# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-25-010180
**Filing Date:** 2025-9
**Character Count:** 492752
**Document Hash:** 2c8d9b9cbbbf0c6bd2e1d7b145f8d6e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010180.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010180

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251338653

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

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

## Series and Classes Contracts Data

### iShares High Yield Active ETF (Series ID: S000085059)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000249922 | iShares High Yield Active ETF |  |

## Nport-Ex

July 31, 2025

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

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

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares High Yield Active ETF \| BRHY \| NASDAQ |

---

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

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

------

Schedule of Investments (unaudited)

July 31, 2025

**iShares High Yield Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** |
| **Energy - Alternate Sources — 0.5%** | **Energy - Alternate Sources — 0.5%** | **Energy - Alternate Sources — 0.5%** |
| NextEra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/25<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp; $96901 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp; 190801 |
|  |  | &nbsp;&nbsp; 287702 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Meritage Homes Corp., 1.75%, 05/15/28 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 59324 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Cable One Inc., 1.13%, 03/15/28 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp; 40863 |
| **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** |
| Digital Realty Trust LP, 1.88%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 11595 |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 3770 |
|  |  | &nbsp;&nbsp; 15365 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| MKS Inc., 1.25%, 06/01/30 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp; 64058 |
| ON Semiconductor Corp., 0.50%, 03/01/29 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp; 36356 |
|  |  | &nbsp;&nbsp; 100414 |
| **Total Convertible Bonds — 0.8%** <br>**(Cost: $511,968)** | **Total Convertible Bonds — 0.8%** <br>**(Cost: $511,968)** | &nbsp;&nbsp; 503668 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 1.7%** | **Advertising — 1.7%** | **Advertising — 1.7%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD114 | &nbsp;&nbsp; 113845 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD141 | &nbsp;&nbsp; 140805 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD115 | &nbsp;&nbsp; 104768 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD193 | &nbsp;&nbsp; 192658 |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD82 | &nbsp;&nbsp; 77432 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD123 | &nbsp;&nbsp; 126666 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/15/28<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD83 | &nbsp;&nbsp; 86963 |
| Neptune Bidco U.S. Inc., 9.29%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD98 | &nbsp;&nbsp; 94843 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD60 | &nbsp;&nbsp; 57123 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD17 | &nbsp;&nbsp; 16138 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24748 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD22 | &nbsp;&nbsp; 23099 |
|  |  | &nbsp;&nbsp; 1059088 |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2 | &nbsp;&nbsp; 2052 |
| Bombardier Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | &nbsp;&nbsp; 47280 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD73 | &nbsp;&nbsp; 75518 |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD47 | &nbsp;&nbsp; 49078 |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD36 | &nbsp;&nbsp; 38740 |
| Efesto Bidco Spa/U.S. LLC, 7.50%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 204000 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | &nbsp;&nbsp; 46371 |
| Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | &nbsp;&nbsp; 65512 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD57 | &nbsp;&nbsp; 62689 |
| TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD264 | &nbsp;&nbsp; 265304 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD541 | &nbsp;&nbsp; 544436 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD153 | &nbsp;&nbsp; 157325 |
|  |  | &nbsp;&nbsp; 1558305 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| Darling Ingredients Inc., 6.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; $21134 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| American Airlines Inc., 8.50%, 05/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD42 | &nbsp;&nbsp; 43895 |
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP Ltd., <br> 5.75%, 04/20/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD7 | &nbsp;&nbsp; 6498 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD33 | &nbsp;&nbsp; 31906 |
| OneSky Flight LLC, 8.88%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD35 | &nbsp;&nbsp; 36874 |
| United Airlines Inc., 4.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 28319 |
|  |  | &nbsp;&nbsp; 147492 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, 10.00%, 07/15/33, <br> (10.00 % Cash and 10.75 % PIK)<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 208515 |
| Crocs Inc., 4.13%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD20 | &nbsp;&nbsp; 18079 |
| Hanesbrands Inc., 9.00%, 02/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 30523 |
| Levi Strauss & Co., 3.50%, 03/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD49 | &nbsp;&nbsp; 44858 |
| Under Armour Inc., 7.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19385 |
|  |  | &nbsp;&nbsp; 321360 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| Nissan Motor Co. Ltd., 7.75%, 07/17/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 207043 |
| &nbsp;&nbsp;&nbsp; Rivian Holdings LLC/Rivian LLC/Rivian <br> Automotive LLC, 10.00%, 01/15/31<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD37 | &nbsp;&nbsp; 35211 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD34 | &nbsp;&nbsp; 30432 |
|  |  | &nbsp;&nbsp; 272686 |
| **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp; Clarios Global LP / Clarios U.S. Finance Co., <br> 4.75%, 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 115387 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios U.S. Finance Co., 6.75%, <br> 02/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD177 | &nbsp;&nbsp; 182492 |
| Dana Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD14 | &nbsp;&nbsp; 13777 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/32 | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 20493 |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD33 | &nbsp;&nbsp; 34246 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/30/31 | &nbsp;&nbsp;&nbsp; USD4 | &nbsp;&nbsp; 3799 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26456 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD65 | &nbsp;&nbsp; 64516 |
|  |  | &nbsp;&nbsp; 461166 |
| **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD80 | &nbsp;&nbsp; 79725 |
| &nbsp;&nbsp;&nbsp; 6.63%, (5-year CMT + 2.684%)<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD174 | &nbsp;&nbsp; 178185 |
| &nbsp;&nbsp;&nbsp; Barclays PLC, 9.63%, (5-year USD ICE Swap + <br> 5.775%)<sup>(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD360 | &nbsp;&nbsp; 406649 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance Inc., 6.30%, 01/15/55, (5-year <br> CMT + 2.076%)<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD93 | &nbsp;&nbsp; 89662 |
| Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/31/79 | &nbsp;&nbsp;&nbsp; USD35 | &nbsp;&nbsp; 35297 |
| &nbsp;&nbsp;&nbsp; Series CC, 7.13%, (5-year CMT + 2.693%)<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD62 | &nbsp;&nbsp; 63411 |
| &nbsp;&nbsp;&nbsp; Series EE, 6.75%, (5-year CMT + 2.572%)<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD113 | &nbsp;&nbsp; 113478 |
| &nbsp;&nbsp;&nbsp; Series FF, 6.95%, (5-year CMT + 2.726%)<sup>(c)(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD46 | &nbsp;&nbsp; 46373 |
| Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.85%, (5-year CMT + 2.461%)<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD55 | &nbsp;&nbsp; 56169 |
| &nbsp;&nbsp;&nbsp; Series Y, 6.13%, (10-year CMT + 2.400%)<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD115 | &nbsp;&nbsp; 113719 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc. (The), <br> Series W, 6.25%, (7-year CMT + 2.808%)<sup>(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 29330 |
| &nbsp;&nbsp;&nbsp; UBS Group AG, 7.75%, (5-year USD ICE Swap + <br> 4.160%)<sup>(a)(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 213189 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Walker & Dunlop Inc., 6.63%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD22 | &nbsp;&nbsp; $22430 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., 6.85%, (5-year CMT + <br> 2.767%)<sup>(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD36 | &nbsp;&nbsp; 37289 |
|  |  | &nbsp;&nbsp; 1484906 |
| **Building Materials — 2.4%** | **Building Materials — 2.4%** | **Building Materials — 2.4%** |
| &nbsp;&nbsp;&nbsp; AmeriTex HoldCo Intermediate LLC, 7.63%, <br> 08/15/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD36 | &nbsp;&nbsp; 36611 |
| Builders FirstSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/34<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11162 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/35<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26658 |
| CP Atlas Buyer Inc., 9.75%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11099 |
| EMRLD Borrower LP/Emerald Co-Issuer Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD361 | &nbsp;&nbsp; 368079 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD52 | &nbsp;&nbsp; 53553 |
| Jeld-Wen Inc., 4.88%, 12/15/27<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD50 | &nbsp;&nbsp; 47434 |
| JELD-WEN Inc., 7.00%, 09/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD37 | &nbsp;&nbsp; 27760 |
| JH North America Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD38 | &nbsp;&nbsp; 38130 |
| &nbsp;&nbsp;&nbsp; 6.13%, 07/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD49 | &nbsp;&nbsp; 49508 |
| New Enterprise Stone & Lime Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD35 | &nbsp;&nbsp; 34749 |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/28<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD87 | &nbsp;&nbsp; 87217 |
| Quikrete Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD195 | &nbsp;&nbsp; 199991 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/33<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD44 | &nbsp;&nbsp; 45127 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, 8.88%, <br> 11/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52619 |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions Inc., 6.25%, <br> 08/01/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD148 | &nbsp;&nbsp; 149410 |
| Standard Industries Inc./New York |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD34 | &nbsp;&nbsp; 30373 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD30 | &nbsp;&nbsp; 28402 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD99 | &nbsp;&nbsp; 101095 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD58 | &nbsp;&nbsp; 53374 |
|  |  | &nbsp;&nbsp; 1452351 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| Avient Corp., 6.25%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25089 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15169 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 29249 |
| Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/27 | &nbsp;&nbsp;&nbsp; USD88 | &nbsp;&nbsp; 86208 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/28<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD88 | &nbsp;&nbsp; 80822 |
| Element Solutions Inc., 3.88%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD177 | &nbsp;&nbsp; 170513 |
| Ingevity Corp., 3.88%, 11/01/28<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD41 | &nbsp;&nbsp; 39015 |
| Inversion Escrow Issuer LLC, 6.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 197632 |
| &nbsp;&nbsp;&nbsp; Kobe U.S. Midco 2 Inc., 9.25%, 11/01/26, (10.00% <br> PIK)<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD104 | &nbsp;&nbsp; 92753 |
| Mativ Holdings Inc., 8.00%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | &nbsp;&nbsp; 24349 |
| Methanex U.S. Operations Inc., 6.25%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD33 | &nbsp;&nbsp; 32711 |
| Minerals Technologies Inc., 5.00%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD36 | &nbsp;&nbsp; 35439 |
| &nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., 7.25%, <br> 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 204250 |
| &nbsp;&nbsp;&nbsp; SK Invictus Intermediate II SARL, 5.00%, <br> 10/30/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD60 | &nbsp;&nbsp; 58328 |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD241 | &nbsp;&nbsp; 222184 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD59 | &nbsp;&nbsp; 60729 |
|  |  | &nbsp;&nbsp; 1374440 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services — 6.4%** | **Commercial Services — 6.4%** | **Commercial Services — 6.4%** |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL / Aggreko Holdings Inc., <br> 7.00%, 05/21/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; $205857 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD323 | &nbsp;&nbsp; 338710 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 194653 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD170 | &nbsp;&nbsp; 174040 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL, 4.63%, <br> 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 194022 |
| APi Group DE Inc., 4.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD52 | &nbsp;&nbsp; 49401 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 201877 |
| Block Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/01/26 | &nbsp;&nbsp;&nbsp; USD66 | &nbsp;&nbsp; 64723 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/32 | &nbsp;&nbsp;&nbsp; USD240 | &nbsp;&nbsp; 246285 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 211462 |
| Brink's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD9 | &nbsp;&nbsp; 9221 |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD53 | &nbsp;&nbsp; 54590 |
| Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD175 | &nbsp;&nbsp; 167279 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD103 | &nbsp;&nbsp; 96464 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19560 |
| EquipmentShare.com Inc., 8.00%, 03/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19836 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD91 | &nbsp;&nbsp; 90191 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD61 | &nbsp;&nbsp; 62820 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD173 | &nbsp;&nbsp; 178373 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD96 | &nbsp;&nbsp; 98888 |
| Herc Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD63 | &nbsp;&nbsp; 65113 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD80 | &nbsp;&nbsp; 82841 |
| Hertz Corp. (The), 12.63%, 07/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21939 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime <br> Finance Inc., 6.25%, 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD47 | &nbsp;&nbsp; 46997 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 6.88%, <br> 11/15/31<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD51 | &nbsp;&nbsp; 51511 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD92 | &nbsp;&nbsp; 94003 |
| Service Corp. International/U.S. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 | &nbsp;&nbsp;&nbsp; USD50 | &nbsp;&nbsp; 46382 |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD156 | &nbsp;&nbsp; 156370 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC / Shift4 Payments Finance <br> Sub Inc., 5.50%, 05/15/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 119004 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc., 6.75%, 08/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD170 | &nbsp;&nbsp; 175609 |
| Sotheby's, 7.38%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 195969 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 22761 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD81 | &nbsp;&nbsp; 85048 |
| WEX Inc., 6.50%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD57 | &nbsp;&nbsp; 57731 |
| Williams Scotsman Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | &nbsp;&nbsp; 47431 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD39 | &nbsp;&nbsp; 40713 |
|  |  | &nbsp;&nbsp; 3987674 |
| **Computers — 0.8%** | **Computers — 0.8%** | **Computers — 0.8%** |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD41 | &nbsp;&nbsp; 42413 |
| CACI International Inc., 6.38%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | &nbsp;&nbsp; 63398 |
| Fortress Intermediate 3 Inc., 7.50%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD108 | &nbsp;&nbsp; 113344 |
| Insight Enterprises Inc., 6.63%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 28634 |
| KBR Inc., 4.75%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD58 | &nbsp;&nbsp; 55897 |
| McAfee Corp., 7.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD67 | &nbsp;&nbsp; 62122 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp., 4.88%, <br> 04/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; $27543 |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., 5.88%, <br> 07/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD70 | &nbsp;&nbsp; 70714 |
|  |  | &nbsp;&nbsp; 464065 |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD69 | &nbsp;&nbsp; 69722 |
| **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** |
| Gates Corp./DE, 6.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD38 | &nbsp;&nbsp; 39105 |
| Resideo Funding Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD41 | &nbsp;&nbsp; 38346 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD35 | &nbsp;&nbsp; 35505 |
|  |  | &nbsp;&nbsp; 112956 |
| **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc., 6.00%, 12/15/54, <br> (5-year CMT + 2.168%)<sup>(c)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD56 | &nbsp;&nbsp; 54931 |
| Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19392 |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 26031 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings Inc., 8.38%, 06/15/35, <br> (5-year CMT + 4.300%)<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12395 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD67 | &nbsp;&nbsp; 68468 |
| Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | &nbsp;&nbsp; 47048 |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD105 | &nbsp;&nbsp; 109149 |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD55 | &nbsp;&nbsp; 57326 |
| GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD59 | &nbsp;&nbsp; 59221 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD73 | &nbsp;&nbsp; 75205 |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd., 8.75%, <br> 09/01/27<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD95 | &nbsp;&nbsp; 97850 |
| Jane Street Group/JSG Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11906 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/33<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD20 | &nbsp;&nbsp; 20468 |
| Nationstar Mortgage Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21233 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD73 | &nbsp;&nbsp; 74665 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD117 | &nbsp;&nbsp; 122177 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD39 | &nbsp;&nbsp; 40608 |
| &nbsp;&nbsp;&nbsp; 9.38%, 07/25/30 | &nbsp;&nbsp;&nbsp; USD31 | &nbsp;&nbsp; 33877 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD69 | &nbsp;&nbsp; 63232 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24514 |
| &nbsp;&nbsp;&nbsp; 6.13%, 05/15/30 | &nbsp;&nbsp;&nbsp; USD55 | &nbsp;&nbsp; 55092 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/29 | &nbsp;&nbsp;&nbsp; USD49 | &nbsp;&nbsp; 50043 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25367 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/31 | &nbsp;&nbsp;&nbsp; USD31 | &nbsp;&nbsp; 32002 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/32 | &nbsp;&nbsp;&nbsp; USD96 | &nbsp;&nbsp; 98942 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11464 |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/30 | &nbsp;&nbsp;&nbsp; USD46 | &nbsp;&nbsp; 48422 |
| Osaic Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21253 |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD34 | &nbsp;&nbsp; 34551 |
| PennyMac Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD51 | &nbsp;&nbsp; 51961 |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD43 | &nbsp;&nbsp; 43826 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD56 | &nbsp;&nbsp; 57725 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD70 | &nbsp;&nbsp; 73346 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Rocket Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD236 | &nbsp;&nbsp; $239293 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD192 | &nbsp;&nbsp; 195837 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD49 | &nbsp;&nbsp; 47778 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1845 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5 | &nbsp;&nbsp; 4424 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD81 | &nbsp;&nbsp; 81036 |
|  |  | &nbsp;&nbsp; 2213903 |
| **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** |
| &nbsp;&nbsp;&nbsp; AES Corp. (The), 7.60%, 01/15/55, (5-year CMT + <br> 3.201%)<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD52 | &nbsp;&nbsp; 52522 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD45 | &nbsp;&nbsp; 46050 |
| Calpine Corp., 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1978 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Inc., Series B, 6.85%, <br> 02/15/55, (5-year CMT + 2.946%)<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12515 |
| &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, 3.75%, <br> 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD51 | &nbsp;&nbsp; 45304 |
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., 6.63%, 05/15/55, (5-year <br> CMT + 2.207%)<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14345 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., 6.45%, 09/01/54, (5-year CMT <br> + 2.588%)<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21622 |
| &nbsp;&nbsp;&nbsp; Edison International, Series A, 5.38%, (5-year CMT <br> + 4.698%)<sup>(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD67 | &nbsp;&nbsp; 63709 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | &nbsp;&nbsp; 32410 |
| NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/15/55, (5-year CMT + 2.053%)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD38 | &nbsp;&nbsp; 38987 |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/54, (5-year CMT + 2.457%)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD20 | &nbsp;&nbsp; 20867 |
| NRG Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD63 | &nbsp;&nbsp; 62441 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD119 | &nbsp;&nbsp; 119323 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD95 | &nbsp;&nbsp; 96260 |
| &nbsp;&nbsp;&nbsp; 10.25%, (5-year CMT + 5.920%)<sup>(a)(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD66 | &nbsp;&nbsp; 72647 |
| &nbsp;&nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy <br> Operations Inc., 4.50%, 08/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 18420 |
| Pike Corp., 8.63%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD26 | &nbsp;&nbsp; 27959 |
| Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, (5-year CMT + 5.740%)<sup>(a)(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD137 | &nbsp;&nbsp; 138338 |
| &nbsp;&nbsp;&nbsp; 8.00%, (5-year CMT + 6.930%)<sup>(a)(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27559 |
| Vistra Operations Co. LLC, 6.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD98 | &nbsp;&nbsp; 101827 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, 8.38%, <br> 01/15/31<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD81 | &nbsp;&nbsp; 84961 |
|  |  | &nbsp;&nbsp; 1100044 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| WESCO Distribution Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD39 | &nbsp;&nbsp; 39927 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14445 |
