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     23000 | PA      | $13568.69     | 0.01%             | 2060-06-03      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC              | Sofi Professional Loan Program 2016-B LLC                                        | CUSIP: 83402J108<br>LEI: 549300WT845S0N68C331 | Long             | ABS-O            | CORP              | US        |       400 | PA      | $224000.00    | 0.10%             | 2037-04-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Rockford Tower CLO Ltd                            | Rockford Tower CLO 2017-2 Ltd                                                    | CUSIP: 77340HAE9<br>LEI: 549300G18KVCW7VUKI86 | Long             | ABS-CBDO         | CORP              | KY        |   1150000 | PA      | $967469.36    | 0.44%             | 2029-10-15      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                                         | CUSIP: 44106MAZ5<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     24000 | PA      | $21246.24     | 0.01%             | 2024-10-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    379000 | PA      | $351475.13    | 0.16%             | 2027-01-25      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                               | American Tower Corp                                                              | CUSIP: 03027XBD1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    218000 | PA      | $135743.61    | 0.06%             | 2050-06-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR NOTE (CBT)DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       186 | NC      | $-1028866.07  | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| IVORY COAST                                       | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    608000 | PA      | $539144.00    | 0.25%             | 2028-03-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TRANSOCEAN                                                                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -104968 | PA      | $-104967.50   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORP                              | Covanta Holding Corp                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |     22000 | PA      | $17781.72     | 0.01%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                             | Caesars Entertainment Inc                                                        | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    486000 | PA      | $468382.50    | 0.21%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ASG FINANCE DESIGNATED                            | ASG Finance Designated Activity Co                                               | CUSIP: 00217AAA4<br>LEI: 5493005UOB0OMEJ4WK10 | Long             | DBT              | CORP              | IE        |    428000 | PA      | $399110.00    | 0.18%             | 2024-12-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                           | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |         1 | NC      | $-10522.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALPEK SA DE CV                                    | Alpek SAB de CV                                                                  | CUSIP: 020564AE0<br>LEI: 549300PWKJTP62D4IQ66 | Long             | DBT              | CORP              | MX        |    324000 | PA      | $238707.00    | 0.11%             | 2031-02-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                            | Egypt Government International Bond                                              | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $110750.00    | 0.05%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Aimco                                             | AIMCO CLO 10 Ltd                                                                 | CUSIP: 00900UAC8<br>LEI: 5493004I93856WYBB035 | Long             | ABS-CBDO         | CORP              | KY        |   1844000 | PA      | $1180528.80   | 0.54%             | 2032-07-22      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                          | Cheplapharm Arzneimittel GmbH                                                    | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $80021.68     | 0.04%             | 2027-02-11      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK BAHRAIN & KUWAIT                             | BBK BSC                                                                          | CUSIP: 000000000<br>LEI: 549300MCPF5HTBF8ZR90 | Long             | DBT              | CORP              | BH        |    279000 | PA      | $270072.00    | 0.12%             | 2024-07-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM                                 | MC Brazil Downstream Trading SARL                                                | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    315000 | PA      | $233100.00    | 0.11%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL           | MTN Commercial Mortgage Trust 2022-LPFL                                          | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $259850.11    | 0.12%             | 2039-03-15      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP KAR AUCTION                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -145125 | PA      | $-145125.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC                                 | General Mills Inc                                                                | CUSIP: 370334CP7<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    385000 | PA      | $249768.94    | 0.11%             | 2051-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SASOL Financing USA LLC                           | Sasol Financing USA LLC                                                          | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $176975.00    | 0.08%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PEARL HOLDING III LTD                             | Pearl Holding III Ltd                                                            | CUSIP: 000000000<br>LEI: 5493006KBFRFAYN8S550 | Long             | DBT              | CORP              | KY        |     76000 | PA      | $27170.00     | 0.01%             | 2025-10-22      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                   | CVS Health Corp                                                                  | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    195000 | PA      | $171729.16    | 0.08%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UBS AG                                            | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | ZA        |         1 | NC      | $-5769.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    368000 | PA      | $263189.00    | 0.12%             | 2049-06-05      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                       | OCP CLO 2013-4 Ltd                                                               | CUSIP: 67105HBE4<br>LEI: 254900OVGEI8FTD7PT85 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $564066.90    | 0.26%             | 2029-04-24      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                    | Mariner Finance Issuance Trust 2019-A                                            | CUSIP: 56847MAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2308618.25   | 1.05%             | 2032-07-20      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                    | Mariner Finance Issuance Trust 2020-A                                            | CUSIP: 56848MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $225270.83    | 0.10%             | 2034-08-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                            | Oman Government International Bond                                               | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    457000 | PA      | $354746.25    | 0.16%             | 2047-03-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                            | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $316238.65    | 0.14%             | 2029-06-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                                   | AstraZeneca PLC                                                                  | CUSIP: 046353AZ1<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    320000 | PA      | $221807.30    | 0.10%             | 2051-05-28      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRI POINTE HOMES INC                              | Tri Pointe Homes Inc                                                             | CUSIP: 87265HAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     38000 | PA      | $32324.91     | 0.01%             | 2028-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust            | Velocity Commercial Capital Loan Trust 2018-1                                    | CUSIP: 92257AAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178583 | PA      | $156927.28    | 0.07%             | 2048-04-25      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| LSTAR Commercial Mortgage Trust                   | LSTAR Commercial Mortgage Trust 2016-4                                           | CUSIP: 50219QAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    476000 | PA      | $433531.04    | 0.20%             | 2049-03-10      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                               | Elevance Health Inc                                                              | CUSIP: 036752AM5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    195000 | PA      | $128982.05    | 0.06%             | 2050-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                     | TransDigm Inc                                                                    | CUSIP: 893647BB2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    348000 | PA      | $328777.35    | 0.15%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                        | Allianz SE                                                                       | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $258140.23    | 0.12%             | 2027-10-30      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                                            | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    240000 | PA      | $205545.00    | 0.09%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDN7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    111000 | PA      | $92651.70     | 0.04%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                                | Analog Devices Inc                                                               | CUSIP: 032654AX3<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    104000 | PA      | $69247.01     | 0.03%             | 2051-10-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CPUK FINANCE LTD                                  | CPUK Finance Ltd                                                                 | CUSIP: 000000000<br>LEI: 6354003CVDDPNXREIR29 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $101262.15    | 0.05%             | 2026-08-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                            | Mosaic Solar Loan Trust 2018-2-GS                                                | CUSIP: 61946LAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    237152 | PA      | $218857.97    | 0.10%             | 2044-02-22      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                | Howard Hughes Corp/The                                                           | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |    981000 | PA      | $814230.00    | 0.37%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    390000 | PA      | $254084.49    | 0.12%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |    200000 | PA      | $48912.50     | 0.02%             | 2024-06-28      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| York CLO Ltd                                      | York CLO 1 Ltd                                                                   | CUSIP: 986255BA4<br>LEI: 549300EJZ6JIZVXIHF06 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $227465.35    | 0.10%             | 2029-10-22      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                            | Marriott International Inc/MD                                                    | CUSIP: 571903BE2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    106000 | PA      | $95790.11     | 0.04%             | 2030-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                      | Broadcom Inc                                                                     | CUSIP: 11135FBG5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    390000 | PA      | $255757.99    | 0.12%             | 2051-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                 | Cedar Funding IX CLO Ltd                                                         | CUSIP: 15033FAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1672160.60   | 0.76%             | 2031-04-20      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| SRS DISTRIBUTION INC                              | SRS Distribution Inc                                                             | CUSIP: 78471RAB2<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |     29000 | PA      | $24910.71     | 0.01%             | 2028-07-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                            | Millicom International Cellular SA                                               | CUSIP: 600814AR8<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    