|  |  | &nbsp;&nbsp; 54372 |
| **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD54 | &nbsp;&nbsp; 52849 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD48 | &nbsp;&nbsp; 46571 |
| Sensata Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD51 | &nbsp;&nbsp; 46532 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD138 | &nbsp;&nbsp; 132053 |
|  |  | &nbsp;&nbsp; 278005 |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| AECOM, 6.00%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD112 | &nbsp;&nbsp; 112911 |
| Arcosa Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD54 | &nbsp;&nbsp; 52091 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD8 | &nbsp;&nbsp; $8264 |
| Brand Industrial Services Inc., 10.38%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD138 | &nbsp;&nbsp; 125256 |
| Dycom Industries Inc., 4.50%, 04/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 20355 |
|  |  | &nbsp;&nbsp; 318877 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
| Boyne USA Inc., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD48 | &nbsp;&nbsp; 46515 |
| Caesars Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD84 | &nbsp;&nbsp; 85665 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD67 | &nbsp;&nbsp; 69113 |
| Churchill Downs Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD119 | &nbsp;&nbsp; 118706 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD69 | &nbsp;&nbsp; 70451 |
| Cinemark USA Inc., 7.00%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12391 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD47 | &nbsp;&nbsp; 46018 |
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., 7.50%, <br> 09/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18761 |
| Live Nation Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD14 | &nbsp;&nbsp; 13607 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD33 | &nbsp;&nbsp; 32490 |
| &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming <br> Finance Corp., 4.88%, 05/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17342 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD37 | &nbsp;&nbsp; 38359 |
| &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp., 5.88%, <br> 09/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD95 | &nbsp;&nbsp; 58425 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27260 |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo Inc., 6.63%, 03/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD43 | &nbsp;&nbsp; 41424 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./DE, 7.25%, <br> 05/15/31<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21403 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme <br> Parks Inc., 6.63%, 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13238 |
| Vail Resorts Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD33 | &nbsp;&nbsp; 33181 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD42 | &nbsp;&nbsp; 43165 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD45 | &nbsp;&nbsp; 47603 |
| Warnermedia Holdings Inc., 5.05%, 03/15/42 | &nbsp;&nbsp;&nbsp; USD195 | &nbsp;&nbsp; 130348 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD64 | &nbsp;&nbsp; 63506 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD115 | &nbsp;&nbsp; 115337 |
|  |  | &nbsp;&nbsp; 1164308 |
| **Environmental Control — 1.0%** | **Environmental Control — 1.0%** | **Environmental Control — 1.0%** |
| Clean Harbors Inc., 6.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD22 | &nbsp;&nbsp; 22463 |
| GFL Environmental Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/28<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD50 | &nbsp;&nbsp; 48460 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD36 | &nbsp;&nbsp; 34851 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD30 | &nbsp;&nbsp; 29332 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11400 |
| Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/30/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11612 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD86 | &nbsp;&nbsp; 83727 |
| Reworld Holding Corp., 5.00%, 09/01/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 26527 |
| Waste Pro USA Inc., 7.00%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD216 | &nbsp;&nbsp; 224113 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD96 | &nbsp;&nbsp; 99184 |
|  |  | &nbsp;&nbsp; 591669 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food — 1.8%** | **Food — 1.8%** | **Food — 1.8%** |
| &nbsp;&nbsp;&nbsp; Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC, 6.25%, <br> 03/15/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD126 | &nbsp;&nbsp; $128429 |
| B&G Foods Inc., 8.00%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD16 | &nbsp;&nbsp; 14960 |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, 8.75%, 10/01/29, (8.75% <br> PIK)<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD275 | &nbsp;&nbsp; 294727 |
| Chobani LLC/Chobani Finance Corp. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD59 | &nbsp;&nbsp; 57857 |
| &nbsp;&nbsp;&nbsp; 7.63%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD118 | &nbsp;&nbsp; 122941 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 115859 |
| Fiesta Purchaser Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11623 |
| &nbsp;&nbsp;&nbsp; 9.63%, 09/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12681 |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution Inc., 9.00%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD23 | &nbsp;&nbsp; 24003 |
| Lamb Weston Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD26 | &nbsp;&nbsp; 24734 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD43 | &nbsp;&nbsp; 40177 |
| Performance Food Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17306 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD56 | &nbsp;&nbsp; 56867 |
| Post Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | &nbsp;&nbsp; 28654 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD38 | &nbsp;&nbsp; 38048 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD52 | &nbsp;&nbsp; 51961 |
| &nbsp;&nbsp;&nbsp; Simmons Foods Inc./Simmons Prepared <br> Foods Inc./Simmons Pet Food Inc./Simmons <br> Feed, 4.63%, 03/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 17980 |
| U.S. Foods Inc., 4.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD33 | &nbsp;&nbsp; 32318 |
| United Natural Foods Inc., 6.75%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD47 | &nbsp;&nbsp; 46801 |
|  |  | &nbsp;&nbsp; 1137926 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services Inc., 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | &nbsp;&nbsp; 23763 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Magnera Corp., 7.25%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | &nbsp;&nbsp; 22590 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| &nbsp;&nbsp;&nbsp; AltaGas Ltd., 7.20%, 10/15/54, (5-year CMT + <br> 3.573%)<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD33 | &nbsp;&nbsp; 33253 |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.50%, 06/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19948 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD69 | &nbsp;&nbsp; 74516 |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | &nbsp;&nbsp; 67981 |
|  |  | &nbsp;&nbsp; 195698 |
| **Health Care - Products — 1.1%** | **Health Care - Products — 1.1%** | **Health Care - Products — 1.1%** |
| Avantor Funding Inc., 4.63%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD99 | &nbsp;&nbsp; 96782 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD162 | &nbsp;&nbsp; 168901 |
| Insulet Corp., 6.50%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD36 | &nbsp;&nbsp; 37005 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD229 | &nbsp;&nbsp; 224526 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer Inc., <br> 6.25%, 04/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD84 | &nbsp;&nbsp; 85650 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD39 | &nbsp;&nbsp; 39415 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD34 | &nbsp;&nbsp; 35172 |
|  |  | &nbsp;&nbsp; 687451 |
| **Health Care - Services — 2.7%** | **Health Care - Services — 2.7%** | **Health Care - Services — 2.7%** |
| Acadia Healthcare Co. Inc., 7.38%, 03/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15444 |
| AHP Health Partners Inc., 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD53 | &nbsp;&nbsp; 51194 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| CHS/Community Health Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD185 | &nbsp;&nbsp; $161833 |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD160 | &nbsp;&nbsp; 160252 |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD116 | &nbsp;&nbsp; 116741 |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD116 | &nbsp;&nbsp; 121612 |
| &nbsp;&nbsp;&nbsp; Concentra Health Services Inc., 6.88%, <br> 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD58 | &nbsp;&nbsp; 59594 |
| DaVita Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26814 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21591 |
| Encompass Health Corp., 4.63%, 04/01/31 | &nbsp;&nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1910 |
| Fortrea Holdings Inc., 7.50%, 07/01/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD23 | &nbsp;&nbsp; 21029 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD33 | &nbsp;&nbsp; 31974 |
| HealthEquity Inc., 4.50%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD93 | &nbsp;&nbsp; 89527 |
| IQVIA Inc., 6.25%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD154 | &nbsp;&nbsp; 157920 |
| LifePoint Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | &nbsp;&nbsp; 65961 |
| &nbsp;&nbsp;&nbsp; 9.88%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD23 | &nbsp;&nbsp; 24789 |
| &nbsp;&nbsp;&nbsp; 10.00%, 06/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD57 | &nbsp;&nbsp; 59174 |
| &nbsp;&nbsp;&nbsp; 11.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD43 | &nbsp;&nbsp; 47261 |
| Molina Healthcare Inc., 6.25%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD37 | &nbsp;&nbsp; 36505 |
| Prime Healthcare Services Inc., 9.38%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17888 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD49 | &nbsp;&nbsp; 51528 |
| Surgery Center Holdings Inc., 7.25%, 04/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD128 | &nbsp;&nbsp; 131610 |
| Tenet Healthcare Corp., 6.75%, 05/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD114 | &nbsp;&nbsp; 117300 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD51 | &nbsp;&nbsp; 52108 |
|  |  | &nbsp;&nbsp; 1641559 |
| **Holding Companies - Diversified — 1.1%** | **Holding Companies - Diversified — 1.1%** | **Holding Companies - Diversified — 1.1%** |
| Apollo Debt Solutions BDC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25030 |
| &nbsp;&nbsp;&nbsp; 6.55%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11281 |
| &nbsp;&nbsp;&nbsp; 6.70%, 07/29/31 | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 29157 |
| Ares Capital Corp., 5.50%, 09/01/30 | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 20963 |
| Ares Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD48 | &nbsp;&nbsp; 47827 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/09/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31021 |
| &nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance Inc., 5.95%, <br> 03/15/30<br>| &nbsp;&nbsp;&nbsp; USD11 | &nbsp;&nbsp; 10935 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34 | &nbsp;&nbsp;&nbsp; USD90 | &nbsp;&nbsp; 89414 |
| Blue Owl Capital Corp., 6.20%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD63 | &nbsp;&nbsp; 63581 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 | &nbsp;&nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15528 |
| &nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp. II, 6.75%, <br> 04/04/29<br>| &nbsp;&nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16385 |
| &nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC, 5.25%, <br> 04/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD41 | &nbsp;&nbsp; 38088 |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund, 5.45%, <br> 08/15/28<br>| &nbsp;&nbsp;&nbsp; USD10 | &nbsp;&nbsp; 9962 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital Inc., 6.38%, <br> 07/01/34<br>| &nbsp;&nbsp;&nbsp; USD50 | &nbsp;&nbsp; 49543 |
| &nbsp;&nbsp;&nbsp; HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, <br> 06/15/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD6 | &nbsp;&nbsp; 5886 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 | &nbsp;&nbsp;&nbsp; USD121 | &nbsp;&nbsp; 117885 |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD58 | &nbsp;&nbsp; 58580 |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD38 | &nbsp;&nbsp; 38472 |
|  |  | &nbsp;&nbsp; 679538 |
| **Home Builders — 0.7%** | **Home Builders — 0.7%** | **Home Builders — 0.7%** |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC / Ashton Woods Finance <br> Co., 6.88%, 08/01/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22951 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance <br> Co., 4.63%, 08/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD39 | &nbsp;&nbsp; $36848 |
| Beazer Homes USA Inc., 5.88%, 10/15/27 | &nbsp;&nbsp;&nbsp; USD16 | &nbsp;&nbsp; 15958 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC, 5.00%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD94 | &nbsp;&nbsp; 87534 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12238 |
| K Hovnanian Enterprises Inc., 11.75%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD105 | &nbsp;&nbsp; 113693 |
| LGI Homes Inc., 7.00%, 11/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD36 | &nbsp;&nbsp; 34650 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD26 | &nbsp;&nbsp; 24943 |
| New Home Co. Inc. (The), 9.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD81 | &nbsp;&nbsp; 83969 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 29071 |
|  |  | &nbsp;&nbsp; 461855 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| Somnigroup International Inc., 4.00%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD39 | &nbsp;&nbsp; 37039 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 24940 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/33 | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 27591 |
|  |  | &nbsp;&nbsp; 89570 |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
| Central Garden & Pet Co., 4.13%, 04/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11114 |
| &nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings Inc., 8.25%, <br> 06/30/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 15614 |
|  |  | &nbsp;&nbsp; 26728 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Newell Brands Inc., 8.50%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 30389 |
| Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29 | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17247 |
|  |  | &nbsp;&nbsp; 47636 |
| **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., 6.75%, <br> 07/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19237 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD155 | &nbsp;&nbsp; 151747 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD119 | &nbsp;&nbsp; 117184 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD159 | &nbsp;&nbsp; 159141 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10135 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD139 | &nbsp;&nbsp; 142930 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | &nbsp;&nbsp; 63735 |
| AmWINS Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17483 |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17312 |
| &nbsp;&nbsp;&nbsp; Amynta Agency Borrower Inc. and Amynta <br> Warranty Borrower Inc., 7.50%, 07/15/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD55 | &nbsp;&nbsp; 55161 |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset <br> Investor 2 LLC/APH3 Somerset Inves, 7.88%, <br> 11/01/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD38 | &nbsp;&nbsp; 39150 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 208532 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 210328 |
| AssuredPartners Inc., 7.50%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | &nbsp;&nbsp; 66202 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial Inc., 6.38%, 09/15/54, (5-year <br> CMT + 2.646%)<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD38 | &nbsp;&nbsp; 37939 |
| &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 207097 |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 208282 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD393 | &nbsp;&nbsp; 409677 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD630 | &nbsp;&nbsp; 655987 |
| Jones Deslauriers Insurance Management Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD69 | &nbsp;&nbsp; 72798 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp; 10.50%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD45 | &nbsp;&nbsp; $47821 |
| &nbsp;&nbsp;&nbsp; Nassau Companies of New York (The), 7.88%, <br> 07/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16153 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD351 | &nbsp;&nbsp; 362968 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17271 |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD48 | &nbsp;&nbsp; 48133 |
| USI Inc./New York, 7.50%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD78 | &nbsp;&nbsp; 82353 |
|  |  | &nbsp;&nbsp; 3444756 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| ANGI Group LLC, 3.88%, 08/15/28<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD23 | &nbsp;&nbsp; 21427 |
| Getty Images Inc., 11.25%, 02/21/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 27768 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD13 | &nbsp;&nbsp; 11632 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD34 | &nbsp;&nbsp; 31709 |
| Rakuten Group Inc., 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 218983 |
| Snap Inc., 6.88%, 03/01/33<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD119 | &nbsp;&nbsp; 122017 |
|  |  | &nbsp;&nbsp; 433536 |
| **Iron & Steel — 0.6%** | **Iron & Steel — 0.6%** | **Iron & Steel — 0.6%** |
| ATI Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/31 | &nbsp;&nbsp;&nbsp; USD90 | &nbsp;&nbsp; 87366 |
| &nbsp;&nbsp;&nbsp; 7.25%, 08/15/30 | &nbsp;&nbsp;&nbsp; USD43 | &nbsp;&nbsp; 45076 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD112 | &nbsp;&nbsp; 111985 |
| Carpenter Technology Corp., 7.63%, 03/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD50 | &nbsp;&nbsp; 51595 |
| Cleveland-Cliffs Inc., 6.88%, 11/01/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD70 | &nbsp;&nbsp; 70033 |
|  |  | &nbsp;&nbsp; 366055 |
| **Leisure Time — 1.4%** | **Leisure Time — 1.4%** | **Leisure Time — 1.4%** |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD94 | &nbsp;&nbsp; 94636 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD40 | &nbsp;&nbsp; 40600 |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD152 | &nbsp;&nbsp; 154697 |
| Carnival PLC, 4.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 115978 |
| Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11 | &nbsp;&nbsp; 11007 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD47 | &nbsp;&nbsp; 38769 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16192 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD84 | &nbsp;&nbsp; 86278 |
| &nbsp;&nbsp;&nbsp; 8.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 29415 |
| Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD32 | &nbsp;&nbsp; 32509 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD56 | &nbsp;&nbsp; 57678 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD58 | &nbsp;&nbsp; 61146 |
| Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 28981 |
| &nbsp;&nbsp;&nbsp; 9.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD89 | &nbsp;&nbsp; 95757 |
| &nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., 5.63%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD17 | &nbsp;&nbsp; 16887 |
|  |  | &nbsp;&nbsp; 880530 |
| **Lodging — 1.4%** | **Lodging — 1.4%** | **Lodging — 1.4%** |
| Hilton Domestic Operating Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD34 | &nbsp;&nbsp; 34032 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD86 | &nbsp;&nbsp; 86646 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD23 | &nbsp;&nbsp; 23457 |
| Melco Resorts Finance Ltd., 5.38%, 12/04/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 190500 |
| MGM Resorts International, 6.13%, 09/15/29 | &nbsp;&nbsp;&nbsp; USD65 | &nbsp;&nbsp; 65891 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD36 | &nbsp;&nbsp; 35193 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 28552 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| Wynn Macau Ltd., 5.63%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD392 | &nbsp;&nbsp; $387727 |
|  |  | &nbsp;&nbsp; 851998 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| ATS Corp., 4.13%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD39 | &nbsp;&nbsp; 37066 |
| Chart Industries Inc., 7.50%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52377 |
| Esab Corp., 6.25%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24522 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD109 | &nbsp;&nbsp; 112481 |
| Manitowoc Co. Inc. (The), 9.25%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 20187 |
| Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD14 | &nbsp;&nbsp; 13665 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27042 |
| TK Elevator U.S. Newco Inc., 5.25%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD375 | &nbsp;&nbsp; 373323 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD56 | &nbsp;&nbsp; 54460 |
|  |  | &nbsp;&nbsp; 715123 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| Amsted Industries Inc., 6.38%, 03/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19303 |
| Axon Enterprise Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD8 | &nbsp;&nbsp; 8171 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD22 | &nbsp;&nbsp; 22538 |
| Enpro Inc., 6.13%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 25222 |
|  |  | &nbsp;&nbsp; 75234 |
| **Media — 4.1%** | **Media — 4.1%** | **Media — 4.1%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD130 | &nbsp;&nbsp; 118742 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD198 | &nbsp;&nbsp; 170607 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 10888 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD11 | &nbsp;&nbsp; 9765 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 19954 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD59 | &nbsp;&nbsp; 54537 |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD56 | &nbsp;&nbsp; 56515 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD174 | &nbsp;&nbsp; 178881 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 130818 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD213 | &nbsp;&nbsp; 206167 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 201041 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor Inc., 5.88%, 08/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD130 | &nbsp;&nbsp; 129285 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD120 | &nbsp;&nbsp; 112947 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD176 | &nbsp;&nbsp; 157273 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD201 | &nbsp;&nbsp; 209330 |
| Gray Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD65 | &nbsp;&nbsp; 64658 |
| &nbsp;&nbsp;&nbsp; 9.63%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD68 | &nbsp;&nbsp; 68596 |
| Gray Television Inc., 10.50%, 07/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD71 | &nbsp;&nbsp; 76836 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications, 8.00%, <br> 08/15/32<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD41 | &nbsp;&nbsp; 43261 |
| Sinclair Television Group Inc., 8.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD113 | &nbsp;&nbsp; 115261 |
| Sirius XM Radio Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD71 | &nbsp;&nbsp; 69405 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 23795 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD86 | &nbsp;&nbsp; 85065 |
| Univision Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD79 | &nbsp;&nbsp; 81158 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD71 | &nbsp;&nbsp; 72106 |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD66 | &nbsp;&nbsp; 68482 |
|  |  | &nbsp;&nbsp; 2535373 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems Inc., 6.38%, <br> 06/15/30<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD15 | &nbsp;&nbsp; $15227 |
| **Mining — 1.8%** | **Mining — 1.8%** | **Mining — 1.8%** |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 26500 |
| &nbsp;&nbsp;&nbsp; 11.50%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD185 | &nbsp;&nbsp; 205743 |
| Constellium SE, 6.38%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD250 | &nbsp;&nbsp; 253373 |
| ERO Copper Corp., 6.50%, 02/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD52 | &nbsp;&nbsp; 51025 |
| First Quantum Minerals Ltd., 9.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 211250 |
| Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD117 | &nbsp;&nbsp; 109112 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/01/28<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD27 | &nbsp;&nbsp; 26392 |
| New Gold Inc., 6.88%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | &nbsp;&nbsp; 47207 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD99 | &nbsp;&nbsp; 88801 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11489 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD72 | &nbsp;&nbsp; 74192 |
|  |  | &nbsp;&nbsp; 1105084 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| Xerox Corp., 10.25%, 10/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17479 |
| Zebra Technologies Corp., 6.50%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD35 | &nbsp;&nbsp; 35874 |
|  |  | &nbsp;&nbsp; 53353 |
| **Oil & Gas — 3.1%** | **Oil & Gas — 3.1%** | **Oil & Gas — 3.1%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD47 | &nbsp;&nbsp; 49244 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC / ARU <br> Finance Corp., 6.63%, 07/15/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26360 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp., 5.88%, 06/30/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD15 | &nbsp;&nbsp; 14946 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18360 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD94 | &nbsp;&nbsp; 97479 |
| Civitas Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 12340 |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 29358 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13403 |
| Comstock Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD73 | &nbsp;&nbsp; 68911 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD79 | &nbsp;&nbsp; 78107 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.63%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD146 | &nbsp;&nbsp; 142672 |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | &nbsp;&nbsp; 61365 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD26 | &nbsp;&nbsp; 27098 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC, 8.75%, <br> 05/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD39 | &nbsp;&nbsp; 43037 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp., 6.75%, <br> 09/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD22 | &nbsp;&nbsp; 22358 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD10 | &nbsp;&nbsp; 9823 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1 | &nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD57 | &nbsp;&nbsp; 54885 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD40 | &nbsp;&nbsp; 38983 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | &nbsp;&nbsp; 52176 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD114 | &nbsp;&nbsp; 117131 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC/Magnolia Oil & <br> Gas Finance Corp., 6.88%, 12/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21219 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 29085 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD26 | &nbsp;&nbsp; 26426 |
| Nabors Industries Inc., 7.38%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD38 | &nbsp;&nbsp; 38352 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD15 | &nbsp;&nbsp; $15299 |
| Northern Oil & Gas Inc., 8.13%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD123 | &nbsp;&nbsp; 124197 |
| Parkland Corp., 6.63%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31686 |
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD35 | &nbsp;&nbsp; 31921 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | &nbsp;&nbsp; 17010 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD96 | &nbsp;&nbsp; 96571 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD40 | &nbsp;&nbsp; 41305 |
| &nbsp;&nbsp;&nbsp; Sitio Royalties Operating Partnership LP/Sitio <br> Finance Corp., 7.88%, 11/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD44 | &nbsp;&nbsp; 45906 |
| Sunoco LP, 6.25%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD35 | &nbsp;&nbsp; 35448 |
| &nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings LLC, 5.50%, <br> 10/15/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD48 | &nbsp;&nbsp; 46758 |
| Transocean Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/01/27<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD51 | &nbsp;&nbsp; 50621 |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | &nbsp;&nbsp; 43443 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD25 | &nbsp;&nbsp; 22969 |
| &nbsp;&nbsp;&nbsp; 8.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD38 | &nbsp;&nbsp; 39812 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD3 | &nbsp;&nbsp; 2782 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD63 | &nbsp;&nbsp; 65072 |
| Vital Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD15 | &nbsp;&nbsp; 13166 |
| &nbsp;&nbsp;&nbsp; 9.75%, 10/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD93 | &nbsp;&nbsp; 87240 |
| &nbsp;&nbsp;&nbsp; Wildfire Intermediate Holdings LLC, 7.50%, <br> 10/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD40 | &nbsp;&nbsp; 39802 |
|  |  | &nbsp;&nbsp; 1945086 |
| **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD92 | &nbsp;&nbsp; 91995 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD72 | &nbsp;&nbsp; 73067 |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27804 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD90 | &nbsp;&nbsp; 92173 |
| Oceaneering International Inc., 6.00%, 02/01/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27157 |
| Tidewater Inc., 9.13%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD34 | &nbsp;&nbsp; 35659 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD48 | &nbsp;&nbsp; 49068 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD70 | &nbsp;&nbsp; 71912 |
|  |  | &nbsp;&nbsp; 468835 |
| **Packaging & Containers — 2.7%** | **Packaging & Containers — 2.7%** | **Packaging & Containers — 2.7%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, <br> 09/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD349 | &nbsp;&nbsp; 317886 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA Inc., 4.13%, 08/15/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 197500 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 28332 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD112 | &nbsp;&nbsp; 114723 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD157 | &nbsp;&nbsp; 160553 |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD73 | &nbsp;&nbsp; 74502 |
| Crown Americas LLC, 5.88%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD86 | &nbsp;&nbsp; 86160 |
| LABL Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 15968 |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 23257 |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD93 | &nbsp;&nbsp; 86782 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD430 | &nbsp;&nbsp; 433752 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 28702 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; $11651 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 28838 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br> 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD6 | &nbsp;&nbsp; 6236 |
| Trident TPI Holdings Inc., 12.75%, 12/31/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD26 | &nbsp;&nbsp; 27815 |
|  |  | &nbsp;&nbsp; 1642657 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD491 | &nbsp;&nbsp; 499882 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD29 | &nbsp;&nbsp; 29434 |
| &nbsp;&nbsp;&nbsp; Bausch Health Companies Inc., 11.00%, <br> 09/30/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD220 | &nbsp;&nbsp; 226050 |
| Endo Finance Holdings Inc., 8.50%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD13 | &nbsp;&nbsp; 13830 |
| Option Care Health Inc., 4.38%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD30 | &nbsp;&nbsp; 28655 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, <br> 3.15%, 10/01/26<br>| &nbsp;&nbsp;&nbsp; USD107 | &nbsp;&nbsp; 104459 |
|  |  | &nbsp;&nbsp; 902310 |
| **Pipelines — 4.7%** | **Pipelines — 4.7%** | **Pipelines — 4.7%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 6.63%, 02/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD40 | &nbsp;&nbsp; 41119 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., 7.00%, 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD59 | &nbsp;&nbsp; 61183 |
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 23613 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10353 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5 | &nbsp;&nbsp; 5147 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD23 | &nbsp;&nbsp; 21727 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 5.50%, 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | &nbsp;&nbsp; 244229 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics <br> Finance Corp., 7.38%, 06/30/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD48 | &nbsp;&nbsp; 47450 |
| Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.20%, 06/27/54, (5-year CMT + 2.970%)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD28 | &nbsp;&nbsp; 28843 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/15/55, (5-year CMT + 3.122%)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD32 | &nbsp;&nbsp; 33314 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 10/01/54, (5-year CMT + 2.829%)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD45 | &nbsp;&nbsp; 46144 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/54, (5-year CMT + 4.020%)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD60 | &nbsp;&nbsp; 63917 |
| &nbsp;&nbsp;&nbsp; Series G, 7.13%, (5-year CMT + 5.306%)<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD58 | &nbsp;&nbsp; 59382 |
| &nbsp;&nbsp;&nbsp; Series H, 6.50%, (5-year CMT + 5.694%)<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD63 | &nbsp;&nbsp; 63120 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD53 | &nbsp;&nbsp; 55483 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD80 | &nbsp;&nbsp; 82736 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/33 | &nbsp;&nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27993 |
| &nbsp;&nbsp;&nbsp; Global Partners LP / GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19295 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18710 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD8 | &nbsp;&nbsp; 7741 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD49 | &nbsp;&nbsp; 50475 |
| Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14475 |
| &nbsp;&nbsp;&nbsp; 8.88%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD14 | &nbsp;&nbsp; 14598 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD97 | &nbsp;&nbsp; 92393 |
| Kinetik Holdings LP, 5.88%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD15 | &nbsp;&nbsp; 15012 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD42 | &nbsp;&nbsp; 41562 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD155 | &nbsp;&nbsp; 151621 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP, 6.75%, <br> 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27489 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD32 | &nbsp;&nbsp; $33145 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD23 | &nbsp;&nbsp; 22794 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD95 | &nbsp;&nbsp; 97472 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD16 | &nbsp;&nbsp; 16725 |
| Venture Global LNG Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD121 | &nbsp;&nbsp; 125157 |
| &nbsp;&nbsp;&nbsp; 9.00%, (5-year CMT + 5.440%)<sup>(a)(c)(e)(f)</sup> | &nbsp;&nbsp;&nbsp; USD471 | &nbsp;&nbsp; 471120 |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD220 | &nbsp;&nbsp; 239927 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD126 | &nbsp;&nbsp; 135947 |
| Venture Global Plaquemines LNG LLC. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD143 | &nbsp;&nbsp; 147111 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD214 | &nbsp;&nbsp; 220143 |
|  |  | &nbsp;&nbsp; 2878665 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC / Realogy <br> Co-Issuer Corp., 9.75%, 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD19 | &nbsp;&nbsp; 19787 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD68 | &nbsp;&nbsp; 65409 |
| CoreLogic Inc., 4.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD181 | &nbsp;&nbsp; 170593 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD42 | &nbsp;&nbsp; 45014 |
| Howard Hughes Corp. (The), 4.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD43 | &nbsp;&nbsp; 39574 |
|  |  | &nbsp;&nbsp; 340377 |
| **Real Estate Investment Trusts — 2.2%** | **Real Estate Investment Trusts — 2.2%** | **Real Estate Investment Trusts — 2.2%** |
| Arbor Realty SR Inc., 7.88%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24509 |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust Inc., 3.75%, <br> 01/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD44 | &nbsp;&nbsp; 42711 |
| &nbsp;&nbsp;&nbsp; Brookfield Property REIT Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, 04/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD53 | &nbsp;&nbsp; 51481 |
| &nbsp;&nbsp;&nbsp; Global Net Lease Inc./Global Net Lease Operating <br> Partnership LP, 3.75%, 12/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD40 | &nbsp;&nbsp; 38124 |
| Iron Mountain Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7 | &nbsp;&nbsp; 6879 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD78 | &nbsp;&nbsp; 79332 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management <br> Services Inc., 5.00%, 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD30 | &nbsp;&nbsp; 28629 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance <br> Corp., 8.50%, 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD153 | &nbsp;&nbsp; 159029 |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, 7.00%, <br> 02/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD47 | &nbsp;&nbsp; 48133 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17950 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 17506 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD73 | &nbsp;&nbsp; 74544 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD77 | &nbsp;&nbsp; 78854 |
| Rithm Capital Corp., 8.00%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD21 | &nbsp;&nbsp; 21379 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD20 | &nbsp;&nbsp; 18665 |
| SBA Communications Corp., 3.13%, 02/01/29 | &nbsp;&nbsp;&nbsp; USD53 | &nbsp;&nbsp; 49398 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD224 | &nbsp;&nbsp; 238546 |
| &nbsp;&nbsp;&nbsp; 8.88%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD86 | &nbsp;&nbsp; 89925 |
| Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24236 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD32 | &nbsp;&nbsp; 32914 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD33 | &nbsp;&nbsp; 33967 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD30 | &nbsp;&nbsp; $31375 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019 Inc./CSL <br> Capital LLC, 10.50%, 02/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD133 | &nbsp;&nbsp; 140565 |
| XHR LP, 6.63%, 05/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 18295 |
|  |  | &nbsp;&nbsp; 1366946 |
| **Retail — 2.3%** | **Retail — 2.3%** | **Retail — 2.3%** |
| 1011778 BC ULC/New Red Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD57 | &nbsp;&nbsp; 52811 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | &nbsp;&nbsp; 11726 |
| Advance Auto Parts Inc., 7.00%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | &nbsp;&nbsp; 27137 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group Inc., 5.00%, <br> 02/15/32<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD23 | &nbsp;&nbsp; 21756 |
| Boots Group Finco LP, 5.38%, 08/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 116830 |
| Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/01/30, (13.00% PIK)<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD129 | &nbsp;&nbsp; 135310 |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/01/31, (9.00% PIK)<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD230 | &nbsp;&nbsp; 258307 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD37 | &nbsp;&nbsp; 39133 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co. Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD51 | &nbsp;&nbsp; 48486 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD32 | &nbsp;&nbsp; 30106 |
| &nbsp;&nbsp;&nbsp; Foundation Building Materials Inc., 6.00%, <br> 03/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2 | &nbsp;&nbsp; 1876 |
| Group 1 Automotive Inc., 6.38%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | &nbsp;&nbsp; 24446 |
| GYP Holdings III Corp., 4.63%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD60 | &nbsp;&nbsp; 60572 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD37 | &nbsp;&nbsp; 35957 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD43 | &nbsp;&nbsp; 45465 |
| QXO Building Products Inc., 6.75%, 04/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD141 | &nbsp;&nbsp; 145198 |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, 9.38%, <br> 05/01/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD8 | &nbsp;&nbsp; 8441 |
| Staples Inc., 10.75%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD36 | &nbsp;&nbsp; 33756 |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD36 | &nbsp;&nbsp; 33810 |
| White Cap Buyer LLC, 6.88%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD278 | &nbsp;&nbsp; 277248 |
|  |  | &nbsp;&nbsp; 1408371 |
| **Software — 4.8%** | **Software — 4.8%** | **Software — 4.8%** |
| AthenaHealth Group Inc., 6.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD518 | &nbsp;&nbsp; 509221 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD13 | &nbsp;&nbsp; 12830 |
| Capstone Borrower Inc., 8.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD155 | &nbsp;&nbsp; 161079 |
| &nbsp;&nbsp;&nbsp; Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD102 | &nbsp;&nbsp; 83811 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co. Inc., 8.00%, 06/15/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD14 | &nbsp;&nbsp; 11876 |
| Cloud Software Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 201977 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD301 | &nbsp;&nbsp; 320514 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD431 | &nbsp;&nbsp; 446025 |
| CoreWeave Inc., 9.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD44 | &nbsp;&nbsp; 44222 |
| Dun & Bradstreet Corp. (The), 5.00%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD157 | &nbsp;&nbsp; 160593 |
| Elastic NV, 4.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD48 | &nbsp;&nbsp; 45652 |
| Ellucian Holdings Inc., 6.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD85 | &nbsp;&nbsp; 86106 |
| Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD60 | &nbsp;&nbsp; 57948 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD199 | &nbsp;&nbsp; 199935 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD18 | &nbsp;&nbsp; 16459 |
| SS&C Technologies Inc., 6.50%, 06/01/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD94 | &nbsp;&nbsp; 96655 |
| Twilio Inc., 3.63%, 03/15/29 | &nbsp;&nbsp;&nbsp; USD49 | &nbsp;&nbsp; 46407 |
| UKG Inc., 6.88%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD422 | &nbsp;&nbsp; 433253 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo Finance <br> Corp., 3.88%, 02/01/29<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD33 | &nbsp;&nbsp; $31023 |
|  |  | &nbsp;&nbsp; 2965586 |
| **Telecommunications — 6.7%** | **Telecommunications — 6.7%** | **Telecommunications — 6.7%** |
| Altice Financing SA, 5.75%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD280 | &nbsp;&nbsp; 214447 |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 173000 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 173432 |
| CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD114 | &nbsp;&nbsp; 110700 |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/15/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD35 | &nbsp;&nbsp; 36857 |
| &nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. / Difl US LLC, <br> 8.63%, 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 202013 |
| EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/30/30, (6.75% PIK)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD378 | &nbsp;&nbsp; 358206 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/29 | &nbsp;&nbsp;&nbsp; USD155 | &nbsp;&nbsp; 163267 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD132 | &nbsp;&nbsp; 131834 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 | &nbsp;&nbsp;&nbsp; USD51 | &nbsp;&nbsp; 51008 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD66 | &nbsp;&nbsp; 66785 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | &nbsp;&nbsp; 31296 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD140 | &nbsp;&nbsp; 148316 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD252 | &nbsp;&nbsp; 263736 |
| Iliad Holding SASU, 7.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 205278 |
| Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | &nbsp;&nbsp; 14450 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD32 | &nbsp;&nbsp; 27440 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4 | &nbsp;&nbsp; 3711 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD109 | &nbsp;&nbsp; 98145 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD138 | &nbsp;&nbsp; 128906 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD433 | &nbsp;&nbsp; 438782 |
| &nbsp;&nbsp;&nbsp; 10.75%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD156 | &nbsp;&nbsp; 175926 |
| &nbsp;&nbsp;&nbsp; 11.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD139 | &nbsp;&nbsp; 157902 |
| Lumen Technologies Inc., 10.00%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD60 | &nbsp;&nbsp; 60391 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | &nbsp;&nbsp;&nbsp; USD52 | &nbsp;&nbsp; 56021 |
| Viavi Solutions Inc., 3.75%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD52 | &nbsp;&nbsp; 48089 |
| &nbsp;&nbsp;&nbsp; Vmed O2 U.K. Financing I PLC, 4.75%, <br> 07/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | &nbsp;&nbsp; 185034 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD265 | &nbsp;&nbsp; 277426 |
| Zayo Group Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD115 | &nbsp;&nbsp; 109236 |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD53 | &nbsp;&nbsp; 47893 |
|  |  | &nbsp;&nbsp; 4159527 |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| Genesee & Wyoming Inc., 6.25%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD68 | &nbsp;&nbsp; 68784 |
| Rand Parent LLC, 8.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD39 | &nbsp;&nbsp; 39216 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD10 | &nbsp;&nbsp; 10503 |
| &nbsp;&nbsp;&nbsp; Watco Companies LLC/Watco Finance Corp., <br> 7.13%, 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD20 | &nbsp;&nbsp; 20749 |
|  |  | &nbsp;&nbsp; 139252 |
| **Trucking & Leasing — 1.0%** | **Trucking & Leasing — 1.0%** | **Trucking & Leasing — 1.0%** |
| FTAI Aviation Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD58 | &nbsp;&nbsp; 57860 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD107 | &nbsp;&nbsp; 106042 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD154 | &nbsp;&nbsp; 159782 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD156 | &nbsp;&nbsp; 161555 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Trucking & Leasing (continued)** | **Trucking & Leasing (continued)** | **Trucking & Leasing (continued)** |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD108 | &nbsp;&nbsp; $114509 |
|  |  | &nbsp;&nbsp; 599748 |
| **Total Corporate Bonds & Notes — 85.4%** <br>**(Cost: $51,669,594)** | **Total Corporate Bonds & Notes — 85.4%** <br>**(Cost: $51,669,594)** | &nbsp;&nbsp; 52816466 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>| &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp; 237806 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 77027 |