380000 | PA      | $272650.00    | 0.12%             | 2031-04-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $93948.91     | 0.04%             | 2036-01-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    123998 | PA      | $122006.28    | 0.06%             | 2023-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NATURGY FINANCE BV                                | Naturgy Finance BV                                                               | CUSIP: 000000000<br>LEI: 2138005FTXOJUBQ5J563 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $74973.83     | 0.03%             | 2026-11-23      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                           | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $52851.79     | 0.02%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                          | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAG1<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    278000 | PA      | $271824.62    | 0.12%             | 2025-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                           | Mong Duong Finance Holdings BV                                                   | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |    325000 | PA      | $252281.25    | 0.11%             | 2029-05-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI                                | Braskem Idesa SAPI                                                               | CUSIP: 10554NAB4<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |    300000 | PA      | $198750.00    | 0.09%             | 2032-02-20      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                              | SWAP/CDSWAP/SCDS: (CMACG)                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | XX        |      2640 | OU      | $-89.64       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SM Energy Co                                      | SM Energy Co                                                                     | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    341000 | PA      | $328212.50    | 0.15%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SURA ASSET MANAGEMENT                             | SURA Asset Management SA                                                         | CUSIP: 000000000<br>LEI: 549300013ETMS1C0EA22 | Long             | DBT              | CORP              | CO        |    417000 | PA      | $405219.75    | 0.18%             | 2024-04-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    244000 | PA      | $170725.46    | 0.08%             | 2030-02-08      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                       | Chemours Co/The                                                                  | CUSIP: 000000000<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84651.83     | 0.04%             | 2026-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP STANDARD IN                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -32660 | PA      | $-32660.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                           | Standard Industries Inc/NJ                                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     46000 | PA      | $38864.48     | 0.02%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP GOLDEN ENTE                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -228448 | PA      | $-228447.50   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                             | Palmer Square CLO 2018-2 Ltd                                                     | CUSIP: 69688LAA5<br>LEI: 549300EYS8N79JYSXL17 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1283922.00   | 0.58%             | 2031-07-16      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| Magnum Intermediate Holdings I LLC                | Magnum Intermediate Holdings I LLC 2nd Lien Term Loan                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  17000000 | PA      | $1.70         | 0.00%             | 2059-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MODERN LAND CHINA CO LTD                          | Modern Land China Co Ltd                                                         | CUSIP: 000000000<br>LEI: 549300PDOU6AR9Z9IN08 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $31000.00     | 0.01%             | 2023-04-11      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                            | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    427000 | PA      | $349072.50    | 0.16%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                      | Ares LV CLO Ltd                                                                  | CUSIP: 04018BAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $876554.40    | 0.40%             | 2034-07-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| FEL ENERGY VI SARL                                | FEL Energy VI Sarl                                                               | CUSIP: 000000000<br>LEI: 254900H2U8PBIY32VI94 | Long             | DBT              | CORP              | LU        |    282567 | PA      | $193081.23    | 0.09%             | 2040-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US LONG BOND(CBT) DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        21 | NC      | $-196288.43   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| CEDAR FAIR/CAN/MAGNUM/MI                          | Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op  | CUSIP: 150190AF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $211624.60    | 0.10%             | 2025-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION AUTOMOTIVE                          | Constellation Automotive Financing PLC                                           | CUSIP: 000000000<br>LEI: 254900HVTSU7VICDRM89 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $75646.26     | 0.03%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AFFINITY GAMING                                   | Affinity Gaming                                                                  | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    367000 | PA      | $299178.40    | 0.14%             | 2027-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                           | Talen Energy Supply LLC                                                          | CUSIP: 87422VAG3<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    675000 | PA      | $683437.50    | 0.31%             | 2028-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                            | Rockford Tower CLO 2017-3 Ltd                                                    | CUSIP: 77341DAJ6<br>LEI: 549300V5ZF7112UGSH89 | Long             | ABS-CBDO         | CORP              | KY        |    970000 | PA      | $859180.80    | 0.39%             | 2030-10-20      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                              | CUSIP: 71654QDJ8<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    406000 | PA      | $344324.54    | 0.16%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO STOXX 50 PR                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         7 | NC      | $8973.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                            | US 2YR NOTE (CBT) DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       213 | NC      | $-664609.45   | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2018-MP                                           | CUSIP: 61691DAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    826000 | PA      | $600904.18    | 0.27%             | 2040-07-11      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | SWAP/CDSWAP/ICE: (CDX.NA.HY.39.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   5904365 | OU      | $268286.34    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2021-R01                                     | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    456714 | PA      | $392372.59    | 0.18%             | 2041-10-25      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                          | Nidda Healthcare Holding GmbH                                                    | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |    172000 | PA      | $152554.60    | 0.07%             | 2024-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TRUST F/1401                                      | Trust Fibra Uno                                                                  | CUSIP: 898324AC2<br>LEI: N/A                  | Long             | DBT              |  | MX        |    230000 | PA      | $208193.13    | 0.09%             | 2026-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2018-SUN                                          | CUSIP: 61691MAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1360000 | PA      | $1319651.79   | 0.60%             | 2035-07-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                           | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $34000.00     | 0.02%             | 2022-04-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                                   | AstraZeneca PLC                                                                  | CUSIP: 046353AX6<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |     23000 | PA      | $13241.43     | 0.01%             | 2050-08-06      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                    | Home Depot Inc/The                                                               | CUSIP: 437076CK6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    335000 | PA      | $213007.08    | 0.10%             | 2051-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                          | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     55000 | PA      | $50189.43     | 0.02%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA                          | Embraer Netherlands Finance BV                                                   | CUSIP: 29082HAC6<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    291000 | PA      | $273139.88    | 0.12%             | 2028-01-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                              | SWAP/CDSWAP/SCDS: (CMACG)                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | XX        |      5560 | OU      | $-188.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CENTURION BIDCO SPA                               | Centurion Bidco SpA                                                              | CUSIP: 000000000<br>LEI: 815600440B4998FCA515 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $171548.00    | 0.08%             | 2026-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                  | Altice France SA/France                                                          | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    148000 | PA      | $126720.67    | 0.06%             | 2025-02-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| AEROPUERTOS DOMINICANOS                           | Aeropuertos Dominicanos Siglo XXI SA                                             | CUSIP: 007866AC0<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |    347000 | PA      | $320281.00    | 0.15%             | 2029-03-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                      | ams-OSRAM AG                                                                     | CUSIP: 000000000<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $155492.79    | 0.07%             | 2025-03-05      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                          | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    495000 | PA      | $414833.31    | 0.19%             | 2028-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                  | Altice France SA/France                                                          | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    141000 | PA      | $122320.97    | 0.06%             | 2025-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TRANSDIGM I                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -1241625 | PA      | $-1241625.00  | -0.56%            |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                | Ford Motor Co                                                                    | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    197000 | PA      | $173675.20    | 0.08%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Trust 2012-GCJ9                                           | CUSIP: 36192PAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    982000 | PA      | $978095.86    | 0.44%             | 2045-11-10      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                       | Rad CLO 6 Ltd                                                                    | CUSIP: 48661KAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $449774.55    | 0.20%             | 2033-01-20      | Floating      | 10.24%                | No            |                  2 | On Loan: No      |
| Credito Real Sab DE CV Sofom ENR                  | Credito Real Sab DE CV Sofom ENR Term Loan B                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | MX        |    112000 | PA      | $1904.00      | 0.00%             | 2023-02-17      | Floating      | 6.73%                 | No            |                  3 | On Loan: No      |