|  |  | &nbsp;&nbsp; 314833 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., 2024 Fixed Term Loan B, 7.63%, <br> 05/01/31<br>| &nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp; 275245 |
| **Total Fixed Rate Loan Interests — 0.9%** <br>**(Cost: $591,224)** | **Total Fixed Rate Loan Interests — 0.9%** <br>**(Cost: $591,224)** | &nbsp;&nbsp; 590078 |
| **Floating Rate Loan Interests**<sup>(f)</sup> | **Floating Rate Loan Interests**<sup>(f)</sup> | **Floating Rate Loan Interests**<sup>(f)</sup> |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., 2024 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.11%), 8.47%, 08/23/28<br>| &nbsp;&nbsp;&nbsp; $48 | &nbsp;&nbsp; 47589 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco U.S. Inc., 2022 USD Term Loan B, <br> (3-mo. CME Term SOFR + 5.00%), 9.43%, <br> 04/11/29<br>| &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp; 47015 |
| &nbsp;&nbsp;&nbsp; Summer BC Holdco B SARL, 2024 USD Term <br> Loan B, (3-mo. CME Term SOFR at 0.00% Floor <br> + 5.26%), 9.56%, 02/15/29<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 12912 |
|  |  | &nbsp;&nbsp; 107516 |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp; Barnes Group Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.36%, <br> 01/27/32<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 2033 |
| Kaman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 02/26/32<br>| &nbsp;&nbsp;&nbsp; 0 <br><sup>(g)</sup><br>| &nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>| &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp; 49422 |
| &nbsp;&nbsp;&nbsp; Signia Aerospace LLC, 2025 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), <br> 7.06%, 12/11/31<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 8340 |
|  |  | &nbsp;&nbsp; 60243 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.11%, 01/28/32<br>| &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp; 53978 |
| Tenneco Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan A, (3-mo. CME Term SOFR at <br> 0.50% Floor + 4.75%), 9.17%, 11/17/28<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 4147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B, (3-mo. CME Term SOFR + <br> 5.10%), 9.42%, 11/17/28<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 29201 |
|  |  | &nbsp;&nbsp; 87326 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Sazerac Co Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.84%, <br> 07/09/32<br>| &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp; 52163 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Chariot Buyer LLC, 09/08/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp; $8115 |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 5.25%), 9.61%, <br> 07/08/30<br>| &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; 16201 |
| &nbsp;&nbsp;&nbsp; Wilsonart LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.25%), 8.55%, <br> 08/05/31<br>| &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp; 22880 |
|  |  | &nbsp;&nbsp; 47196 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Advancion Holdings LLC, 2020 2nd Lien Term <br> Loan, (1-mo. CME Term SOFR + 7.75%), <br> 12.21%, 11/24/28<br>| &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 27086 |
| &nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), <br> 8.08%, 10/04/29<br>| &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp; 40470 |
| &nbsp;&nbsp;&nbsp; Lonza Group AG, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.03%), 8.32%, <br> 07/03/28<br>| &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp; 38380 |
| &nbsp;&nbsp;&nbsp; Momentive Performance Materials Inc., 2023 Term <br> Loan, (1-mo. CME Term SOFR + 4.00%), <br> 8.36%, 03/29/28<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 6798 |
| &nbsp;&nbsp;&nbsp; Oxea Holding Drei GmbH, 2017 USD Term Loan <br> B2, 04/08/31<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 8562 |
|  |  | &nbsp;&nbsp; 121296 |
| **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |
| AlixPartners LLP, 07/30/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; 20948 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2021 USD <br> Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.85%), 8.21%, <br> 05/12/28<br>| &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 29164 |
| &nbsp;&nbsp;&nbsp; Archkey Solutions LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.05%, 11/01/31<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 9396 |
| &nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition LLC, 2025 Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.25%), 7.61%, 01/31/31<br>| &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp; 41171 |
| &nbsp;&nbsp;&nbsp; Champions Financing Inc., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 9.08%, 02/23/29<br>| &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp; 38726 |
| &nbsp;&nbsp;&nbsp; Galaxy U.S. Opco Inc., Term Loan, (3-mo. CME <br> Term SOFR + 2.00%, 3.75% PIK), 10.06%, <br> 07/31/30<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp; 46287 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3 Inc., 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.86%, 01/30/31<br>| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp; 36380 |
|  |  | &nbsp;&nbsp; 222072 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| &nbsp;&nbsp;&nbsp; Amentum Government Services Holdings LLC, <br> 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.61%, 09/29/31<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 8288 |
| Atlas CC Acquisition Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Second Out Term Loan C, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.51%), 8.57%, <br> 05/25/29<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 9481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Second Out Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.51%), 8.83%, <br> 05/25/29<br>| &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp; 47840 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3 Inc., 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.32%, 06/27/31<br>| &nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp; $5133 |
|  |  | &nbsp;&nbsp; 70742 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
| Olympus Water U.S. Holding Corp., 07/23/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 32893 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| Deerfield Dakota Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 USD Term Loan B, (3-mo. CME Term <br> SOFR at 1.00% Floor + 3.75%), 8.05%, <br> 04/09/27<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 14741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 7.01%), <br> 11.31%, 04/07/28<br>| &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp; 26426 |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, 2025 Incremental <br> Term Loan B, 09/15/31<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 12028 |
| Orion U.S. Finco Inc., 05/20/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 13058 |
| Osaic Holdings Inc., 07/16/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp; 52000 |
| &nbsp;&nbsp;&nbsp; Summit Acquisition Inc., 2025 Add-on Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.50%), 7.83%, 10/16/31<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 19985 |
|  |  | &nbsp;&nbsp; 138238 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| &nbsp;&nbsp;&nbsp; Lsf12 Crown U.S. Commercial Bidco LLC, 2025 <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.50%), 7.86%, 12/02/31<br>| &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 33179 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; EOC Borrower LLC, Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.36%, <br> 03/24/32<br>| &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp; 47586 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 9.07%, 11/01/29<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 14957 |
|  |  | &nbsp;&nbsp; 62543 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Froneri US Inc., 07/16/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp; 47886 |
| **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** |
| Bausch & Lomb Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.36%, <br> 09/29/28<br>| &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 23268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.61%, 01/15/31<br>| &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp; 62638 |
|  |  | &nbsp;&nbsp; 85906 |
| **Health Care - Services — 0.3%** | **Health Care - Services — 0.3%** | **Health Care - Services — 0.3%** |
| LifePoint Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan B1, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.82%, <br> 05/19/31<br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp; 18496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.75%), 8.07%, <br> 05/19/31<br>| &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 80140 |
| &nbsp;&nbsp;&nbsp; Star Parent Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, <br> 09/27/30<br>| &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp; 70216 |
|  |  | &nbsp;&nbsp; 168852 |
| **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** |
| Acuren Delaware Holdco Inc., 07/30/31<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 7000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| &nbsp;&nbsp;&nbsp; Hunter Douglas Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.25%), 7.55%, 01/20/32<br>| &nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp; $9320 |
| &nbsp;&nbsp;&nbsp; SWF Holdings I Corp., 2024 FLFO A1 Term Loan, <br> (1-mo. CME Term SOFR at 1.00% Floor + <br> 4.50%), 8.86%, 12/19/29<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 5724 |
|  |  | &nbsp;&nbsp; 15044 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 6.95%, 02/15/31<br>| &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp; 26158 |
| &nbsp;&nbsp;&nbsp; AssuredPartners Inc., 2024 Incremental Term Loan <br> B5, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.50%), 7.86%, 02/14/31<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 8819 |
| &nbsp;&nbsp;&nbsp; Asurion LLC, 2025 Term Loan B13, (1-mo. CME <br> Term SOFR at 0.00% Floor + 4.25%), 8.61%, <br> 09/19/30<br>| &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 24327 |
| &nbsp;&nbsp;&nbsp; Howden Group Holdings Ltd., 2024 USD Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 3.50%), 7.86%, 04/18/30<br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 4998 |
| &nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, 2nd Lien Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 9.05%, 05/06/32<br>| &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp; 80460 |
|  |  | &nbsp;&nbsp; 144762 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| MH Sub I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.61%, 05/03/28<br>| &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp; 36449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.61%, 12/31/31<br>| &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp; 58469 |
| Proofpoint Inc., 08/31/28<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 9010 |
| &nbsp;&nbsp;&nbsp; StubHub Holdco Sub LLC, 2024 Extended Term <br> Loan B, (1-mo. CME Term SOFR + 4.75%), <br> 9.11%, 03/15/30<br>| &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp; 48109 |
|  |  | &nbsp;&nbsp; 152037 |
| **INVESTMENT COMPANIES — 0.1%** | **INVESTMENT COMPANIES — 0.1%** | **INVESTMENT COMPANIES — 0.1%** |
| Gryphon Debt Merger Sub Inc., 06/21/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp; 48060 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| Beach Acquisition Bidco LLC, 06/25/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40233 |
| &nbsp;&nbsp;&nbsp; City Football Group Ltd., 2024 Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.61%), <br> 7.97%, 07/22/30<br>| &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 32410 |
| Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.97%, 12/17/27<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.97%, 12/17/27<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 6406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.46%, 11/15/29<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 9039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.46%, 11/15/29<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 4792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B, (1-mo. CME Term SOFR + <br> 4.25%), 8.71%, 06/30/28<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 936 |
|  |  | &nbsp;&nbsp; 95906 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| &nbsp;&nbsp;&nbsp; Titan Acquisition Ltd./Canada, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.50%), 8.73%, 02/15/29<br>| &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp; 102182 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| &nbsp;&nbsp;&nbsp; Coral-US Co-Borrower LLC, 2025 Term Loan B7, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.25%), 7.57%, 02/02/32<br>| &nbsp;&nbsp;&nbsp; $25 | &nbsp;&nbsp; $24911 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.84%, 01/18/28<br>| &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp; 64067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B5, (Prime + 1.50%), 9.00%, <br> 04/15/27<br>| &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp; 52274 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.75% Floor + 5.50%), <br> 9.81%, 02/17/31<br>| &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp; 87711 |
| &nbsp;&nbsp;&nbsp; Gray Media Inc., 2021 Term Loan D, (1-mo. CME <br> Term SOFR + 3.00%), 7.44%, 12/01/28<br>| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 17593 |
| &nbsp;&nbsp;&nbsp; Gray Television Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 5.25%), 9.58%, 06/04/29<br>| &nbsp;&nbsp;&nbsp; 0 <br><sup>(g)</sup><br>| &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp; Radiate Holdco, LLC, 2025 FLFO Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.50%, 1.50% PIK), 9.47%, 09/25/29<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 56148 |
|  |  | &nbsp;&nbsp; 302867 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp; Covia Holdings Corp., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.55%, 02/26/32<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 4363 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Star Holding LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.50%), 8.86%, 07/31/31<br>| &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 24276 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp; LABL Inc., 2021 USD 1st Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 5.10%), <br> 9.46%, 10/30/28<br>| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp; 32903 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Amneal Pharmaceuticals LLC |  |  |
| &nbsp;&nbsp;&nbsp; 08/01/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 59975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 5.50%), 9.86%, 05/04/28<br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5051 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings Inc., 2024 1st Lien Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.00%), 8.36%, 04/23/31<br>| &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 24993 |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, (3-mo. <br> CME Term SOFR at 0.75% Floor + 4.10%), <br> 8.40%, 10/01/27<br>| &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 54458 |
|  |  | &nbsp;&nbsp; 144477 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CoreLogic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.61%), 7.97%, 06/02/28<br>| &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 23200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br> 6.61%), 10.97%, 06/04/29<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 29288 |
|  |  | &nbsp;&nbsp; 52488 |
| **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Boots Group Bidco Ltd., USD Term Loan, <br> 07/16/32<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp; 128759 |
| Foundation Building Materials Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.82%, 01/31/28<br>| &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp; 25137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.31%, 01/29/31<br>| &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp; 49739 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp; Foundation Building Materials Inc., 2025 Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 5.25%), 9.55%, 01/29/31<br>| &nbsp;&nbsp;&nbsp; $24 | &nbsp;&nbsp; $23238 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC, 2021 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.85%), 8.21%, <br> 02/11/28<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20055 |
| &nbsp;&nbsp;&nbsp; White Cap Buyer LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 10/19/29<br>| &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60120 |
|  |  | &nbsp;&nbsp; 307048 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| &nbsp;&nbsp;&nbsp; Applied Systems Inc., 2024 2nd Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.50%), 8.80%, 02/23/32<br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 11329 |
| &nbsp;&nbsp;&nbsp; Ascend Learning LLC, 2021 2nd Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + <br> 5.75%), 10.21%, 12/10/29<br>| &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10208 |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., 2022 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.75%), 7.11%, 02/15/29<br>| &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp; 116994 |
| &nbsp;&nbsp;&nbsp; Boxer Parent Co Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 07/30/31<br>| &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 22346 |
| &nbsp;&nbsp;&nbsp; Boxer Parent Co. Inc., 2024 2nd Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 5.75%), 10.08%, 07/30/32<br>| &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp; 30574 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.55%, 07/06/29<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 16461 |
| Cloud Software Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.50%), 7.80%, <br> 03/29/29<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 12593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>| &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 74907 |
| Cloudera Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.85%), 8.21%, 10/08/28<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 14038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.10%), 10.46%, <br> 10/08/29<br>| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 39235 |
| Ellucian Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.11%, <br> 10/09/29<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 7003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 4.75%), 9.11%, <br> 11/22/32<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 92475 |
| Finastra USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 07/30/32<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp; 119790 |
| &nbsp;&nbsp;&nbsp; 07/29/33<sup>(h)(i)</sup> | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp; 26730 |
| &nbsp;&nbsp;&nbsp; Mitchell International Inc., 2024 1st Lien Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.25%), 7.61%, 06/17/31<br>| &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10493 |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.01%), <br> 8.32%, 06/02/28<br>| &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 24291 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp; RealPage Inc., 2024 Incremental Term Loan, <br> (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.75%), 8.05%, 04/24/28<br>| &nbsp;&nbsp;&nbsp; $22 | &nbsp;&nbsp; $21982 |
|  |  | &nbsp;&nbsp; 651449 |
| **Telecommunications — 1.1%** | **Telecommunications — 1.1%** | **Telecommunications — 1.1%** |
| &nbsp;&nbsp;&nbsp; Altice France SA, 2023 USD Term Loan B14, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 5.50%), 9.82%, 08/15/28<br>| &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 46614 |
| &nbsp;&nbsp;&nbsp; CommScope Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 2.00% Floor + 5.25%), 9.61%, <br> 12/17/29<br>| &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86195 |
| &nbsp;&nbsp;&nbsp; Delta Topco Inc., 2024 2nd Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), <br> 9.57%, 11/29/30<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 6986 |
| Digicel International Finance Ltd., 07/30/32<sup>(h)(i)</sup> | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp; 45885 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Corp., 2025 Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.79%, 07/01/31<br>| &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 21877 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 4.25%), <br> 8.61%, 03/27/32<br>| &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 146087 |
| Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B1, (1-mo. CME <br> Term SOFR at 2.00% Floor + 2.46%), 6.82%, <br> 04/16/29<br>| &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp; 48690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B2, (1-mo. CME <br> Term SOFR at 2.00% Floor + 2.46%), 6.82%, <br> 04/15/30<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 14721 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 9.21%, 10/01/31<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15056 |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings Inc., USD Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.11%), <br> 7.47%, 03/09/27<br>| &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 274658 |
|  |  | &nbsp;&nbsp; 706769 |
| **Total Floating Rate Loan Interests — 6.7%** <br>**(Cost: $4,127,730)** | **Total Floating Rate Loan Interests — 6.7%** <br>**(Cost: $4,127,730)** | &nbsp;&nbsp; 4129682 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| Churchill Downs Inc. | &nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp; 38213 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Constellium SE, Class A<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; 4739 | &nbsp;&nbsp; 64972 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| Energy Transfer LP | &nbsp;&nbsp;&nbsp; 5916 | &nbsp;&nbsp; 106725 |
| Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp; 2389 | &nbsp;&nbsp; 74035 |
| MPLX LP | &nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp; 41317 |
| ONEOK Inc. | &nbsp;&nbsp;&nbsp; 506 | &nbsp;&nbsp; 41548 |
| Western Midstream Partners LP | &nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp; 14581 |
|  |  | &nbsp;&nbsp; 278206 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| VICI Properties Inc., Class A | &nbsp;&nbsp;&nbsp; 2524 | &nbsp;&nbsp; 82283 |
| **Total Common Stocks — 0.7%** <br>**(Cost $462,733)** | **Total Common Stocks — 0.7%** <br>**(Cost $462,733)** | &nbsp;&nbsp; 463674 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Boeing Co. (The), 6.00%<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; 1261 | &nbsp;&nbsp; $89153 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| Shift4 Payments Inc., 6.00%<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp; 25123 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| &nbsp;&nbsp;&nbsp; Alliant Cali Inc., NVS, (Acquired 09/25/24, Cost $327,020)<sup>(i)(l)</sup><br>| &nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp; 349075 |
| **Semiconductors & Semiconductor Equipment — 0.1%**  | **Semiconductors & Semiconductor Equipment — 0.1%**  | **Semiconductors & Semiconductor Equipment — 0.1%**  |
| Microchip Technology Inc., 7.50%<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; 1004 | &nbsp;&nbsp; 63161 |
| **Total Preferred Stocks — 0.9%** <br>**(Cost $461,570)** | **Total Preferred Stocks — 0.9%** <br>**(Cost $461,570)** | &nbsp;&nbsp; 526512 |
| **Total Long-Term Investments — 95.4%** <br>**(Cost: $57,824,819)** | **Total Long-Term Investments — 95.4%** <br>**(Cost: $57,824,819)** | &nbsp;&nbsp; 59030080 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 14.3%** | **Money Market Funds — 14.3%** | **Money Market Funds — 14.3%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(m)(n)(o)</sup><br>| &nbsp;&nbsp;&nbsp; 5603291 | &nbsp;&nbsp; 5605533 |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(m)(n)</sup><br>| &nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp; 3200000 |
| **Total Short-Term Securities — 14.3%** <br>**(Cost: $8,805,361)** | **Total Short-Term Securities — 14.3%** <br>**(Cost: $8,805,361)** | &nbsp;&nbsp; 8805533 |
| **Total Investments — 109.7%** <br>**(Cost: $66,630,180)** | **Total Investments — 109.7%** <br>**(Cost: $66,630,180)** | &nbsp;&nbsp; 67835613 |
| **Liabilities in Excess of Other Assets — (9.7)%** | **Liabilities in Excess of Other Assets — (9.7)%** | &nbsp;&nbsp; (5981816)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $61853797 |