| OI EUROPEAN GROUP BV                              | OI European Group BV                                                             | CUSIP: 000000000<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |    260000 | PA      | $228057.66    | 0.10%             | 2025-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SCC POWER PLC                                     | SCC Power PLC                                                                    | CUSIP: 78397YAC6<br>LEI: 529900IYGYC6VSDSDF37 | Long             | DBT              | CORP              | GB        |    737743 | PA      | $53901.75     | 0.02%             | 2032-05-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED USD / SOLD CNH                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $14013.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OP SERVICIOS MEGA                                 | Operadora de Servicios Mega SA de CV Sofom ER                                    | CUSIP: 68373NAA3<br>LEI: 4469000001BP4DCM0P31 | Long             | DBT              | CORP              | MX        |    661000 | PA      | $387635.19    | 0.18%             | 2025-02-11      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                             | Universal Health Services Inc                                                    | CUSIP: 913903AV2<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    137000 | PA      | $101357.48    | 0.05%             | 2030-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                | Bahrain Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    314000 | PA      | $249630.00    | 0.11%             | 2032-09-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDC1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    901000 | PA      | $872023.84    | 0.40%             | 2024-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS LLC/CORP                           | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp                                 | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      7000 | PA      | $6161.40      | 0.00%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                                | AMN Healthcare Inc                                                               | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    210000 | PA      | $188387.31    | 0.09%             | 2027-10-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                               | Gilead Sciences Inc                                                              | CUSIP: 375558BT9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    403000 | PA      | $248879.10    | 0.11%             | 2050-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                              | Teva Pharmaceutical Finance Netherlands II BV                                    | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $82403.84     | 0.04%             | 2027-05-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                 | Stonegate Pub Co Financing 2019 PLC                                              | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $194837.97    | 0.09%             | 2025-07-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                            | UnitedHealth Group Inc                                                           | CUSIP: 91324PDZ2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     23000 | PA      | $15106.33     | 0.01%             | 2050-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| IBERDROLA INTL BV                                 | Iberdrola International BV                                                       | CUSIP: 000000000<br>LEI: 549300ZMLFJKWC63XN87 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $209897.33    | 0.10%             | 2029-08-09      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                      | Ecopetrol SA                                                                     | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    299000 | PA      | $208178.75    | 0.09%             | 2031-11-02      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                             | Playtika Holding Corp                                                            | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |    436000 | PA      | $348686.64    | 0.16%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Colorado Plaza                                    | Colorado Plaza Term Loan                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4117647 | PA      | $3747058.82   | 1.70%             | 2024-05-15      | Floating      | 9.76%                 | No            |                  3 | On Loan: No      |
| BUCKEYE PARTNERS LP                               | Buckeye Partners LP                                                              | CUSIP: 118230AT8<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    195000 | PA      | $178473.75    | 0.08%             | 2025-03-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                 | Johnson & Johnson                                                                | CUSIP: 478160CS1<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14180.86     | 0.01%             | 2050-09-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                  | MGM Resorts International                                                        | CUSIP: 552953CD1<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    355000 | PA      | $313969.10    | 0.14%             | 2026-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                             | Guatemala Government Bond                                                        | CUSIP: 401494AU3<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    219000 | PA      | $152314.50    | 0.07%             | 2041-10-07      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                               | Altice Financing SA                                                              | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $75716.71     | 0.03%             | 2029-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                              | Signal Peak CLO 7 Ltd                                                            | CUSIP: 56844CAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $208686.40    | 0.09%             | 2032-04-30      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $36309.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| YUZHOU GROUP                                      | Yuzhou Group Holdings Co Ltd                                                     | CUSIP: 000000000<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $25000.00     | 0.01%             | 2026-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP ASTRAZENECA                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -202800 | PA      | $-202800.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | STXE 600 CHEMICALS EUR                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         2 | NC      | $4929.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                     | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    525000 | PA      | $408843.75    | 0.19%             | 2027-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solut                            | Mauser Packaging Solutions Holding Co                                            | CUSIP: 12429TAD6<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   1092000 | PA      | $1037400.00   | 0.47%             | 2024-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp                               | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $167868.08    | 0.08%             | 2025-09-19      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| FAURECIA                                          | Faurecia SE                                                                      | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $75218.85     | 0.03%             | 2027-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| EMPRESAS PUBLIC MEDELLIN                          | Empresas Publicas de Medellin ESP                                                | CUSIP: 29246BAE8<br>LEI: 549300SU25TO8EMXB434 | Long             | DBT              | CORP              | CO        |    305000 | PA      | $218456.25    | 0.10%             | 2029-07-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                    | Eli Lilly & Co                                                                   | CUSIP: 532457BY3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14227.77     | 0.01%             | 2050-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                          | British Telecommunications PLC                                                   | CUSIP: 11102AAF8<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $168723.74    | 0.08%             | 2081-11-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Group, LLC                         | Diamond Sports Group, LLC Term Loan                                              | CUSIP: 25277BAB4<br>LEI: 5493002K6DHWNZH8YA34 | Long             | LON              | CORP              | US        |   1488097 | PA      | $286458.70    | 0.13%             | 2026-08-24      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US ULTRA BOND CBT DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -1 | NC      | $1691.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ABERTIS FINANCE BV                                | Abertis Infraestructuras Finance BV                                              | CUSIP: 000000000<br>LEI: 5493007WHKI5H75YJ358 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $79236.27     | 0.04%             | 2025-11-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust            | Velocity Commercial Capital Loan Trust 2018-1                                    | CUSIP: 92257AAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250887 | PA      | $200784.98    | 0.09%             | 2048-04-25      | Fixed         | 7.26%                 | No            |                  2 | On Loan: No      |
| ADLER GROUP SA                                    | ADLER Group SA                                                                   | CUSIP: 000000000<br>LEI: 391200OYYFJ3DWAMEC69 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $49002.51     | 0.02%             | 2026-11-13      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ORYX FUNDING LTD                                  | Oryx Funding Ltd                                                                 | CUSIP: 67114NAA9<br>LEI: 549300S728CF0BBRC295 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $177662.50    | 0.08%             | 2031-02-03      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    792000 | PA      | $715374.00    | 0.33%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RED SUN PROPERTIES GRP                            | Redsun Properties Group Ltd                                                      | CUSIP: 000000000<br>LEI: 549300TYWIIKAOK07L47 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $14000.00     | 0.01%             | 2022-10-03      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                          | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     71000 | PA      | $67805.00     | 0.03%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                       | PUERTO RICO CMWLTH                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     53000 | PA      | $26111.72     | 0.01%             | 2043-11-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                            | Verizon Communications Inc                                                       | CUSIP: 92343VFU3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    195000 | PA      | $119244.21    | 0.05%             | 2050-11-20      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE GMBH                                   | ZF Finance GmbH                                                                  | CUSIP: 000000000<br>LEI: 5493001N9T6QDCCXB426 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $227101.91    | 0.10%             | 2027-05-06      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP DELL INTERN                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -52920 | PA      | $-52920.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| RONSHINE CHINA                                    | Ronshine China Holdings Ltd                                                      | CUSIP: 000000000<br>LEI: 549300GNBBT32SFSEC47 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $11000.00     | 0.01%             | 2025-01-25      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust        | JPMDB Commercial Mortgage Securities Trust 2018-C8                               | CUSIP: 46591AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11427000 | PA      | $725463.66    | 0.33%             | 2051-06-15      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| LOUIS DREYFUS FINANCE BV                          | Louis Dreyfus Co Finance BV                                                      | CUSIP: 000000000<br>LEI: 5493001HHX62PQCEEH95 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $158704.61    | 0.07%             | 2028-04-28      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                          | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122000 | PA      | $88432.18     | 0.04%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                           | Talen Energy Supply LLC                                                          | CUSIP: 87422VAF5<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |   1243000 | PA      | $1270967.50   | 0.58%             | 2027-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CMA CGM SA                                        | CMA CGM SA                                                                       | CUSIP: 000000000<br>LEI: 969500BZJ49IICIBZZ08 | Long             | DBT              | CORP              | FR        |    236000 | PA      | $234934.67    | 0.11%             | 2026-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MED Trust                                         | Med Trust 2021-MDLN                                                              | CUSIP: 58403YBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $282000.00    | 0.13%             | 2038-11-15      | Floating      | 8.07%                 | No            |                  3 | On Loan: No      |