---

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

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

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

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

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

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

<sup>(h)</sup> Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. 

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

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

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

<sup>(l)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $349,075, representing 0.6% of its net assets as of period end, and an original cost of $327,020. 

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

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

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

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $5392874<br> $214676 <br><sup>(a)</sup><br>| $— | $(2187)<br>| $169 | $5605532 | 5603291 | $20703 <br><sup>(b)</sup><br>| $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| &nbsp;&nbsp; 1680000<br> 1520000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3200000 | 3200000 | &nbsp;&nbsp; 53087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | $(2187) | $169 | $8805532 |  | $73790 | $— |

---

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

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

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

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

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 350173 | EUR | 300000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6815 |
| USD | 115967 | EUR | 100000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1514 |
| USD | 114869 | EUR | 99000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1561 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9890 |
| EUR | 99000 | USD | 114510 | UBS AG | 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1531)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8359 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> %<br>| Quarterly | 06/20/30 | B+ | USD | 786 | $61380 | $43835 | $17545 |

---

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

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

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

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-DAY SOFR, 4.39% | Quarterly | &nbsp;&nbsp;&nbsp; Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | BNP Paribas <br> S.A.<br>| N/A | 12/20/25 | USD | 4480 | $178360 | $(48896)<br>| $227256 |
| 1-DAY SOFR, 4.39% | Quarterly | &nbsp;&nbsp;&nbsp; Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 12/20/25 | USD | 21 | 689 | (191)<br>| 880 |
| 1-DAY SOFR, 4.39% | Quarterly | &nbsp;&nbsp;&nbsp; Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 12/20/25 | USD | 14 | 551 | (141)<br>| 692 |
| 1-DAY SOFR, 4.39% | Quarterly | &nbsp;&nbsp;&nbsp; Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| At Termination | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 03/20/26 | USD | 1050 | (5522)<br>| (4559)<br>| (963)<br>|
|  |  |  |  |  |  |  |  |  | $174078 | $(53787)<br>| $227865 |

---

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $503668 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $503668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 52816466 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52816466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 590078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 590078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 3914757 | &nbsp;&nbsp; 214925 | &nbsp;&nbsp; 4129682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 463674 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 463674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 177437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 349075 | &nbsp;&nbsp; 526512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 8805533 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8805533 |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (24)<br>|
|  | &nbsp;&nbsp; $9446644 | &nbsp;&nbsp; $57824963 | &nbsp;&nbsp; $564000 | &nbsp;&nbsp; $67835607 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17545 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 228828 | &nbsp;&nbsp; — | &nbsp;&nbsp; 228828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 9890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9890 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (963)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (963)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (1531)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1531)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $253769 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $253769 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| EUR | Euro |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| CMT | Constant Maturity Treasury |
| NVS | Non-Voting Shares |
| PIK | Payment-in-kind |

---

 <br> REIT Real Estate Investment Trust <br> SOFR Secured Overnight Financing Rate

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

- **b. EDGAR series identifier (if any):** S000085059

- **c. LEI of Series:** 529900FRP27WD06LWG65

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $74890861.87

**Total Liabilities:** $13038323.22

**Net Assets:** $61852538.65

**Delayed Delivery Securities:** $1882033.78

**Cash Not Reported:** $61669.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.48000000 | **1-Year:** 2.34000000 | **5-Year:** 497.78000000 | **10-Year:** 294.28000000 | **30-Year:** 0.00000000

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

- **3-Month:** 2055.62000000 | **1-Year:** 1457.80000000 | **5-Year:** 14450.39000000 | **10-Year:** 574.77000000 | **30-Year:** 121.26000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249922 | 1.81%                | 2.02%                | 0.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-125983.65              | $1216717.54                                |
| Month 2  | $493749.59               | $556905.81                                 |
| Month 3  | $41829.07                | $-14153.13                                 |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index