| CENTURY COMMUNITIES                               | Century Communities Inc                                                          | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102785.63    | 0.05%             | 2027-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MAF SUKUK LTD                                     | MAF Sukuk Ltd                                                                    | CUSIP: 000000000<br>LEI: 549300IS9H0W5N2N4K34 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $238718.75    | 0.11%             | 2029-05-14      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                  | CSC Holdings LLC                                                                 | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    360000 | PA      | $314100.00    | 0.14%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LOXAM SAS                                         | Loxam SAS                                                                        | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $165414.03    | 0.08%             | 2026-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | STXE 600 AUTO+PARTS EUR                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -3 | NC      | $-1675.89     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                            | Chesapeake Energy Corp                                                           | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37094.53     | 0.02%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                               | Klabin Austria GmbH                                                              | CUSIP: 49836AAC8<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    305000 | PA      | $221887.50    | 0.10%             | 2031-01-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| TRI POINTE HOMES INC                              | Tri Pointe Homes Inc                                                             | CUSIP: 87265HAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    505000 | PA      | $436673.50    | 0.20%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS LLC/CORP                           | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp                                 | CUSIP: 983130AV7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    391000 | PA      | $366073.75    | 0.17%             | 2025-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                          | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 035240AT7<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    245000 | PA      | $201887.24    | 0.09%             | 2050-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                          | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $273346.95    | 0.12%             | 2025-01-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                         | Amgen Inc                                                                        | CUSIP: 031162DC1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    390000 | PA      | $243795.44    | 0.11%             | 2052-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                              | Commercial Metals Co                                                             | CUSIP: 201723AQ6<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |   1356000 | PA      | $1113297.72   | 0.51%             | 2030-01-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp                               | NOVA Chemicals Corp                                                              | CUSIP: 66977WAQ2<br>LEI: 5493007M1XGU5E55ZJ25 | Long             | DBT              | CORP              | CA        |   1407000 | PA      | $1322045.34   | 0.60%             | 2024-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                               | Cirsa Finance International Sarl                                                 | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $87224.46     | 0.04%             | 2025-05-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HONO 2021-LULU Mortgage Trust                     | HONO 2021-LULU Mortgage Trust                                                    | CUSIP: 40390MAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $102557.27    | 0.05%             | 2036-10-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Cemex SAB de CV                                   | Cemex SAB de CV                                                                  | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    300000 | PA      | $265128.05    | 0.12%             | 2026-03-19      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA                          | SeaWorld Parks & Entertainment Inc                                               | CUSIP: 81282UAC6<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    669000 | PA      | $682380.00    | 0.31%             | 2025-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                             | Norfolk Southern Corp                                                            | CUSIP: 655844CL0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    340000 | PA      | $215337.13    | 0.10%             | 2051-08-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                               | Intesa Sanpaolo SpA                                                              | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    250000 | PA      | $173958.89    | 0.08%             | 2031-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Q-PARK HOLDING BV                                 | Q-Park Holding I BV                                                              | CUSIP: 000000000<br>LEI: 2549003839B7HE3NDP48 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $84732.19     | 0.04%             | 2025-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GILBERT PARK CLO LTD                              | Gilbert Park CLO Ltd                                                             | CUSIP: 375415AG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $502312.36    | 0.23%             | 2030-10-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| EIG PEARL HOLDINGS SARL                           | EIG Pearl Holdings Sarl                                                          | CUSIP: 28249NAA9<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |    401000 | PA      | $318795.00    | 0.14%             | 2036-08-31      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| KAR Auction Services Inc                          | KAR Auction Services Inc                                                         | CUSIP: 48238TAA7<br>LEI: 5493004HKD20LBSG7D03 | Long             | DBT              | CORP              | US        |    180000 | PA      | $173770.20    | 0.08%             | 2025-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                               | Select Medical Corp                                                              | CUSIP: 816196AT6<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |    780000 | PA      | $733917.60    | 0.33%             | 2026-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                          | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    370000 | PA      | $292413.07    | 0.13%             | 2029-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SUN COUNTRY 2019 1C                               | SUN COUNTRY 2019 1C                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    472434 | PA      | $459441.85    | 0.21%             | 2023-12-15      | Fixed         | 7.00%                 | No            |                  3 | On Loan: No      |
| UniCredit SpA                                     | UniCredit SpA                                                                    | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $172085.82    | 0.08%             | 2026-06-03      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                    | JPN 10Y BOND(OSE) DEC22                                                          | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |        -2 | NC      | $2171.67      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REKEEP SPA                                        | Rekeep SpA                                                                       | CUSIP: 000000000<br>LEI: 8156008737CA044FCB79 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $171508.77    | 0.08%             | 2026-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JERROLD FINCO PLC                                 | Jerrold Finco PLC                                                                | CUSIP: 000000000<br>LEI: 213800F7AYNHLL1BPR31 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $86532.62     | 0.04%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Caliber Home Loans, Inc.                          | Caliber Home Loans, Inc. 2018 Revolver                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $2981400.02   | 1.36%             | 2025-07-24      | Floating      | 5.81%                 | No            |                  3 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP MEXICO (UNI                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -150192 | PA      | $-150192.26   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $5644.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 6174468Y8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     23000 | PA      | $13885.03     | 0.01%             | 2052-01-25      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                               | Suzano Austria GmbH                                                              | CUSIP: 86964WAB8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    773000 | PA      | $695893.25    | 0.32%             | 2047-03-16      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                     | Carnival Corp                                                                    | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    110000 | PA      | $106188.43    | 0.05%             | 2026-02-01      | Fixed         | 10.13%                | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                | Credit Agricole SA                                                               | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    800000 | PA      | $627232.06    | 0.29%             | 2027-12-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2017-H1                                           | CUSIP: 61691JAC8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | ABS-MBS          | CORP              | US        |    895000 | PA      | $668230.99    | 0.30%             | 2050-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    514000 | PA      | $345973.40    | 0.16%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| OQ SAOC                                           | OQ SAOC                                                                          | CUSIP: 67624L2A5<br>LEI: 549300YK417GKI6EQ392 | Long             | DBT              | CORP              | OM        |    286000 | PA      | $255755.50    | 0.12%             | 2028-05-06      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                           | Walt Disney Co/The                                                               | CUSIP: 254687FM3<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14592.51     | 0.01%             | 2049-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                          | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $132918.71    | 0.06%             | 2030-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                          | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    733000 | PA      | $673852.40    | 0.31%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC                            | Sherwood Financing PLC                                                           | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |    156000 | PA      | $130418.62    | 0.06%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Oi SA                                             | Oi SA                                                                            | CUSIP: 000000000<br>LEI: 254900YEMWCRRAGD4978 | Long             | DBT              | CORP              | BR        |    375000 | PA      | $107578.13    | 0.05%             | 2025-07-27      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB                          | Svenska Handelsbanken AB                                                         | CUSIP: 000000000<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |    400000 | PA      | $325000.00    | 0.15%             | 2027-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                | Morocco Government International Bond                                            | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    583000 | PA      | $406387.44    | 0.18%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                            | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HAN8<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     23000 | PA      | $13742.24     | 0.01%             | 2051-11-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                               | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    189000 | PA      | $177044.12    | 0.08%             | 2026-07-31      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| INTRUM AB                                         | Intrum AB                                                                        | CUSIP: 000000000<br>LEI: 549300UNCO2FCUWXX470 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $86356.13     | 0.04%             | 2025-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP NEPTUNE ENE                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -159500 | PA      | $-159500.