- **Index Identifier:** LF89TRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JANE STREET GRP/JSG FIN                           | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20467.62     | 0.03%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Sabre GLBL Inc                                    | Sabre GLBL Inc 2022 Term Loan B                                                  | CUSIP: 78571YBH2<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |       941 | PA      | $935.78       | 0.00%             | 2028-06-30      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                              | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29085.55     | 0.05%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $9765.10      | 0.02%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| OUTFRONT MEDIA CAP LLC/C                          | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17000 | PA      | $16138.00     | 0.03%             | 2030-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| AssuredPartners Inc                               | AssuredPartners Inc 2024 Incremental Term Loan B5                                | CUSIP: 04621HAW3<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | LON              | CORP              | US        |      8802 | PA      | $8818.94      | 0.01%             | 2031-02-14      | Floating      | 7.86%                 | 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        |     39000 | PA      | $36848.25     | 0.06%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                           | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     30000 | PA      | $31375.19     | 0.05%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                          | Performance Food Group Inc                                                       | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     56000 | PA      | $56867.27     | 0.09%             | 2032-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                          | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $41118.44     | 0.07%             | 2032-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                          | Viking Ocean Cruises Ship VII Ltd                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     17000 | PA      | $16887.18     | 0.03%             | 2029-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                                   | Hanesbrands Inc                                                                  | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |     29000 | PA      | $30522.79     | 0.05%             | 2031-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| STATION CASINOS LLC                               | Station Casinos LLC                                                              | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35193.20     | 0.06%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC          | Amentum Government Services Holdings LLC 2024 Term Loan B                        | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |      8293 | PA      | $8288.41      | 0.01%             | 2031-09-29      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                           | Allied Universal Holdco LLC                                                      | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    323000 | PA      | $338709.75    | 0.55%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                              | Neptune Bidco US Inc                                                             | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     98000 | PA      | $94842.44     | 0.15%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                               | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     31000 | PA      | $32409.51     | 0.05%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $38982.66     | 0.06%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                      | Barclays PLC                                                                     | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    360000 | PA      | $406648.80    | 0.66%             | 2029-12-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                          | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $197500.00    | 0.32%             | 2026-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                            | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38986.89     | 0.06%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                          | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $57123.06     | 0.09%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                 | Clarios Global LP 2025 USD Term Loan B                                           | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |     54000 | PA      | $53977.32     | 0.09%             | 2032-01-28      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                | Advance Auto Parts Inc                                                           | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27137.40     | 0.04%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NASSAU COMPANIES OF NY                            | Nassau Cos of New York/The                                                       | CUSIP: 63155AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     16000 | PA      | $16152.60     | 0.03%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                          | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    119000 | PA      | $117183.74    | 0.19%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc                | Clear Channel Outdoor Holdings Inc 2024 Term Loan                                | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |     47785 | PA      | $47588.60     | 0.08%             | 2028-08-23      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS CORP                      | Frontier Communications Corp 2025 Term Loan B                                    | CUSIP: 35906EAU4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     21890 | PA      | $21876.57     | 0.04%             | 2031-07-01      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                 | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    201000 | PA      | $209329.64    | 0.34%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| DELUXE CORP                                       | Deluxe Corp                                                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19560.23     | 0.03%             | 2029-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                              | Fiesta Purchaser Inc                                                             | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $11622.73     | 0.02%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                          | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc            | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $24003.03     | 0.04%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                          | Standard Industries Inc/NY                                                       | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28402.17     | 0.05%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                            | Blackstone Private Credit Fund                                                   | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109284.26    | 0.18%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| Cloudera Inc                                      | Cloudera Inc 2021 Term Loan                                                      | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |     14676 | PA      | $14038.03     | 0.02%             | 2028-10-08      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO                          | Wildfire Intermediate Holdings LLC                                               | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39801.63     | 0.06%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIAVI SOLUTIONS INC                               | Viavi Solutions Inc                                                              | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |     52000 | PA      | $48089.29     | 0.08%             | 2029-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    141000 | PA      | $140805.35    | 0.23%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                            | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    126000 | PA      | $135946.92    | 0.22%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN                          | Raising Cane's Restaurants LLC                                                   | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8440.93      | 0.01%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: —       |
| AMWINS GROUP INC                                  | AmWINS Group Inc                                                                 | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17311.53     | 0.03%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                                | PBF Holding Co LLC / PBF Finance Corp                                            | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $31921.27     | 0.05%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                             | Molina Healthcare Inc                                                            | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     37000 | PA      | $36504.50     | 0.06%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                     | CommScope LLC                                                                    | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    114000 | PA      | $110699.70    | 0.18%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| WYNN RESORTS FINANCE LLC                          | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $115337.41    | 0.19%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING CO LLC                          | HAH Group Holding Co LLC                                                         | CUSIP: 40518JAA7<br>LEI: 254900FFJQHW9R90FL74 | Long             | DBT              | CORP              | US        |     33000 | PA      | $31974.32     | 0.05%             | 2031-10-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CITY FOOTBALL GROUP LIMITED                       | City Football Group Limited 2024 Term Loan                                       | CUSIP: 17781XAD8<br>LEI: 213800K6VVWALRH9UJ69 | Long             | LON              | CORP              | GB        |     32502 | PA      | $32410.21     | 0.05%             | 2030-07-22      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| MKS INC                                           | MKS Inc                                                                          | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |     66000 | PA      | $64058.15     | 0.10%             | 2030-06-01      | Fixed         | 1.25%                 | 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        |     94000 | PA      | $87533.92     | 0.14%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                       | Tenneco Inc                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64515.48     | 0.10%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                   | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     26000 | PA      | $24734.28     | 0.04%             | 2030-01-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                               | Kinetik Holdings LP                                                              | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15012.14     | 0.02%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                              | Matador Resources Co                                                             | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26425.74     | 0.04%             | 2028-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STAR HOLDING LLC                                  | Star Holding LLC 2024 1st Lien Term Loan B                                       | CUSIP: 85512FAC2<br>LEI: 254900BDGPE9N1WAKD59 | Long             | LON              | CORP              | US        |     24759 | PA      | $24276.25     | 0.04%             | 2031-07-31      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                                | Mativ Holdings Inc                                                               | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |     27000 | PA      | $24348.89     | 0.04%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                     | Tidewater Inc                                                                    | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35659.02     | 0.06%             | 2030-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                    | TRSWAP: IBOXHY INDEX                                                             | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |   4480000 | OU      | $178360.06    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI                          | Kronos Acquisition Holdings Inc                                                  | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $15614.08     | 0.03%             | 2031-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings LLC                     | Truist Insurance Holdings LLC 2nd Lien Term Loan                                 | CUSIP: 89788VAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     78901 | PA      | $80459.35     | 0.13%             | 2032-05-06      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                       | Vistra Corp                                                                      | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    137000 | PA      | $138337.53    | 0.22%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    198000 | PA      | $170607.15    | 0.28%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| POST HOLDINGS INC                                 | Post Holdings Inc                                                                | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     31000 | PA      | $28653.75     | 0.05%             | 2031-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                           | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $119003.80    | 0.19%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC                          | Cougar JV Subsidiary LLC                                                         | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $39132.64     | 0.06%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                | TRSWAP: IBOXHY INDEX                                                             | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |     14000 | OU      | $551.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                 | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18360.41     | 0.03%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Galaxy US Opco Inc                                | Galaxy US Opco Inc Term Loan                                                     | CUSIP: 36321DAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     50646 | PA      | $46287.16     | 0.07%             | 2030-07-31      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                             | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     58000 | PA      | $58580.00     | 0.09%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Radiate Holdco LLC                                | Radiate Holdco LLC 2025 FLFO Term Loan                                           | CUSIP: 000000000<br>LEI: 5493000GQJ5RDX9DNJ71 | Long             | LON              | CORP              | US        |     64892 | PA      | $56147.44     | 0.09%             | 2029-09-25      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                                | Voyager Parent LLC                                                               | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47602.98     | 0.08%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                          | Apollo Debt Solutions BDC                                                        | CUSIP: 03770DAG8<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25029.87     | 0.04%             | 2030-08-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ZI TECH LLC/ZI FIN CORP                           | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                  | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     33000 | PA      | $31023.12     | 0.05%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| EDISON INTERNATIONAL                              | Edison International                                                             | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     67000 | PA      | $63709.09     | 0.10%             | 2026-03-09      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                            | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     27000 | PA      | $28171.13     | 0.05%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DYCOM INDUSTRIES INC                              | Dycom Industries Inc                                                             | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20355.06     | 0.03%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| NATIONSTAR MTG HLD INC                            | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $122176.94    | 0.20%             | 2032-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                                        | Twilio Inc                                                                       | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |     49000 | PA      | $46407.26     | 0.08%             | 2029-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                               | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     99000 | PA      | $96781.73     | 0.16%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                               | Buckeye Partners LP                                                              | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5146.97      | 0.01%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                             | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    105000 | PA      | $109149.08    | 0.18%             | 2031-05-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                            | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co  | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $13237.99     | 0.02%             | 2032-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                     | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36857.29     | 0.06%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| CUSHMAN & WAKEFIELD US                            | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     42000 | PA      | $45013.79     | 0.07%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| STARWOOD PROPERTY TRUST                           | Starwood Property Trust Inc                                                      | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     33000 | PA      | $33967.33     | 0.05%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                            | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $205742.57    | 0.33%             | 2031-10-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    174000 | PA      | $178185.22    | 0.29%             | 2030-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                                  | Cinemark USA Inc                                                                 | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12391.02     | 0.02%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                            | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $19237.48     | 0.03%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                          | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $211250.00    | 0.34%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                    | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     71000 | PA      | $76836.16     | 0.12%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: —       |
| AXON ENTERPRISE INC                               | Axon Enterprise Inc                                                              | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22538.35     | 0.04%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                             | Caesars Entertainment Inc                                                        | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     84000 | PA      | $85664.57     | 0.14%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                                   | Goat Holdco LLC                                                                  | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46000 | PA      | $46371.07     | 0.07%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC                             | Genesee & Wyoming Inc                                                            | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68783.90     | 0.11%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                           | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $14474.89     | 0.02%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                          | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $10616.76     | 0.02%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                    | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    236000 | PA      | $239292.79    | 0.39%             | 2030-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                           | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $97472.09     | 0.16%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AAL Delaware Holdco Inc                           | AAL Delaware Holdco Inc 2025 Term Loan                                           | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      7000 | PA      | $7000.00      | 0.01%             | 2031-07-30      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG                           | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC          | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $38359.27     | 0.06%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                      | MH Sub I LLC 2023 Term Loan                                                      | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     38306 | PA      | $36448.55     | 0.06%             | 2028-05-03      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                        | DaVita Inc                                                                       | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21590.81     | 0.03%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC                               | Walker & Dunlop Inc                                                              | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $22429.66     | 0.04%             | 2033-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                               | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63917.10     | 0.10%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                    | Sabre GLBL Inc 2021 Term Loan B1                                                 | CUSIP: 78571YBG4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |      6450 | PA      | $6405.94      | 0.01%             | 2027-12-17      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                            | WESCO Distribution Inc                                                           | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     39000 | PA      | $39926.64     | 0.06%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| AMSTED INDUSTRIES                                 | Amsted Industries Inc                                                            | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19303.22     | 0.03%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| CQP HOLDCO LP/BIP-V CHIN                          | CQP Holdco LP / BIP-V Chinook Holdco LLC                                         | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $244229.30    | 0.39%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     62000 | PA      | $63411.00     | 0.10%             | 2029-08-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                  | Vital Energy Inc                                                                 | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     93000 | PA      | $87240.38     | 0.14%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| PANTHER ESCROW ISSUER                             | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    351000 | PA      | $362968.19    | 0.59%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC                          | United Natural Foods Inc                                                         | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |     47000 | PA      | $46801.37     | 0.08%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                            | WESCO Distribution Inc                                                           | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14445.34     | 0.02%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                                | CNX Resources Corp                                                               | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13403.08     | 0.02%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                            | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    123000 | PA      | $124197.41    | 0.20%             | 2028-03-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                          | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24748.40     | 0.04%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                   | Fair Isaac Corp                                                                  | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    199000 | PA      | $199934.42    | 0.32%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     89000 | PA      | $95756.52     | 0.15%             | 2031-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    433000 | PA      | $438782.46    | 0.71%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                                  | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $194653.34    | 0.31%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                             | Nabors Industries Inc                                                            | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38351.64     | 0.06%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                             | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    195000 | PA      | $199991.03    | 0.32%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                                 | Waste Pro USA Inc                                                                | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |    216000 | PA      | $224113.61    | 0.36%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                             | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     62000 | PA      | $67980.95     | 0.11%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79724.79     | 0.13%             | 2030-07-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                                | CP ATLAS BUYER INC 2025 TERM LOAN                                                | CUSIP: 12658HAL6<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |     17000 | PA      | $16201.00     | 0.03%             | 2030-07-08      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| LABL INC                                          | LABL Inc                                                                         | CUSIP: 50168QAC9<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     18000 | PA      | $15968.18     | 0.03%             | 2028-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CAMELOT US ACQUISITION LLC                        | Camelot US Acquisition LLC 2025 Incremental Term Loan B                          | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |     41000 | PA      | $41170.97     | 0.07%             | 2031-01-31      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE/GLOBAL                           | Global Net Lease Inc / Global Net Lease Operating Partnership LP                 | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     40000 | PA      | $38124.10     | 0.06%             | 2027-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CommScope Inc                                     | CommScope Inc 2024 Term Loan                                                     | CUSIP: 000000000<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | LON              | CORP              | US        |     84864 | PA      | $86195.52     | 0.14%             | 2029-12-17      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| Summer (BC) Holdco B Sa rl                        | Summer (BC) Holdco B Sa rl 2024 USD Term Loan B                                  | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | US        |     12912 | PA      | $12912.40     | 0.02%             | 2029-02-15      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED                          | AmeriTex HoldCo Intermediate LLC                                                 | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $36610.89     | 0.06%             | 2033-08-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                          | Corebridge Financial Inc                                                         | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37939.15     | 0.06%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                  | CSC Holdings LLC                                                                 | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    213000 | PA      | $206166.56    | 0.33%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                    | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    491000 | PA      | $499881.64    | 0.81%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS LLC                      | Focus Financial Partners LLC 2025 Incremental Term Loan B                        | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |     12025 | PA      | $12027.83     | 0.02%             | 2031-09-15      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                 | Xerox Corp                                                                       | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17478.85     | 0.03%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: —       |
| ALLIANT HOLD / CO-ISSUER                          | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10135.25     | 0.02%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                     | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    154939 | PA      | $163266.97    | 0.26%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ASSUREDPARTNERS INC                               | AssuredPartners Inc                                                              | CUSIP: 04624VAC3<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |     62000 | PA      | $66201.55     | 0.11%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $10888.37     | 0.02%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                    | Sabre GLBL Inc                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     56000 | PA      | $57678.32     | 0.09%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: —       |
| Atlas CC Acquisition Corp                         | Atlas CC Acquisition Corp Term Loan C                                            | CUSIP: 04921TAC8<br>LEI: 6HHLXIOGCDNZ4IRAIW26 | Long             | LON              | CORP              | US        |     12513 | PA      | $9067.50      | 0.01%             | 2028-05-25      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                  | GGAM Finance Ltd                                                                 | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     73000 | PA      | $75205.48     | 0.12%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                           | Asbury Automotive Group Inc                                                      | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21755.75     | 0.04%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| DARLING GLOBAL FINANCE                            | Darling Global Finance BV                                                        | CUSIP: 000000000<br>LEI: 724500R2BQXOR6YG2Y67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $115858.85    | 0.19%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                                | Osaic Holdings Inc                                                               | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34551.09     | 0.06%             | 2033-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LABL INC                                          | LABL Inc                                                                         | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     28000 | PA      | $23256.95     | 0.04%             | 2031-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| IRON MOUNTAIN INC                                 | Iron Mountain Inc                                                                | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      7000 | PA      | $6879.12      | 0.01%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                            | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     73000 | PA      | $74665.08     | 0.12%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WILSONART LLC                                     | Wilsonart LLC 2024 Term Loan B                                                   | CUSIP: 97246FAM8<br>LEI: 549300SAZRUMYKDJBY14 | Long             | LON              | CORP              | US        |     23538 | PA      | $22879.91     | 0.04%             | 2031-08-05      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                              | Boots Group Finco LP                                                             | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $116830.30    | 0.19%             | 2032-08-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Western Midstream Partners LP                     | Western Midstream Partners LP                                                    | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       358 | NS      | $14581.34     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreLogic Inc                                     | CoreLogic Inc Term Loan                                                          | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |     23273 | PA      | $23200.26     | 0.04%             | 2028-06-02      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| ATI INC                                           | ATI Inc                                                                          | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     43000 | PA      | $45076.08     | 0.07%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                            | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     73000 | PA      | $74502.18     | 0.12%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9822.86      | 0.02%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALLIANT CALI INC                                  | ALLIANT CALI INC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       332 | NS      | $349074.76    | 0.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARCHKEY SOLUTIONS LLC                             | Archkey Solutions LLC 2024 Term Loan B                                           | CUSIP: 48205CAC9<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |      9348 | PA      | $9396.41      | 0.02%             | 2031-11-01      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Air Comm Corporation LLC                          | Air Comm Corporation LLC 2024 Term Loan                                          | CUSIP: 82670NAB2<br>LEI: 254900S9ONE06XB1T251 | Long             | LON              | CORP              | US        |      8340 | PA      | $8340.10      | 0.01%             | 2031-12-11      | Floating      | 7.32%                 | No            |                  3 | On Loan: No      |
| FIESTA PURCHASER INC                              | Fiesta Purchaser Inc                                                             | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $12681.23     | 0.02%             | 2032-09-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: —       |
| ADVANCED DRAINAGE SYSTEM                          | Advanced Drainage Systems Inc                                                    | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15226.67     | 0.02%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley & Co. International PLC            | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $1513.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                           | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     62000 | PA      | $61364.80     | 0.10%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                        | Amneal Pharmaceuticals LLC 2023 Term Loan B                                      | CUSIP: 03167DAQ7<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |      4958 | PA      | $5051.41      | 0.01%             | 2028-05-04      | Floating      | 9.86%                 | No            |                  2 | On Loan: No      |
| BIG RIVER STEEL/BRS FIN                           | Big River Steel LLC / BRS Finance Corp                                           | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    112000 | PA      | $111985.43    | 0.18%             | 2029-01-31      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                          | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14946.34     | 0.02%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                 | Post Holdings Inc                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51960.80     | 0.08%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                     | DISH DBS Corp                                                                    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    176000 | PA      | $157273.09    | 0.25%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                            | Group 1 Automotive Inc                                                           | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24445.54     | 0.04%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                    | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $6815.18      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    114000 | PA      | $117300.30    | 0.19%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| ATI INC                                           | ATI Inc                                                                          | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87365.84     | 0.14%             | 2031-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                              | Wabash National Corp                                                             | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |     34000 | PA      | $30432.15     | 0.05%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                              | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46049.54     | 0.07%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                            | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3798.78      | 0.01%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                             | Belron UK Finance PLC                                                            | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201877.00    | 0.33%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                               | Churchill Downs Inc                                                              | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    119000 | PA      | $118706.11    | 0.19%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                             | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21402.72     | 0.03%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| PEBBLEBROOK HOTEL TRUST                           | Pebblebrook Hotel Trust                                                          | CUSIP: 70509VAA8<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | DBT              |  | US        |      4000 | PA      | $3769.83      | 0.01%             | 2026-12-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| TWITTER INC                                       | Twitter Inc 2025 Fixed Term Loan                                                 | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     79500 | PA      | $77026.76     | 0.12%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                              | Garda World Security Corp                                                        | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     61000 | PA      | $62819.75     | 0.10%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LABL Inc                                          | LABL Inc 2021 USD 1st Lien Term Loan                                             | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |     36439 | PA      | $32902.86     | 0.05%             | 2028-10-30      | Floating      | 9.46%                 | No            |                  2 | On Loan: No      |
| Air Comm Corporation LLC                          | Air Comm Corporation LLC 2024 Delayed Draw Term Loan                             | CUSIP: 82670NAC0<br>LEI: 254900S9ONE06XB1T251 | Long             | LON              | CORP              | US        |      2727 | PA      | $2726.60      | 0.00%             | 2031-12-11      | Floating      | 7.32%                 | No            |                  3 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                             | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAD0<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |    155000 | PA      | $151621.25    | 0.25%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| NRG ENERGY INC                                    | NRG Energy Inc                                                                   | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     66000 | PA      | $72647.27     | 0.12%             | 2028-03-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                          | Olympus Water US Holding Corp                                                    | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204250.00    | 0.33%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                          | Apollo Debt Solutions BDC                                                        | CUSIP: 03770DAE3<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11281.13     | 0.02%             | 2032-03-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                            | HAT Holdings I LLC / HAT Holdings II LLC                                         | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $5885.58      | 0.01%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO LLC                       | BEACH ACQUISITION BIDCO LLC USD TERM LOAN B                                      | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |     40000 | PA      | $40233.20     | 0.07%             | 2032-06-25      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| Boxer Parent Company Inc.                         | Boxer Parent Company Inc 2024 2nd Lien Term Loan                                 | CUSIP: 05988HAL1<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |     31000 | PA      | $30573.75     | 0.05%             | 2032-07-30      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    114000 | PA      | $113845.23    | 0.18%             | 2027-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| DUN & BRADSTREET CORP                             | Dun & Bradstreet Corp/The                                                        | CUSIP: 26483EAL4<br>LEI: RI37BMPWE56BCJ747E14 | Long             | DBT              | CORP              | US        |    157000 | PA      | $160593.36    | 0.26%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                   | Fair Isaac Corp                                                                  | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57948.22     | 0.09%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                          | Focus Financial Partners LLC                                                     | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |     67000 | PA      | $68468.22     | 0.11%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                            | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    301000 | PA      | $320514.13    | 0.52%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    113000 | PA      | $113477.65    | 0.18%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                       | McAfee Corp                                                                      | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |     67000 | PA      | $62121.67     | 0.10%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP                           | Digital Realty Trust LP                                                          | CUSIP: 25389JAX4<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              |  | US        |     11000 | PA      | $11595.10     | 0.02%             | 2029-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                               | Churchill Downs Inc                                                              | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |       357 | NS      | $38213.28     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WR GRACE HOLDING LLC                              | WR Grace Holdings LLC                                                            | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     59000 | PA      | $60728.52     | 0.10%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                              | Kaiser Aluminum Corp                                                             | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $109112.36    | 0.18%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| LIFEPOINT HEALTH INC                              | LifePoint Health Inc 2024 Incremental Term Loan B1                               | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |     18609 | PA      | $18495.67     | 0.03%             | 2031-05-19      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                  | ITT Holdings LLC                                                                 | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |     97000 | PA      | $92393.35     | 0.15%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cotiviti Corporation                              | Cotiviti Corporation 2024 Fixed Term Loan B                                      | CUSIP: 22164MAD9<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    273761 | PA      | $275244.78    | 0.45%             | 2031-05-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Foundation Building Materials Holding Company LLC | Foundation Building Materials Holding Company LLC 2025 Term Loan                 | CUSIP: 35039KAE6<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |     23800 | PA      | $23238.08     | 0.04%             | 2031-01-29      | Floating      | 9.55%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                | TRSWAP: IBXXLLTR INDEX                                                           | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   1050000 | OU      | $-5521.75     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Tenneco Inc                                       | Tenneco Inc 2022 Term Loan B                                                     | CUSIP: 88037HAP9<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |     29598 | PA      | $29201.09     | 0.05%             | 2028-11-17      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                             | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    141000 | PA      | $145198.13    | 0.23%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                             | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $129285.45    | 0.21%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                 | Rakuten Group Inc                                                                | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $218983.45    | 0.35%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                      | AES Corp/The                                                                     | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52522.28     | 0.08%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                    | Transocean Inc                                                                   | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     46000 | PA      | $43442.90     | 0.07%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                  | Duke Energy Corp                                                                 | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30888.58     | 0.05%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                            | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $21233.23     | 0.03%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                               | Station Casinos LLC                                                              | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28552.13     | 0.05%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                            | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $47449.59     | 0.08%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                     | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    153000 | PA      | $157325.16    | 0.25%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                 | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     29000 | PA      | $30388.33     | 0.05%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MITCHELL INTERNATIONAL INC                        | Mitchell International Inc 2024 1st Lien Term Loan                               | CUSIP: 60662WAW2<br>LEI: 5493002RDNIGEM7SSV41 | Long             | LON              | CORP              | US        |     10489 | PA      | $10492.65     | 0.02%             | 2031-06-17      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                            | FRONERI LUX FINCO SARL 2025 USD TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24000 | PA      | $23943.12     | 0.04%             | 2032-07-16      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP                           | Empire Communities Corp                                                          | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |     12000 | PA      | $12237.94     | 0.02%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                                    | Constellium SE                                                                   | CUSIP: 21039CAD6<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $253372.75    | 0.41%             | 2032-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN                          | Minerals Technologies Inc                                                        | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35439.48     | 0.06%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                           | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    146000 | PA      | $142672.35    | 0.23%             | 2032-04-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                           | Zayo Group Holdings Inc USD Term Loan                                            | CUSIP: 98919XAB7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |    284956 | PA      | $274657.69    | 0.44%             | 2027-03-09      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                             | Williams Scotsman Inc                                                            | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     46000 | PA      | $47430.62     | 0.08%             | 2030-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46372.69     | 0.07%             | 2030-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: —       |
| NEW ENTERPRISE STONE & L                          | New Enterprise Stone & Lime Co Inc                                               | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     87000 | PA      | $87217.50     | 0.14%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| HOWDEN UK REFINANCE / US                          | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC    | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $208282.40    | 0.34%             | 2032-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    162000 | PA      | $168901.20    | 0.27%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    154000 | PA      | $159782.08    | 0.26%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR                           | Great Canadian Gaming Corp/Raptor LLC                                            | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | XX        |     47000 | PA      | $46017.86     | 0.07%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                     | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     44000 | PA      | $44222.24     | 0.07%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                  | EOC Borrower LLC Term Loan B                                                     | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     47556 | PA      | $47585.96     | 0.08%             | 2032-03-24      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                     | Carnival Corp                                                                    | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    113000 | PA      | $113765.01    | 0.18%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                         | Gainwell Acquisition Corp Term Loan B                                            | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     55305 | PA      | $54458.10     | 0.09%             | 2027-10-01      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                           | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              |  | US        |    133000 | PA      | $140564.91    | 0.23%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corporation                 | Great Canadian Gaming Corporation 2024 Term Loan B                               | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |     15345 | PA      | $14956.79     | 0.02%             | 2029-11-01      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                         | Bausch & Lomb Corporation 2025 Term Loan B                                       | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     16466 | PA      | $16511.41     | 0.03%             | 2031-01-15      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                    | Transocean Inc                                                                   | CUSIP: 893830BL2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     51000 | PA      | $50620.97     | 0.08%             | 2027-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| IQVIA INC                                         | IQVIA Inc                                                                        | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    154000 | PA      | $157920.07    | 0.26%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                                     | Coherent Corp                                                                    | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |     54000 | PA      | $52849.27     | 0.09%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                            | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     57000 | PA      | $62688.78     | 0.10%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Kaman Corporation                                 | Kaman Corporation 2025 Term Loan B                                               | CUSIP: 48354VAM4<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |     49406 | PA      | $49421.80     | 0.08%             | 2032-02-26      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                          | Perrigo Finance Unlimited Co                                                     | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     69000 | PA      | $69722.15     | 0.11%             | 2032-09-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| CALPINE CORP                                      | Calpine Corp                                                                     | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1978.26      | 0.00%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                          | Ares Strategic Income Fund                                                       | CUSIP: 04020EAD9<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47827.39     | 0.08%             | 2030-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: —       |
| ARES CAPITAL CORP                                 | Ares Capital Corp                                                                | CUSIP: 04010LBK8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28948.27     | 0.05%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                          | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     62000 | PA      | $63734.57     | 0.10%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                  | Insight Enterprises Inc                                                          | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28633.52     | 0.05%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                           | Windstream Services LLC 2024 Term Loan B                                         | CUSIP: 97381JAJ2<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |     15000 | PA      | $15056.25     | 0.02%             | 2031-10-01      | Floating      | 9.21%                 | No            |                  3 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                           | Iron Mountain Information Management Services Inc                                | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     30000 | PA      | $28629.02     | 0.05%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    252000 | PA      | $263736.40    | 0.43%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY REIT INC                          | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              |  | US        |     53000 | PA      | $51481.58     | 0.08%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                         | Esab Corp                                                                        | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24522.19     | 0.04%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding LLC                      | Deerfield Dakota Holding LLC 2021 USD 2nd Lien Term Loan                         | CUSIP: 24440EAG2<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |     26874 | PA      | $26426.01     | 0.04%             | 2028-04-07      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                 | Polaris Newco LLC USD Term Loan B                                                | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |     24800 | PA      | $24291.51     | 0.04%             | 2028-06-02      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                          | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $47778.42     | 0.08%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                           | Gulfport Energy Operating Corp                                                   | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22357.69     | 0.04%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                      | Navient Corp                                                                     | CUSIP: 63938CAQ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     39000 | PA      | $40607.60     | 0.07%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| OLYMPUS WATER US HOLDING CORP                     | OLYMPUS WATER US HOLDING CORP 2025 USD TERM LOAN B                               | CUSIP: 68163YAK1<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |     33000 | PA      | $32892.75     | 0.05%             | 2032-07-23      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                            | Lumen Technologies Inc 2024 Extended Term Loan B2                                | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |     14821 | PA      | $14721.00     | 0.02%             | 2030-04-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| BlackRock Funds III                               | BlackRock Cash Funds: Institutional, SL Agency Shares                            | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   5514662 | NS      | $5516867.39   | 8.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CLYDESDALE ACQUISITION                            | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAC9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    157000 | PA      | $160552.91    | 0.26%             | 2030-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                        | DaVita Inc                                                                       | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26813.54     | 0.04%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                    | Gray Media Inc                                                                   | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64658.14     | 0.10%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $19954.07     | 0.03%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC                        | AMNEAL PHARMACEUTICALS LLC 2025 TERM LOAN B                                      | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |     60000 | PA      | $59974.80     | 0.10%             | 2032-08-01      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     46000 | PA      | $48422.45     | 0.08%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                          | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52619.35     | 0.09%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                            | Telecom Italia Capital SA                                                        | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     52000 | PA      | $56020.52     | 0.09%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                                  | Sensata Technologies Inc                                                         | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    138000 | PA      | $132052.66    | 0.21%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $148315.67    | 0.24%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                   | Nissan Motor Co Ltd                                                              | CUSIP: 654922AB9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206338.39    | 0.33%             | 2030-07-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                      | US Foods Inc                                                                     | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32318.15     | 0.05%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS                           | US Acute Care Solutions LLC                                                      | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $52107.77     | 0.08%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| XHR LP                                            | XHR LP                                                                           | CUSIP: 98372MAE5<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |     18000 | PA      | $18294.79     | 0.03%             | 2030-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| USA COM PART/USA COM FIN                          | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $49068.16     | 0.08%             | 2029-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                          | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     84000 | PA      | $85650.01     | 0.14%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                              | CITGO Petroleum Corp                                                             | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |     94000 | PA      | $97478.66     | 0.16%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                          | Ares Strategic Income Fund                                                       | CUSIP: 04020EAK3<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31020.50     | 0.05%             | 2030-09-09      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    109050 | PA      | $98145.00     | 0.16%             | 2030-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                             | Bread Financial Holdings Inc                                                     | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12395.26     | 0.02%             | 2035-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                             | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     67000 | PA      | $69112.64     | 0.11%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Oxea Holding Drei GmbH                            | Oxea Holding Drei GmbH 2017 USD Term Loan B2                                     | CUSIP: 000000000<br>LEI: 529900MSP24R2FE9U796 | Long             | LON              | CORP              | US        |      9182 | PA      | $8562.01      | 0.01%             | 2031-04-08      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56169.28     | 0.09%             | 2030-02-10      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| DIGICEL INTRNTIONL FINANCE LTD                    | DIGICEL INTRNTIONL FINANCE LTD 2025 TERM LOAN B                                  | CUSIP: 000000000<br>LEI: 5493007V023VOEW4FK27 | Long             | LON              | CORP              | BM        |     46000 | PA      | $45885.00     | 0.07%             | 2032-07-30      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                          | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    159000 | PA      | $159141.19    | 0.26%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                      | Navient Corp                                                                     | CUSIP: 63938CAN8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     31000 | PA      | $33877.17     | 0.05%             | 2030-07-25      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Jeld-Wen Inc                                      | JELD-WEN Inc                                                                     | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47433.90     | 0.08%             | 2027-12-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298CH4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      4315 | PA      | $3710.90      | 0.01%             | 2031-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                               | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46143.68     | 0.07%             | 2054-10-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                          | Prime Healthcare Services Inc                                                    | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $17887.50     | 0.03%             | 2029-09-01      | Fixed         | 9.38%                 | 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        |     64000 | PA      | $63506.55     | 0.10%             | 2029-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                                       | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     63000 | PA      | $65072.09     | 0.11%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CHAMBERLAIN GROUP INC                             | CHAMBERLAIN GROUP INC 2025 TERM LOAN B                                           | CUSIP: 15963CAE6<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |      8119 | PA      | $8115.15      | 0.01%             | 2032-09-08      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                          | Permian Resources Operating LLC                                                  | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17010.39     | 0.03%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DIAMOND FRGN/DIAMOND FIN                          | Diamond Foreign Asset Co / Diamond Finance LLC                                   | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     26000 | PA      | $27098.32     | 0.04%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| SITIO ROYAL OP / SIT FIN                          | Sitio Royalties Operating Partnership LP / Sitio Finance Corp                    | CUSIP: 82983MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     44000 | PA      | $45905.99     | 0.07%             | 2028-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                         | Block Inc                                                                        | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     66000 | PA      | $64722.77     | 0.10%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                               | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    280000 | PA      | $214446.71    | 0.35%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                           | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92172.69     | 0.15%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                              | Wrangler Holdco Corp                                                             | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     96000 | PA      | $99183.65     | 0.16%             | 2032-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                   | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |     49000 | PA      | $51528.34     | 0.08%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| DANA INC                                          | Dana Inc                                                                         | CUSIP: 235825AJ5<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20492.65     | 0.03%             | 2032-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                           | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              |  | US        |    153000 | PA      | $159028.97    | 0.26%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55092.40     | 0.09%             | 2030-05-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                       | Chemours Co/The                                                                  | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     88000 | PA      | $80821.93     | 0.13%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| BRINK'S CO/THE                                    | Brink's Co/The                                                                   | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     53000 | PA      | $54590.21     | 0.09%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ANGI GROUP LLC                                    | ANGI Group LLC                                                                   | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $21427.26     | 0.03%             | 2028-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| BAUSCH HEALTH COS INC                             | Bausch Health Cos Inc                                                            | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    220000 | PA      | $226050.00    | 0.37%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                            | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28702.62     | 0.05%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                          | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $22950.84     | 0.04%             | 2033-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NEW GOLD INC                                      | New Gold Inc                                                                     | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |     46000 | PA      | $47206.78     | 0.08%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                               | United Airlines Inc                                                              | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39060.60     | 0.06%             | 2029-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                  | Wand NewCo 3 Inc 2025 Repriced Term Loan B                                       | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |     36469 | PA      | $36379.88     | 0.06%             | 2031-01-30      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Constellium SE                                    | Constellium SE                                                                   | CUSIP: 000000000<br>LEI: 724500KRJEMC79KAAU28 | Long             | EC               | CORP              | FR        |      4739 | NS      | $64971.69     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VERITIV OPERATING CO                              | Veritiv Operating Co                                                             | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |     21000 | PA      | $22761.42     | 0.04%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: —       |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113718.99    | 0.18%             | 2034-11-10      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ERO COPPER CORP                                   | ERO Copper Corp                                                                  | CUSIP: 296006AA7<br>LEI: 549300KL8A21SEIO8I47 | Long             | DBT              | CORP              | CA        |     52000 | PA      | $51025.00     | 0.08%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Ellucian Holdings, Inc.                           | Ellucian Holdings Inc 2024 2nd Lien Term Loan                                    | CUSIP: 28917XAE0<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |     90000 | PA      | $92475.00     | 0.15%             | 2032-11-22      | Floating      | 9.11%                 | No            |                  3 | On Loan: No      |
| CAMELOT FINANCE SA                                | Camelot Finance SA                                                               | CUSIP: 13323AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     13000 | PA      | $12830.27     | 0.02%             | 2026-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                  | Getty Images Inc                                                                 | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     29000 | PA      | $27767.50     | 0.04%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: —       |
| XPLR INFRASTRUCTURE LP                            | XPLR Infrastructure LP                                                           | CUSIP: 65341BAD8<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |     99000 | PA      | $96901.20     | 0.16%             | 2025-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                            | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26500.20     | 0.04%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                               | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13276.92     | 0.02%             | 2030-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP II                          | Blue Owl Capital Corp II                                                         | CUSIP: 69121DAD2<br>LEI: 549300MMNWZO5XKDDX47 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15528.06     | 0.03%             | 2026-11-15      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| SUMMIT ACQUISITION INC                            | SUMMIT ACQUISITION INC 2025 Add-On TERM LOAN                                     | CUSIP: 86600DAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4000 | PA      | $4005.00      | 0.01%             | 2031-10-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                             | Blue Owl Capital Corp                                                            | CUSIP: 69121KAJ3<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |     63000 | PA      | $63581.26     | 0.10%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: —       |
| RHP HOTEL PPTY/RHP FINAN                          | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              |  | US        |     73000 | PA      | $74544.32     | 0.12%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                             | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $190500.00    | 0.31%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                            | EquipmentShare.com Inc                                                           | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19836.19     | 0.03%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                               | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     63000 | PA      | $63120.20     | 0.10%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                             | Encompass Health Corp                                                            | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5730.53      | 0.01%             | 2031-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                             | CNX Midstream Partners LP                                                        | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $21727.16     | 0.04%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                               | New Home Co Inc/The                                                              | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     81000 | PA      | $83968.89     | 0.14%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                             | DirecTV Financing LLC 2025 Term Loan B                                           | CUSIP: 25460HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     91093 | PA      | $87711.42     | 0.14%             | 2031-02-17      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                   | Madison IAQ LLC                                                                  | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |     86000 | PA      | $83726.77     | 0.14%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                             | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $27992.44     | 0.05%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                             | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    214000 | PA      | $220142.99    | 0.36%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                               | Sirius XM Radio LLC                                                              | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23794.69     | 0.04%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC                            | Option Care Health Inc                                                           | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28655.01     | 0.05%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                    | NRG Energy Inc                                                                   | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     63000 | PA      | $62441.51     | 0.10%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                           | Central Garden & Pet Co                                                          | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11114.23     | 0.02%             | 2031-04-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                             | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43826.07     | 0.07%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CoreLogic Inc                                     | CoreLogic Inc 2nd Lien Term Loan                                                 | CUSIP: 000000000<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |     30000 | PA      | $29287.50     | 0.05%             | 2029-06-04      | Floating      | 10.97%                | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                             | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     51000 | PA      | $51961.04     | 0.08%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     83000 | PA      | $86962.50     | 0.14%             | 2028-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| FREEDOM MORTGAGE HOLD                             | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     46000 | PA      | $47047.65     | 0.08%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP                              | Ryan Specialty LLC                                                               | CUSIP: 78351MAA0<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17271.10     | 0.03%             | 2030-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                          | Univision Communications Inc                                                     | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     79000 | PA      | $81158.04     | 0.13%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                  | Wand NewCo 3 Inc                                                                 | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |     81000 | PA      | $85047.65     | 0.14%             | 2032-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding LLC                      | Deerfield Dakota Holding LLC 2020 USD Term Loan B                                | CUSIP: 24440EAB3<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |     14888 | PA      | $14741.32     | 0.02%             | 2027-04-09      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Endo Luxembourg Finance Company I S.a r.l.        | Endo Luxembourg Finance Company I Sa rl 2024 1st Lien Term Loan                  | CUSIP: 29280UAD5<br>LEI: 222100B15VY0VVCTG251 | Long             | LON              | CORP              | US        |     24950 | PA      | $24993.25     | 0.04%             | 2031-04-23      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                          | Digicel International Finance Ltd / Difl US LLC                                  | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $202012.60    | 0.33%             | 2032-08-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                            | Brookfield Finance Inc                                                           | CUSIP: 11271LAN2<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     93000 | PA      | $89661.98     | 0.14%             | 2055-01-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                  | CSC Holdings LLC 2019 Term Loan B5                                               | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |     53138 | PA      | $52274.43     | 0.08%             | 2027-04-15      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| CORELOGIC INC                                     | CoreLogic Inc                                                                    | CUSIP: 21871DAD5<br>LEI: 54930086CD8K2UIL0516 | Long             | DBT              | CORP              | US        |    181000 | PA      | $170592.72    | 0.28%             | 2028-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                    | Whirlpool Corp                                                                   | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27590.62     | 0.04%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                   | Sealed Air Corp                                                                  | CUSIP: 81211KAY6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11650.69     | 0.02%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                            | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $19947.64     | 0.03%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                            | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAD5<br>LEI: N/A                  | Long             | DBT              |  | US        |     47000 | PA      | $48132.70     | 0.08%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                             | Chobani Holdco II LLC                                                            | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    274783 | PA      | $294726.75    | 0.48%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                     | Boeing Co/The                                                                    | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |      1261 | NS      | $89152.70     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFEPOINT HEALTH INC                              | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     43000 | PA      | $47261.09     | 0.08%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                           | Zebra Technologies Corp                                                          | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35874.20     | 0.06%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                     | DISH DBS Corp                                                                    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $112947.32    | 0.18%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                              | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70033.39     | 0.11%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| Discovery Purchaser Corporation                   | Discovery Purchaser Corporation Term Loan                                        | CUSIP: 25471NAC0<br>LEI: 2549001LSO1ZBIPA5D65 | Long             | LON              | CORP              | US        |     40526 | PA      | $40469.89     | 0.07%             | 2029-10-04      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| WATCO COS LLC/FINANCE CO                          | Watco Cos LLC / Watco Finance Corp                                               | CUSIP: 941130AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20749.10     | 0.03%             | 2032-08-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| DANA INC                                          | Dana Inc                                                                         | CUSIP: 235825AH9<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13777.17     | 0.02%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Titan Acquisition Limited                         | Titan Acquisition Limited 2024 Term Loan B                                       | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |    102254 | PA      | $102181.90    | 0.17%             | 2029-02-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                | Howard Hughes Corp/The                                                           | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     43000 | PA      | $39574.32     | 0.06%             | 2031-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                           | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35172.05     | 0.06%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                             | HUB International Ltd                                                            | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    630000 | PA      | $655986.57    | 1.06%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group Inc                            | Athenahealth Group Inc 2022 Term Loan B                                          | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    117166 | PA      | $116993.89    | 0.19%             | 2029-02-15      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                              | Garda World Security Corp                                                        | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     91000 | PA      | $90190.96     | 0.15%             | 2027-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35297.50     | 0.06%             | 2030-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ATLAS CC ACQUISITION CORP                         | ATLAS CC ACQUISITION CORP 2025 2nd OUT TERM LOAN B                               | CUSIP: 04921TAJ3<br>LEI: 6HHLXIOGCDNZ4IRAIW26 | Long             | LON              | CORP              | US        |      3989 | PA      | $2912.77      | 0.00%             | 2029-05-25      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                            | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    431000 | PA      | $446025.09    | 0.72%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PUG LLC                                           | PUG LLC 2024 Extended Term Loan B                                                | CUSIP: 74530DAH8<br>LEI: 549300NL9JUFIOARLW93 | Long             | LON              | CORP              | US        |     48625 | PA      | $48109.07     | 0.08%             | 2030-03-15      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                            | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    430000 | PA      | $433752.18    | 0.70%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                       | Vistra Corp                                                                      | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27559.33     | 0.04%             | 2026-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd                                | Viking Cruises Ltd                                                               | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     29000 | PA      | $28981.28     | 0.05%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP                            | XPLR Infrastructure LP                                                           | CUSIP: 65341BAG1<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |    199000 | PA      | $190801.20    | 0.31%             | 2026-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                             | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    143000 | PA      | $147111.40    | 0.24%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                    | NRG Energy Inc                                                                   | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96259.80     | 0.16%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                    | Rocket Cos Inc                                                                   | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    192000 | PA      | $195836.77    | 0.32%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                             | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17247.33     | 0.03%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    156000 | PA      | $161555.32    | 0.26%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KOBE US MIDCO 2 INC                               | Kobe US Midco 2 Inc                                                              | CUSIP: 499894AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    103635 | PA      | $92753.33     | 0.15%             | 2026-11-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: —       |