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                      | Ecopetrol SA                                                                     | CUSIP: 279158AK5<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    440000 | PA      | $400757.50    | 0.18%             | 2025-01-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                          | Encore Capital Group Inc                                                         | CUSIP: 000000000<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182291.28    | 0.08%             | 2025-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TRANSOCEAN                                                                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -666275 | PA      | $-666275.00   | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                           | Bristol-Myers Squibb Co                                                          | CUSIP: 110122DS4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14171.19     | 0.01%             | 2050-11-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| United Group BV                                   | United Group BV                                                                  | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |    130000 | PA      | $118330.07    | 0.05%             | 2024-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO-BOBL FUTURE DEC22                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -2 | NC      | $6485.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA                                | Banco Santander SA                                                               | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $151907.77    | 0.07%             | 2026-01-14      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP INTERNATION                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -124312 | PA      | $-124312.50   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Strata CLO, Ltd                                   | Strata CLO I Ltd                                                                 | CUSIP: 86267XAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $457794.05    | 0.21%             | 2031-01-15      | Floating      | 9.59%                 | No            |                  2 | On Loan: No      |
| AES PANAMA GENERATION HL                          | AES Panama Generation Holdings SRL                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |    212000 | PA      | $166950.00    | 0.08%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BCAP LLC Trust                                    | BCAP LLC 2012-RR3 Trust                                                          | CUSIP: 05539BAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    979826 | PA      | $856515.18    | 0.39%             | 2037-12-26      | Variable      | 11.77%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                 | Chile Government International Bond                                              | CUSIP: 168863DY1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    213000 | PA      | $169015.50    | 0.08%             | 2042-03-07      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| PEARL HOLDING II LTD                              | Pearl Holding II Ltd                                                             | CUSIP: 000000000<br>LEI: 549300BUY3KOHID1L691 | Long             | DBT              | CORP              | KY        |     95428 | PA      | $2658.55      | 0.00%             | 2022-10-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                  | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $236987.73    | 0.11%             | 2031-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                         | BlackRock Liquidity Funds: T-Fund, Institutional Shares                          | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   7166820 | NS      | $7166820.13   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                 | EURO STOXX 50 PR                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -7 | NC      | $-3234.66     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MARKET BIDCO FINCO PLC                            | Market Bidco Finco PLC                                                           | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $86353.97     | 0.04%             | 2027-11-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                        | AbbVie Inc                                                                       | CUSIP: 00287YBD0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    300000 | PA      | $263780.16    | 0.12%             | 2048-11-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                             | Republic Services Inc                                                            | CUSIP: 760759AW0<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    345000 | PA      | $232775.11    | 0.11%             | 2050-03-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Select Medical Corporation                        | Select Medical Corporation 2017 Term Loan B                                      | CUSIP: 816194AV6<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |    240272 | PA      | $231862.15    | 0.11%             | 2025-03-06      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Luxembourg Life Fund                              | Luxembourg Life Fund 2021 Term Loan                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   6744640 | PA      | $6710917.05   | 3.05%             | 2023-04-01      | Floating      | 12.92%                | No            |                  3 | On Loan: No      |
| CFK Trust                                         | CFK Trust 2019-FAX                                                               | CUSIP: 12528XAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1605814.80   | 0.73%             | 2039-01-15      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | STXE 600 AUTO+PARTS EUR                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         6 | NC      | $1749.39      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $321775.71    | 0.15%             | 2027-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MEDCO OAK TREE PTE LTD                            | Medco Oak Tree Pte Ltd                                                           | CUSIP: 000000000<br>LEI: 254900AU06KP3JTGZL51 | Long             | DBT              | CORP              | SG        |    200000 | PA      | $171250.00    | 0.08%             | 2026-05-14      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                    | Microsoft Corp                                                                   | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    310000 | PA      | $218641.76    | 0.10%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                         | Anchorage Capital CLO 5-R Ltd                                                    | CUSIP: 03329YAA1<br>LEI: 549300687XYK5L55VX28 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $842501.70    | 0.38%             | 2030-01-15      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                                            | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $117637.50    | 0.05%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JINGRUI HOLDINGS LTD                              | Jingrui Holdings Ltd                                                             | CUSIP: 000000000<br>LEI: 549300RXCFKI6KHCMP52 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $38732.31     | 0.02%             | 2022-07-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Park Avenue Institutional Advisers CLO            | Park Avenue Institutional Advisers CLO Ltd 2016-1                                | CUSIP: 70016AAE2<br>LEI: 549300SPM0J0RQRUOB94 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1608301.80   | 0.73%             | 2031-08-23      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    865000 | PA      | $640437.35    | 0.29%             | 2029-01-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                        | Intel Corp                                                                       | CUSIP: 458140BK5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      4000 | PA      | $2413.38      | 0.00%             | 2060-02-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                                    | PulteGroup Inc                                                                   | CUSIP: 745867AM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1138000 | PA      | $1175945.93   | 0.53%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC                            | Sherwood Financing PLC                                                           | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $74426.57     | 0.03%             | 2026-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                            | Egypt Government International Bond                                              | CUSIP: 03846JX47<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    265000 | PA      | $234525.00    | 0.11%             | 2024-05-29      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                    | Lowe's Cos Inc                                                                   | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    100000 | PA      | $76570.10     | 0.03%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                       | OCP Clo 2019-17 Ltd                                                              | CUSIP: 67113MAE4<br>LEI: 2549003HLFPQ7ATPYA23 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $834042.90    | 0.38%             | 2032-07-20      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP T MOBILE US                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -234975 | PA      | $-234975.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| ENI SPA                                           | Eni SpA                                                                          | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |    450000 | PA      | $308950.07    | 0.14%             | 2030-02-11      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                          | Madison Park Funding XXX LTD                                                     | CUSIP: 000000000<br>LEI: 549300FFTJ3WPTJK8589 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $214421.60    | 0.10%             | 2029-04-15      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                           | CUSIP: 77586RAN0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    406000 | PA      | $367430.00    | 0.17%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GENNEIA SA                                        | Genneia SA                                                                       | CUSIP: 372319AB9<br>LEI: 529900YZ70LX0XWS9P67 | Long             | DBT              | CORP              | AR        |    196577 | PA      | $182239.17    | 0.08%             | 2027-09-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                          | Service Properties Trust                                                         | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               |  | US        |      4000 | NS      | $20760.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                          | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |    274000 | PA      | $232957.54    | 0.11%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAF SUKUK LTD                                     | MAF Sukuk Ltd                                                                    | CUSIP: 000000000<br>LEI: 549300IS9H0W5N2N4K34 | Long             | DBT              | CORP              | KY        |    243000 | PA      | $221175.56    | 0.10%             | 2030-02-28      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| JGC VENTURES PTE LTD                              | JGC Ventures Pte Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008PR2UO2K6SYH32 | Long             | DBT              | CORP              | SG        |      3583 | PA      | $1560.84      | 0.00%             | 2025-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HONO Mortgage Trust                               | HONO 2021-LULU Mortgage Trust                                                    | CUSIP: 40390MAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $187144.48    | 0.09%             | 2036-10-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                          | Intercontinental Exchange Inc                                                    | CUSIP: 45866FAQ7<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |     23000 | PA      | $13747.79     | 0.01%             | 2060-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $682.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Inkia Energy Ltd                                  | Inkia Energy Ltd                                                                 | CUSIP: 45721RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    278000 | PA      | $255760.00    | 0.12%             | 2027-11-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO1, LTD           | Goldentree Loan Management US Clo 2 Ltd                                          | CUSIP: 38136PAA9<br>LEI: 549300UYD6YMBA6XSE43 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1222276.65   | 0.56%             | 2030-11-28      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| ADLER GROUP SA                                    | ADLER Group SA                                                                   | CUSIP: 000000000<br>LEI: 391200OYYFJ3DWAMEC69 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $161708.27    | 0.07%             | 2025-08-05      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TAYLOR MORR                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -1596809 | PA      | $-1596808.75  | -0.73%            |  |  |  | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                | Mongolia Government International Bond                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |    200000 | PA      | $155022.00    | 0.07%             | 2026-04-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                               | Nigeria Government International Bond                                            | CUSIP: 65412JAU7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    441000 | PA      | $313110.00    | 0.14%             | 2029-03-24      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                         | Apple Inc                                                                        | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    195000 | PA      | $128023.94    | 0.06%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ProGroup AG                                       | ProGroup AG                                                                      | CUSIP: 000000000<br>LEI: 529900YI5W5TQ8F2FP82 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $80266.10     | 0.04%             | 2026-03-31      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP PETROLEOS M                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -547455 | PA      | $-547454.88   | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 5YR NOTE (CBT) DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -409 | NC      | $1171261.07   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BANK AG                                  | CDS: (CMBX.NA.9.BBB-)                                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              |  | US        |  10000000 | OU      | $-1944066.63  | -0.88%            |  |  |  | No            |                  2 | On Loan: No      |
| LIQUID TELECOM FINANCE                            | Liquid Telecommunications Financing Plc                                          | CUSIP: 536333AB3<br>LEI: 635400MXAVJRJJCWVI87 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $158000.00    | 0.07%             | 2026-09-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Golden Entertainment Inc                          | Golden Entertainment Inc                                                         | CUSIP: 381013AA9<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | DBT              | CORP              | US        |    274000 | PA      | $270205.10    | 0.12%             | 2026-04-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                              | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |     42768 | OU      | $65.28        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2019-H7                                           | CUSIP: 61771MAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $899063.75    | 0.41%             | 2052-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                               | LBM Acquisition LLC Term Loan B                                                  | CUSIP: 50179JAB4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |    102468 | PA      | $89198.57     | 0.04%             | 2027-12-17      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| CHINA EVERGRANDE GROUP                            | China Evergrande Group                                                           | CUSIP: 000000000<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $12725.00     | 0.01%             | 2023-01-22      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Highbridge Loan Management Ltd                    | Highbridge Loan Management 12-2018 Ltd                                           | CUSIP: 40437CAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1120000 | PA      | $926999.58    | 0.42%             | 2031-07-18      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SBSN                          | Perusahaan Penerbit SBSN Indonesia III                                           | CUSIP: 71567PAU4<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | CORP              | ID        |    215000 | PA      | $206400.00    | 0.09%             | 2027-06-06      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                 | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAE1<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    320000 | PA      | $216800.00    | 0.10%             | 2025-03-11      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                    | Commerzbank AG                                                                   | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $329786.86    | 0.15%             | 2025-10-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CSX CORP                                          | CSX Corp                                                                         | CUSIP: 126408HT3<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     23000 | PA      | $13766.25     | 0.01%             | 2051-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SES SA                                            | SES SA                                                                           | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $93967.20     | 0.04%             | 2024-01-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                          | International Business Machines Corp                                             | CUSIP: 459200KL4<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    218000 | PA      | $137396.23    | 0.06%             | 2050-05-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP                               | American International Group Inc                                                 | CUSIP: 026874DP9<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $200055.92    | 0.09%             | 2050-06-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FERROVIAL NL BV                                   | Ferrovial Netherlands BV                                                         | CUSIP: 000000000<br>LEI: 72450048UYBX1IY3XM22 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $80373.91     | 0.04%             | 2023-02-14      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                       | SWP: OIS 3.500000 28-MAY-2031                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    199900 | OU      | $8687.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AXALTA COATING                                    | Axalta Coating Systems Dutch Holding B BV                                        | CUSIP: 000000000<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $89674.58     | 0.04%             | 2025-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                   | Republic Finance Issuance Trust 2020-A                                           | CUSIP: 76042EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $644234.78    | 0.29%             | 2030-11-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                          | Benchmark 2018-B2 Mortgage Trust                                                 | CUSIP: 08161CAP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2181858.30   | 0.99%             | 2051-02-15      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                       | SWP: OIS 3.710000 10-JAN-2027                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   7146200 | OU      | $-43186.12    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SCC POWER PLC                                     | SCC Power PLC                                                                    | CUSIP: 78397YAB8<br>LEI: 529900IYGYC6VSDSDF37 | Long             | DBT              | CORP              | GB        |   1361987 | PA      | $506793.17    | 0.23%             | 2028-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                          | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp                        | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    218000 | PA      | $179582.95    | 0.08%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                             | Guatemala Government Bond                                                        | CUSIP: 401494AV1<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $179600.00    | 0.08%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goldentree Loan Opportunities IX Ltd              | GoldenTree Loan Opportunities IX Ltd                                             | CUSIP: 38123GAG1<br>LEI: 549300IOBSI2NBFBJX90 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $427453.00    | 0.19%             | 2029-10-29      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| Nexa Resources SA                                 | Nexa Resources SA                                                                | CUSIP: 91832CAA4<br>LEI: 549300QRMRHM7GAU7L47 | Long             | DBT              | CORP              | LU        |    462000 | PA      | $409678.50    | 0.19%             | 2027-05-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe BV                              | Telefonica Europe BV                                                             | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $184831.57    | 0.08%             | 2024-12-14      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                          | Republic of South Africa Government International Bond                           | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    340000 | PA      | $279607.50    | 0.13%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNA                          | Scientific Games International Inc                                               | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    464000 | PA      | $437482.40    | 0.20%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                             | Indonesia Government International Bond                                          | CUSIP: 455780CJ3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    315000 | PA      | $280384.65    | 0.13%             | 2049-02-11      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                      | Barclays PLC                                                                     | CUSIP: 06738EBG9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    850000 | PA      | $788502.50    | 0.36%             | 2024-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $9508.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                          | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 000000000<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $63462.95     | 0.03%             | 2028-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                    | Wynn Macau Ltd                                                                   | CUSIP: 000000000<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $150380.00    | 0.07%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BankAmerica Manufactured Housing Contract Trust   | BankAmerica Manufactured Housing Contract Trust                                  | CUSIP: 06606FAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2300000 | PA      | $737602.87    | 0.34%             | 2022-02-10      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                            | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    493000 | PA      | $402268.28    | 0.18%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CWT TRAVEL EQUITY                                 | CWT TRAVEL EQUITY                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5800 | NS      | $49300.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                       | PUERTO RICO CMWLTH                                                               | CUSIP: 74514L4F1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    242312 | PA      | $79259.04     | 0.04%             | 2051-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                         | Amgen Inc                                                                        | CUSIP: 031162CY4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     23000 | PA      | $13400.95     | 0.01%             | 2053-09-01      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                               | Elmwood CLO II Ltd                                                               | CUSIP: 29001RAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $225864.83    | 0.10%             | 2034-04-20      | Floating      | 9.51%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                          | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $85264.36     | 0.04%             | 2026-01-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP SASOL FINAN                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -170250 | PA      | $-170250.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| FRIGORIFICO CONCEPCION                            | Frigorifico Concepcion SA                                                        | CUSIP: 358648AA1<br>LEI: 529900Q6VZVL47QJCQ91 | Long             | DBT              | CORP              | PY        |    200000 | PA      | $156412.50    | 0.07%             | 2028-07-21      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP ORACLE CORP                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -428188 | PA      | $-428187.50   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Kestrel Bidco Inc.                                | Kestrel Bidco Inc. Term Loan B                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |       464 | PA      | $407.62       | 0.00%             | 2026-12-11      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| GARFUNKELUX HOLDCO 3 SA                           | Garfunkelux Holdco 3 SA                                                          | CUSIP: 000000000<br>LEI: 2221007QVSNJV7EWBX69 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $226773.79    | 0.10%             | 2025-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust       | MF1 2021-W10X                                                                    | CUSIP: 55284DAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310000 | PA      | $296927.33    | 0.13%             | 2034-12-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Transocean Phoenix 2 Ltd                          | Transocean Phoenix 2 Ltd                                                         | CUSIP: 893828AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    827100 | PA      | $802287.00    | 0.36%             | 2024-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2017-C41                                   | CUSIP: 95001AAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    967000 | PA      | $671344.49    | 0.31%             | 2050-11-15      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| Sirius XM Radio Inc                               | Sirius XM Radio Inc                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64225.00     | 0.03%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                                     | M/I Homes Inc                                                                    | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    510000 | PA      | $424689.75    | 0.19%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GOL FINANCE SA                                    | Gol Finance SA                                                                   | CUSIP: 36254VAC2<br>LEI: 5299007RH8MA67ZC6J07 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $120725.00    | 0.05%             | 2026-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                          | Benchmark 2018-B3 Mortgage Trust                                                 | CUSIP: 08161BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540000 | PA      | $395485.52    | 0.18%             | 2051-04-10      | Variable      | 3.19%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                  | ABN AMRO Bank NV                                                                 | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    800000 | PA      | $605412.23    | 0.28%             | 2027-09-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC                                   | Rolls-Royce PLC                                                                  | CUSIP: 000000000<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $69209.18     | 0.03%             | 2028-05-09      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                          | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    541000 | PA      | $416380.65    | 0.19%             | 2029-03-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                          | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    335000 | PA      | $294930.65    | 0.13%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | SWAP/CDSWAP/ICE: (CDX.NA.HY.34.V9)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |  13741000 | OU      | $138853.79    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                  | MGM Resorts International                                                        | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    355000 | PA      | $318971.05    | 0.15%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP BROADCOM IN                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -237412 | PA      | $-237412.50   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                          | Cheplapharm Arzneimittel GmbH                                                    | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    331000 | PA      | $265919.56    | 0.12%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                          | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    696000 | PA      | $574701.12    | 0.26%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| YANLORD LAND HK CO LTD                            | Yanlord Land HK Co Ltd                                                           | CUSIP: 000000000<br>LEI: 549300O56H3950RDWG19 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $166000.00    | 0.08%             | 2024-02-27      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                  | Altice France SA/France                                                          | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $147928.76    | 0.07%             | 2029-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| XHR LP                                            | XHR LP                                                                           | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |     27000 | PA      | $22261.91     | 0.01%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Brookside Mill CLO Ltd                            | Brookside Mill CLO Ltd 2013-1                                                    | CUSIP: 114521AP2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $235295.60    | 0.11%             | 2028-01-17      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    975000 | PA      | $760509.75    | 0.35%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                          | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    374000 | PA      | $296358.59    | 0.13%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                  | Trestles CLO II LTD                                                              | CUSIP: 89531VAA0<br>LEI: 6354005OLPZ8XONXGL10 | Long             | ABS-CBDO         | CORP              | KY        |   1900000 | PA      | $1579099.50   | 0.72%             | 2031-07-25      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                          | Republic of South Africa Government International Bond                           | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    440000 | PA      | $363000.00    | 0.17%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                              | Colombia Government International Bond                                           | CUSIP: 195325CX1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    211000 | PA      | $193170.50    | 0.09%             | 2026-01-28      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AEROPUERTO INTL TOCUMEN                           | Aeropuerto Internacional de Tocumen SA                                           | CUSIP: 00787CAE2<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | CORP              | PA        |    310000 | PA      | $220836.25    | 0.10%             | 2061-08-11      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2020-FACT                                                                   | CUSIP: 126395AQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $653656.99    | 0.30%             | 2037-10-15      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| VERISURE MIDHOLDING AB                            | Verisure Midholding AB                                                           | CUSIP: 000000000<br>LEI: 549300496LYEZ55X1M49 | Long             | DBT              | CORP              | SE        |    150000 | PA      | $108050.52    | 0.05%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 LTD                               | Avianca Midco 2 Ltd                                                              | CUSIP: 05368PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    614678 | PA      | $465234.41    | 0.21%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP SCIENTIFIC                                                                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -374100 | PA      | $-374100.00   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| GEOPARK LTD                                       | Geopark Ltd                                                                      | CUSIP: 37255BAB5<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |    205000 | PA      | $160643.13    | 0.07%             | 2027-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP MOROCCO (KI                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -218875 | PA      | $-218875.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings Inc.                           | SCIH Salt Holdings Inc. 2021 Incremental Term Loan B                             | CUSIP: 78397GAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    266305 | PA      | $246777.15    | 0.11%             | 2027-03-16      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    325000 | PA      | $245141.50    | 0.11%             | 2051-03-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| SABLE INTL FINANCE LTD                            | Sable International Finance Ltd                                                  | CUSIP: 000000000<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |    260000 | PA      | $227175.00    | 0.10%             | 2027-09-07      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Aimbridge Acquisition Co., Inc.                   | Aimbridge Acquisition Co., Inc. 2019 Term Loan B                                 | CUSIP: 00900YAD8<br>LEI: 549300SPGKLVE9WYCQ20 | Long             | LON              | CORP              | US        |    400167 | PA      | $351146.77    | 0.16%             | 2026-02-02      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| PHOENIX PIB DUTCH FINANC                          | Phoenix PIB Dutch Finance BV                                                     | CUSIP: 000000000<br>LEI: 529900UUYBCBB7HMVI56 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $91634.68     | 0.04%             | 2025-08-05      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                            | TK Elevator Midco GmbH                                                           | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | DBT              | CORP              | DE        |    115000 | PA      | $94391.08     | 0.04%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                          | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14240.90     | 0.01%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| THAMES WATER KEMBLE FINA                          | Thames Water Kemble Finance PLC                                                  | CUSIP: 000000000<br>LEI: 213800S7UU2MQXYJQO60 | Long             | DBT              | CORP              | GB        |    167000 | PA      | $154759.73    | 0.07%             | 2026-05-19      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                          | Banco Bilbao Vizcaya Argentaria SA                                               | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $177606.64    | 0.08%             | 2024-03-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS INC                                | Roche Holdings Inc                                                               | CUSIP: 771196BY7<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14996.11     | 0.01%             | 2051-12-13      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB                              | Heimstaden Bostad AB                                                             | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $56901.71     | 0.03%             | 2027-02-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                          | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |    700000 | PA      | $547147.27    | 0.25%             | 2079-11-12      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Foundation Building Materials Holding Company LLC | Foundation Building Materials Holding Company LLC 2021 Term Loan                 | CUSIP: 35039KAB2<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |     65611 | PA      | $58951.88     | 0.03%             | 2028-01-31      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Q-PARK HOLDING BV                                 | Q-Park Holding I BV                                                              | CUSIP: 000000000<br>LEI: 2549003839B7HE3NDP48 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $84896.84     | 0.04%             | 2026-03-01      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                            | Oman Government International Bond                                               | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    400000 | PA      | $318500.00    | 0.14%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DANA INC                                          | Dana Inc                                                                         | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    352000 | PA      | $290453.16    | 0.13%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $10347.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARY                                           | Hungary Government International Bond                                            | CUSIP: 445545AP1<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    310000 | PA      | $279542.50    | 0.13%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                               | Sirius XM Radio Inc                                                              | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     66000 | PA      | $59365.85     | 0.03%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                            | Verizon Communications Inc                                                       | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    198000 | PA      | $139226.05    | 0.06%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                              | Colombia Government International Bond                                           | CUSIP: 195325DL6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    573000 | PA      | $485545.88    | 0.22%             | 2027-04-25      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAG0<br>LEI: N/A                  | Long             | DBT              |  | US        |    123000 | PA      | $115746.42    | 0.05%             | 2025-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $41748.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                      | Barclays PLC                                                                     | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    273000 | PA      | $230029.80    | 0.10%             | 2025-12-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                                         | CUSIP: 44106MAR3<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |    865000 | PA      | $844456.25    | 0.38%             | 2023-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                               | Cheniere Energy Inc                                                              | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68799.75     | 0.03%             | 2028-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                             | Palmer Square CLO 2015-2 Ltd                                                     | CUSIP: 69689CBC9<br>LEI: 549300PACXK2KP6J2T91 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $224575.15    | 0.10%             | 2030-07-20      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                              | Teva Pharmaceutical Finance Netherlands II BV                                    | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $77074.82     | 0.04%             | 2030-05-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    369000 | PA      | $73800.00     | 0.03%             | 2027-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 FNC LTD                                | NBK Tier 1 Ltd                                                                   | CUSIP: 62879NAA5<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |    341000 | PA      | $290340.19    | 0.13%             | 2026-08-24      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                    | Home Depot Inc/The                                                               | CUSIP: 437076CG5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     23000 | PA      | $13458.14     | 0.01%             | 2051-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| JGC VENTURES PTE LTD                              | JGC Ventures Pte Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008PR2UO2K6SYH32 | Long             | DBT              | CORP              | SG        |       262 | PA      | $114.13       | 0.00%             | 2025-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JGC Ventures Pte Ltd                              | JGC Ventures Pte Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008PR2UO2K6SYH32 | Long             | DBT              | CORP              | SG        |    238875 | PA      | $106642.76    | 0.05%             | 2025-06-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DOBANK SPA                                        | doValue SpA                                                                      | CUSIP: 000000000<br>LEI: 8156007AF7DB5FE05555 | Long             | DBT              | CORP              | IT        |    259000 | PA      | $206607.35    | 0.09%             | 2026-07-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDL1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1124000 | PA      | $930953.00    | 0.42%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                           | Sasol Financing USA LLC                                                          | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $175350.00    | 0.08%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET FINANCE PLC                           | Avis Budget Finance Plc                                                          | CUSIP: 000000000<br>LEI: 549300W3BJJPGKCIOI13 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $93364.47     | 0.04%             | 2024-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP GILEAD SCIE                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -221350 | PA      | $-221350.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                            | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |     29000 | PA      | $26103.77     | 0.01%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                 | NatWest Group PLC                                                                | CUSIP: 639057AD0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $250000.00    | 0.11%             | 2031-06-28      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS                            | Mid-America Apartments LP                                                        | CUSIP: 59523UAU1<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              |  | US        |     28000 | PA      | $17489.86     | 0.01%             | 2051-09-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                       | SWP: OIS 4.180000 21-JUN-2024                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   4684700 | OU      | $22331.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PICARD MIDCO INC                                  | Picard Midco Inc                                                                 | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    239000 | PA      | $201883.30    | 0.09%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITGO HOLDING INC                                 | Citgo Holding Inc                                                                | CUSIP: 17302WAB4<br>LEI: 549300NYHOALWZ2BSL72 | Long             | DBT              | CORP              | US        |    306000 | PA      | $303631.56    | 0.14%             | 2024-08-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Metinvest BV                                      | Metinvest BV                                                                     | CUSIP: 000000000<br>LEI: 635400TMCKVEU87EJ582 | Long             | DBT              | CORP              | NL        |    296000 | PA      | $133200.00    | 0.06%             | 2026-04-23      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                | STWD 2021-LIH Mortgage Trust                                                     | CUSIP: 78486EAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $229867.33    | 0.10%             | 2036-11-15      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                     | AIB Group PLC                                                                    | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $169449.88    | 0.08%             | 2024-10-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                    | Microsoft Corp                                                                   | CUSIP: 594918CD4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14462.52     | 0.01%             | 2060-06-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                      | ING Groep NV                                                                     | CUSIP: 456837AY9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $259940.00    | 0.12%             | 2027-05-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MUTHOOT FINANCE LTD                               | Muthoot Finance Ltd                                                              | CUSIP: 62828L2A0<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $198662.50    | 0.09%             | 2022-10-31      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Deer Creek CLO, Ltd.                              | Deer Creek Clo Ltd 2017-1                                                        | CUSIP: 24380MAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $861325.20    | 0.39%             | 2030-10-20      | Floating      | 9.06%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                       | Walmart Inc                                                                      | CUSIP: 931142EV1<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     23000 | PA      | $15431.21     | 0.01%             | 2051-09-22      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SES SA                                            | SES SA                                                                           | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $181964.92    | 0.08%             | 2026-05-27      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| YANGO JUSTICE INTL                                | Yango Justice International Ltd                                                  | CUSIP: 000000000<br>LEI: 3003007ELD2HAYCXPT77 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $10000.00     | 0.00%             | 2024-09-04      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP AMERICAN TO                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -121388 | PA      | $-121387.50   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                   | Nigeria Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    343000 | PA      | $217805.00    | 0.10%             | 2032-02-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OAFIT A NOTE UPSIZE                               | OAFIT A NOTE UPSIZE                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   4300000 | PA      | $2702361.27   | 1.23%             | 2024-01-21      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYK4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     23000 | PA      | $14787.77     | 0.01%             | 2042-07-21      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                | Panama Government International Bond                                             | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    563000 | PA      | $510148.38    | 0.23%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AIR FRANCE-KLM                                    | Air France-KLM                                                                   | CUSIP: 000000000<br>LEI: 969500AQW31GYO8JZD66 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $79598.89     | 0.04%             | 2026-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TAYLOR MORR                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -500616 | PA      | $-500616.25   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| JERROLD FINCO PLC                                 | Jerrold Finco PLC                                                                | CUSIP: 000000000<br>LEI: 213800F7AYNHLL1BPR31 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $83350.45     | 0.04%             | 2027-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                            | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $25745.85     | 0.01%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP EMBRAER NET                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -252442 | PA      | $-252442.50   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP SUNOCO LP                                                                    | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -21802 | PA      | $-21802.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                              | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    288000 | PA      | $158544.00    | 0.07%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Bean Creek CLO LTD                                | Bean Creek CLO Ltd                                                               | CUSIP: 07378XAG1<br>LEI: 635400STD6UUTEW5KM07 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1263443.10   | 0.57%             | 2031-04-20      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP DOMINICAN R                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -302252 | PA      | $-302252.50   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-11

**Name of Applicant:** BlackRock Multi-Sector Opportunities Trust

**Signature:** Ann Frechette

**Name of Signer:** Ann Frechette

**Title:** Assistant Treasurer