| LIVE NATION ENTERTAINMEN                          | Live Nation Entertainment Inc                                                    | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13607.02     | 0.02%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                          | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 48020RAA3<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $47821.41     | 0.08%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                  | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $185034.02    | 0.30%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                               | Arbor Realty SR Inc                                                              | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              |  | US        |     24000 | PA      | $24508.68     | 0.04%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                            | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    220000 | PA      | $239927.38    | 0.39%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc 2025 Term Loan B                                           | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |    145000 | PA      | $146087.50    | 0.24%             | 2032-03-27      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| UKG INC                                           | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    422000 | PA      | $433252.63    | 0.70%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                          | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15443.96     | 0.02%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| PROOFPOINT INC                                    | PROOFPOINT INC 2025 FUNGIBLE TERM LOAN                                           | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |      9000 | PA      | $9010.26      | 0.01%             | 2028-08-31      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                             | GFL Environmental Inc                                                            | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     11000 | PA      | $11399.71     | 0.02%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                          | Lindblad Expeditions LLC                                                         | CUSIP: 53523LAA8<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11006.63     | 0.02%             | 2027-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                          | JH North America Holdings Inc                                                    | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49507.89     | 0.08%             | 2032-07-31      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                               | Somnigroup International Inc                                                     | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     39000 | PA      | $37038.78     | 0.06%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COVIA HOLDINGS CORPORATION                        | Covia Holdings Corporation 2025 Term Loan B                                      | CUSIP: 000000000<br>LEI: 213800IE4YGTGVTQ1806 | Long             | LON              | CORP              | US        |      4351 | PA      | $4363.23      | 0.01%             | 2032-02-26      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING M                             | Foundation Building Materials Inc                                                | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1875.77      | 0.00%             | 2029-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LSF12 Crown US Commercial Bidco LLC               | LSF12 CROWN US COMRCL BDCO LLC 2025 TERM LOAN B                                  | CUSIP: 50221UAD3<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |     33000 | PA      | $33178.86     | 0.05%             | 2031-12-02      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                            | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     92000 | PA      | $94002.84     | 0.15%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                          | Vertiv Group Corp                                                                | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |     63000 | PA      | $61267.17     | 0.10%             | 2028-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    116000 | PA      | $116741.07    | 0.19%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                          | Apollo Global Management Inc                                                     | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |     56000 | PA      | $54930.82     | 0.09%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| NEOGEN FOOD SAFE CORP                             | Neogen Food Safety Corp                                                          | CUSIP: 365417AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     39000 | PA      | $39414.96     | 0.06%             | 2030-07-20      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     96000 | PA      | $98941.82     | 0.16%             | 2032-09-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                          | Univision Communications Inc                                                     | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     71000 | PA      | $72105.47     | 0.12%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| BARNES GROUP INC                                  | Barnes Group Inc 2025 Term Loan B                                                | CUSIP: 38021CAC2<br>LEI: G1MSYD2DQZX30V5DMX12 | Long             | LON              | CORP              | US        |      3019 | PA      | $3020.71      | 0.00%             | 2032-01-27      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                    | Azorra Finance Ltd                                                               | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $26031.25     | 0.04%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                           | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    107000 | PA      | $104458.75    | 0.17%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                          | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    195000 | PA      | $130347.75    | 0.21%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                          | JH North America Holdings Inc                                                    | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38130.11     | 0.06%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| AHP HEALTH PARTN                                  | AHP Health Partners Inc                                                          | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |     53000 | PA      | $51193.84     | 0.08%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                            | Comstock Resources Inc                                                           | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     73000 | PA      | $68910.91     | 0.11%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     49000 | PA      | $50043.09     | 0.08%             | 2029-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                               | Prairie Acquiror LP                                                              | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |     32000 | PA      | $33145.25     | 0.05%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ADVISOR GROUP INC                                 | ADVISOR GROUP INC 2025 TERM LOAN                                                 | CUSIP: 000000000<br>LEI: 549300XL60BDV6UW5C86 | Long             | LON              | CORP              | US        |     52000 | PA      | $52000.00     | 0.08%             | 2032-07-15      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| Coral-US Co-Borrower, LLC                         | Coral-US Co-Borrower LLC 2025 Term Loan B7                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     25000 | PA      | $24910.75     | 0.04%             | 2032-02-02      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                            | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    112000 | PA      | $114722.72    | 0.19%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AECOM                                             | AECOM                                                                            | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    112000 | PA      | $112910.56    | 0.18%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                          | Permian Resources Operating LLC                                                  | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41304.76     | 0.07%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                          | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     92000 | PA      | $91994.76     | 0.15%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                             | Williams Scotsman Inc                                                            | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     39000 | PA      | $40713.00     | 0.07%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| COMPASS GROUP DIVERSIFIE                          | Compass Group Diversified Holdings LLC                                           | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |     41000 | PA      | $38087.94     | 0.06%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PetSmart Inc                                      | PetSmart Inc 2021 Term Loan B                                                    | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20122 | PA      | $20055.02     | 0.03%             | 2028-02-11      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                         | Bausch & Lomb Corporation 2023 Incremental Term Loan                             | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     23287 | PA      | $23268.13     | 0.04%             | 2028-09-29      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                          | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    177000 | PA      | $182492.31    | 0.30%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                              | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     23000 | PA      | $24789.09     | 0.04%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                                | Osaic Holdings Inc                                                               | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21253.29     | 0.03%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    132000 | PA      | $131833.90    | 0.21%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                          | Celanese US Holdings LLC                                                         | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29249.02     | 0.05%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Energy Transfer LP                                | Energy Transfer LP                                                               | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |      5916 | NS      | $106724.64    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BRINK'S CO/THE                                    | Brink's Co/The                                                                   | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9220.50      | 0.01%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                               | Resideo Funding Inc                                                              | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35505.47     | 0.06%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| ARDONAGH FINCO LTD                                | Ardonagh Finco Ltd                                                               | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    200000 | PA      | $208532.40    | 0.34%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                             | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $82736.16     | 0.13%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| PHOENIX AVIATION CAPITAL                          | Phoenix Aviation Capital Ltd                                                     | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |     70000 | PA      | $73346.46     | 0.12%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                    | Azorra Finance Ltd                                                               | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |     19000 | PA      | $19391.98     | 0.03%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                          | Science Applications International Corp                                          | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27543.04     | 0.04%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                          | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      6500 | PA      | $6497.72      | 0.01%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| GFL ENVIRONMENTAL INC                             | GFL Environmental Inc                                                            | CUSIP: 36168QAP9<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     36000 | PA      | $34851.40     | 0.06%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WILSONART LLC                                     | Wilsonart LLC                                                                    | CUSIP: 97246JAA6<br>LEI: 549300SAZRUMYKDJBY14 | Long             | DBT              | CORP              | US        |     58000 | PA      | $53373.80     | 0.09%             | 2032-08-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: —       |
| INVERSION ESCROW ISSUER                           | Inversion Escrow Issuer LLC                                                      | CUSIP: 46150DAA0<br>LEI: 254900P6GHORGRVLKI95 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197632.46    | 0.32%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                          | Albion Financing 1 SARL / Aggreko Holdings Inc                                   | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $205857.20    | 0.33%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                          | Performance Food Group Inc                                                       | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17305.82     | 0.03%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                               | NCL Corp Ltd                                                                     | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     16000 | PA      | $16192.22     | 0.03%             | 2030-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                               | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     58000 | PA      | $59382.37     | 0.10%             | 2030-05-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                     | LGI Homes Inc                                                                    | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |     36000 | PA      | $34650.00     | 0.06%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| ICAHN ENTERPRISES/FIN                             | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     38000 | PA      | $38472.19     | 0.06%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| JELD-WEN INC                                      | JELD-WEN Inc                                                                     | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |     37000 | PA      | $27759.62     | 0.04%             | 2032-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    123000 | PA      | $126666.26    | 0.20%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                          | Vistra Operations Co LLC                                                         | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     98000 | PA      | $101826.61    | 0.16%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                               | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    103000 | PA      | $96463.89     | 0.16%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                | Rithm Capital Corp                                                               | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |     21000 | PA      | $21378.63     | 0.03%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                               | Resideo Funding Inc                                                              | CUSIP: 76119LAB7<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |     41000 | PA      | $38345.77     | 0.06%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| DOMINION ENERGY INC                               | Dominion Energy Inc                                                              | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14345.49     | 0.02%             | 2055-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                 | Post Holdings Inc                                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38047.61     | 0.06%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    174000 | PA      | $178880.70    | 0.29%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                               | Sirius XM Radio LLC                                                              | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     71000 | PA      | $69404.92     | 0.11%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                          | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              |  | US        |     18000 | PA      | $17505.72     | 0.03%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                           | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $11905.97     | 0.02%             | 2032-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC                             | Ellucian Holdings Inc                                                            | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86106.36     | 0.14%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                          | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 26873CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $53553.24     | 0.09%             | 2031-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                           | MPLX LP                                                                          | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |       787 | NS      | $41317.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PLAYTIKA HOLDING CORP                             | Playtika Holding Corp                                                            | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |     18000 | PA      | $16459.00     | 0.03%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Buckeye Partners LP                               | Buckeye Partners LP                                                              | CUSIP: 118230AP6<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     28000 | PA      | $23612.96     | 0.04%             | 2044-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Boxer Parent Company Inc                          | Boxer Parent Company Inc 2025 USD Term Loan B                                    | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |     22353 | PA      | $22345.79     | 0.04%             | 2031-07-30      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                          | Builders FirstSource Inc                                                         | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11161.80     | 0.02%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| HUSKY INJECTION / TITAN                           | Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC                      | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    109000 | PA      | $112481.02    | 0.18%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| RAND PARENT LLC                                   | Rand Parent LLC                                                                  | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     39000 | PA      | $39215.51     | 0.06%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Chrysaor Bidco Sarl                               | Chrysaor Bidco Sarl USD Term Loan B                                              | CUSIP: 000000000<br>LEI: 254900CXX37NCB7A8J31 | Long             | LON              | CORP              | LU        |         0 | PA      | $0.00         | 0.00%             | 2031-10-30      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORP                             | ON Semiconductor Corp                                                            | CUSIP: 682189AU9<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |     38000 | PA      | $36355.58     | 0.06%             | 2029-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                  | CSC Holdings LLC                                                                 | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201041.20    | 0.33%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAH4<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    107000 | PA      | $106041.37    | 0.17%             | 2033-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                                         | Sotheby's                                                                        | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195969.10    | 0.32%             | 2027-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SAZERAC COMPANY INC                               | SAZERAC COMPANY INC TERM LOAN B                                                  | CUSIP: 80583EAN6<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |     52000 | PA      | $52162.76     | 0.08%             | 2032-07-09      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                        | Arcosa Inc                                                                       | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     54000 | PA      | $52090.84     | 0.08%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                          | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp               | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $21218.74     | 0.03%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                              | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15299.51     | 0.02%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                      | Enbridge Inc                                                                     | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     28000 | PA      | $28842.41     | 0.05%             | 2054-06-27      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                          | Sinclair Television Group Inc                                                    | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    113000 | PA      | $115261.07    | 0.19%             | 2033-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                              | Gates Corp/DE                                                                    | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |     38000 | PA      | $39105.04     | 0.06%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARDONAGH GROUP FINANCE                            | Ardonagh Group Finance Ltd                                                       | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |    200000 | PA      | $210328.00    | 0.34%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC                                  | APi Group DE Inc                                                                 | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |     52000 | PA      | $49401.20     | 0.08%             | 2029-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS                          | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed   | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $17980.04     | 0.03%             | 2029-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Aruba Investments Holdings LLC                    | Aruba Investments Holdings LLC 2020 2nd Lien Term Loan                           | CUSIP: 04317JAF5<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |     29000 | PA      | $27086.00     | 0.04%             | 2028-11-24      | Floating      | 12.21%                | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                              | Garda World Security Corp                                                        | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     96000 | PA      | $98887.78     | 0.16%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                  | Altice France SA 2023 USD Term Loan B14                                          | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |     50190 | PA      | $46613.96     | 0.08%             | 2028-08-15      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     57000 | PA      | $54884.80     | 0.09%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                            | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     38000 | PA      | $39149.88     | 0.06%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| NGL ENRGY OP/FIN CORP                             | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAC2<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41562.27     | 0.07%             | 2029-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| AMYNTA AGENCY/WARRANTY                            | Amynta Agency Borrower Inc and Amynta Warranty Borrower Inc                      | CUSIP: 03238AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $55161.37     | 0.09%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                             | GFL Environmental Inc                                                            | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $48459.93     | 0.08%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| CHURCHILL DOWNS INC                               | Churchill Downs Inc                                                              | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     69000 | PA      | $70450.86     | 0.11%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                            | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAD2<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              |  | US        |     44000 | PA      | $42711.39     | 0.07%             | 2027-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA                                  | Beazer Homes USA Inc                                                             | CUSIP: 07556QBR5<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15958.48     | 0.03%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                          | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $73067.47     | 0.12%             | 2032-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                      | Magnera Corp                                                                     | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22590.00     | 0.04%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                          | Chobani LLC / Chobani Finance Corp Inc                                           | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    118000 | PA      | $122941.25    | 0.20%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| ELASTIC NV                                        | Elastic NV                                                                       | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |     48000 | PA      | $45651.53     | 0.07%             | 2029-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                     | TransDigm Inc                                                                    | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    264000 | PA      | $265303.82    | 0.43%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                          | Cloud Software Group Inc 2024 1st Lien Term Loan B                               | CUSIP: 88632NBF6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |     12576 | PA      | $12593.43     | 0.02%             | 2029-03-29      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                             | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     56000 | PA      | $57724.69     | 0.09%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ENPRO INC                                         | Enpro Inc                                                                        | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25221.90     | 0.04%             | 2033-06-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                            | CenterPoint Energy Inc                                                           | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20857.80     | 0.03%             | 2055-02-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                           | Beach Acquisition Bidco LLC                                                      | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208514.96    | 0.34%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    115000 | PA      | $104767.44    | 0.17%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| SERVICE CORP INTL                                 | Service Corp International/US                                                    | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46382.04     | 0.07%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                               | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    229000 | PA      | $224525.78    | 0.36%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                   | Sealed Air Corp                                                                  | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28838.24     | 0.05%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC                           | EFESTO BIDCO SPA/US LLC                                                          | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    200000 | PA      | $204000.23    | 0.33%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                           | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     33000 | PA      | $34246.41     | 0.06%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                 | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     36000 | PA      | $37289.56     | 0.06%             | 2029-09-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                          | Standard Building Solutions Inc                                                  | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     99000 | PA      | $101094.54    | 0.16%             | 2032-08-15      | Fixed         | 6.50%                 | 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        |      2000 | PA      | $1844.83      | 0.00%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Howden Group Holdings Ltd                         | Howden Group Holdings Ltd 2024 USD Term Loan B                                   | CUSIP: 000000000<br>LEI: 875500V3HPKZIQP10J32 | Long             | LON              | CORP              | GB        |      4987 | PA      | $4998.16      | 0.01%             | 2030-04-18      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| UBS AG                                            | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |         1 | NC      | $-1530.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KBR INC                                           | KBR Inc                                                                          | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |     58000 | PA      | $55897.50     | 0.09%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TGNR INTERMEDIATE HOLDIN                          | TGNR Intermediate Holdings LLC                                                   | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |     48000 | PA      | $46757.64     | 0.08%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| GRAY MEDIA INC                                    | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68596.45     | 0.11%             | 2032-07-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                           | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     33000 | PA      | $31906.05     | 0.05%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                                    | Hertz Corp/The                                                                   | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21939.37     | 0.04%             | 2029-07-15      | Fixed         | 12.63%                | No            |                  2 | On Loan: —       |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160251.84    | 0.26%             | 2027-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                               | Applied Systems Inc 2024 2nd Lien Term Loan                                      | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     11055 | PA      | $11328.61     | 0.02%             | 2032-02-23      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                           | SBA Communications Corp                                                          | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |     53000 | PA      | $49397.82     | 0.08%             | 2029-02-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                    | Sabre GLBL Inc 2021 Term Loan B2                                                 | CUSIP: 78571YBF6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |      2105 | PA      | $2090.34      | 0.00%             | 2027-12-17      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC                                     | B&G Foods Inc                                                                    | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |     16000 | PA      | $14960.04     | 0.02%             | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                          | Standard Industries Inc/NY                                                       | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     34000 | PA      | $30373.22     | 0.05%             | 2031-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                          | Transocean Titan Financing Ltd                                                   | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      2714 | PA      | $2781.74      | 0.00%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    137500 | PA      | $128906.25    | 0.21%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                            | CACI International Inc                                                           | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |     62000 | PA      | $63397.54     | 0.10%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE                          | Brand Industrial Services Inc                                                    | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |    138000 | PA      | $125256.10    | 0.20%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS INC                              | Fortrea Holdings Inc                                                             | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21028.82     | 0.03%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| CARNIVAL CORP                                     | Carnival Corp                                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    152000 | PA      | $154696.63    | 0.25%             | 2033-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                          | Standard Building Solutions Inc                                                  | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    148000 | PA      | $149409.89    | 0.24%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                         | Block Inc                                                                        | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    240000 | PA      | $246285.12    | 0.40%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                              | Garda World Security Corp                                                        | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    173000 | PA      | $178372.76    | 0.29%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                            | HA Sustainable Infrastructure Capital Inc                                        | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49542.48     | 0.08%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP                              | Excelerate Energy LP                                                             | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |     53000 | PA      | $55483.16     | 0.09%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                               | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $167279.17    | 0.27%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     58000 | PA      | $57859.98     | 0.09%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                 | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     70000 | PA      | $70714.14     | 0.11%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                          | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     43000 | PA      | $45464.76     | 0.07%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                  | Vital Energy Inc                                                                 | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13165.67     | 0.02%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                            | Match Group Holdings II LLC                                                      | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     34000 | PA      | $31709.12     | 0.05%             | 2030-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                               | Meritage Homes Corp                                                              | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59323.84     | 0.10%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    126000 | PA      | $128428.78    | 0.21%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTN                          | Encino Acquisition Partners Holdings LLC                                         | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |     39000 | PA      | $43037.51     | 0.07%             | 2031-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BAIN CAPITAL SPECIALTY F                          | Bain Capital Specialty Finance Inc                                               | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10935.07     | 0.02%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                  | Under Armour Inc                                                                 | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19385.14     | 0.03%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                    | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    392000 | PA      | $387727.20    | 0.63%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ORION US FINCO INC.                               | Orion US Finco Inc 1st Lien Term Loan                                            | CUSIP: 68631KAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     13000 | PA      | $13058.24     | 0.02%             | 2032-05-20      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                             | GFL Environmental Inc                                                            | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $29331.93     | 0.05%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                              | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              |  | US        |     20000 | PA      | $18665.00     | 0.03%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                           | Zayo Group Holdings Inc                                                          | CUSIP: 98919VAB1<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |     53000 | PA      | $47893.24     | 0.08%             | 2028-03-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                       | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B                     | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |     29117 | PA      | $29164.25     | 0.05%             | 2028-05-12      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                          | Snap Inc                                                                         | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    119000 | PA      | $122016.77    | 0.20%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| CARVANA CO                                        | Carvana Co                                                                       | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    129363 | PA      | $135309.60    | 0.22%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                | TRSWAP: IBOXHY INDEX                                                             | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |     21000 | OU      | $689.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                           | Starwood Property Trust Inc                                                      | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     24000 | PA      | $24235.64     | 0.04%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | SWAP/CDSWAP/ICE: (CDX.NA.HY.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    785510 | OU      | $61380.46     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                                 | Imola Merger Corp                                                                | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $46571.02     | 0.08%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VICI Properties Inc                               | VICI Properties Inc                                                              | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |      2524 | NS      | $82282.40     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSOCEAN INC                                    | Transocean Inc                                                                   | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     38400 | PA      | $39811.93     | 0.06%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                                      | Enerflex Ltd                                                                     | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |     27000 | PA      | $27803.74     | 0.04%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                          | Raven Acquisition Holdings LLC                                                   | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $51511.37     | 0.08%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| ANYWHERE REAL EST/CO-ISS                          | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp                         | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     68300 | PA      | $65409.37     | 0.11%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lonza Group AG                                    | Lonza Group AG USD Term Loan B                                                   | CUSIP: 000000000<br>LEI: 549300Y0CIXN5D40L888 | Long             | LON              | CORP              | US        |     43194 | PA      | $38380.77     | 0.06%             | 2028-07-03      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| WEX INC                                           | WEX Inc                                                                          | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |     57000 | PA      | $57731.20     | 0.09%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                  | CSC Holdings LLC                                                                 | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $130817.72    | 0.21%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                 | Clean Harbors Inc                                                                | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22463.14     | 0.04%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                          | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    139000 | PA      | $142929.81    | 0.23%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                          | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp               | CUSIP: 74052HAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $58425.00     | 0.09%             | 2031-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                          | Hess Midstream Operations LP                                                     | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3000 | PA      | $2902.76      | 0.00%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                           | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $14597.66     | 0.02%             | 2028-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                                 | OneSky Flight LLC                                                                | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36874.15     | 0.06%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                   | Madison IAQ LLC                                                                  | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11612.23     | 0.02%             | 2028-06-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $118742.36    | 0.19%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                              | Carpenter Technology Corp                                                        | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51594.55     | 0.08%             | 2030-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: —       |
| CNTRL PARENT/CDK GLB INC                          | Central Parent Inc / CDK Global Inc                                              | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $83811.07     | 0.14%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| EMRLD BOR / EMRLD CO-ISS                          | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |    361000 | PA      | $368078.85    | 0.60%             | 2030-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC                          | Sensata Technologies Inc                                                         | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     51000 | PA      | $46532.17     | 0.08%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                             | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     42000 | PA      | $43895.25     | 0.07%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| ARDAGH METAL PACKAGING                            | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    349000 | PA      | $317886.00    | 0.51%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                  | AmWINS Group Inc                                                                 | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17483.15     | 0.03%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES    | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   3200000 | NS      | $3200000.00   | 5.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HERC HOLDINGS INC                                 | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82841.12     | 0.13%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                          | Scientific Games Holdings LP/Scientific Games US FinCo Inc                       | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     43000 | PA      | $41424.16     | 0.07%             | 2030-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                              | Aramark Services Inc                                                             | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23763.32     | 0.04%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     17000 | PA      | $14450.00     | 0.02%             | 2029-01-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC                              | Oceaneering International Inc                                                    | CUSIP: 675232AD4<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27156.82     | 0.04%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| HESS MIDSTREAM OPERATION                          | Hess Midstream Operations LP                                                     | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $50474.95     | 0.08%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                               | Gray Television Inc 2024 Term Loan B                                             | CUSIP: 389376BC7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |       163 | PA      | $163.35       | 0.00%             | 2029-06-04      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                           | TransMontaigne Partners LLC                                                      | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     16000 | PA      | $16725.41     | 0.03%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                            | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    471000 | PA      | $471120.11    | 0.76%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| STL HOLDING CO LLC                                | STL Holding Co LLC                                                               | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |     28000 | PA      | $29070.55     | 0.05%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                            | Lumen Technologies Inc                                                           | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     59719 | PA      | $60390.84     | 0.10%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                          | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |     69000 | PA      | $72798.36     | 0.12%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                          | Suburban Propane Partners LP/Suburban Energy Finance Corp                        | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $33810.15     | 0.05%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOYNE USA INC                                     | Boyne USA Inc                                                                    | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $46514.80     | 0.08%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RIVIAN HLD/AUTO LLC                               | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC                             | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $35210.92     | 0.06%             | 2031-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    116000 | PA      | $121612.31    | 0.20%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Summit Acquisition Inc                            | Summit Acquisition Inc 2024 Term Loan B                                          | CUSIP: 86600DAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     19960 | PA      | $19984.95     | 0.03%             | 2031-10-16      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     31000 | PA      | $31296.45     | 0.05%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                             | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     69000 | PA      | $74516.10     | 0.12%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL CAP FND                             | Golub Capital Private Credit Fund                                                | CUSIP: 38179RAE5<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9961.82      | 0.02%             | 2028-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                          | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |    375000 | PA      | $373322.66    | 0.60%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                             | Capstone Borrower Inc                                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    155000 | PA      | $161079.10    | 0.26%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                              | LifePoint Health Inc                                                             | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     57000 | PA      | $59173.64     | 0.10%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| HILTON DOMESTIC OPERATIN                          | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86645.34     | 0.14%             | 2033-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                      | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     72000 | PA      | $74192.11     | 0.12%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52176.15     | 0.08%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ALTAGAS LTD                                       | AltaGas Ltd                                                                      | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |     33000 | PA      | $33252.88     | 0.05%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                    | Bombardier Inc                                                                   | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $41112.84     | 0.07%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| White Cap Buyer LLC                               | White Cap Buyer LLC 2024 Term Loan B                                             | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |     60245 | PA      | $60120.29     | 0.10%             | 2029-10-19      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                          | Sealed Air Corp/Sealed Air Corp US                                               | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $6236.43      | 0.01%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN                          | Northriver Midstream Finance LP                                                  | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |     27000 | PA      | $27489.29     | 0.04%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                            | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     62000 | PA      | $65511.56     | 0.11%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                              | WR Grace Holdings LLC                                                            | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    241000 | PA      | $222183.71    | 0.36%             | 2029-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     56000 | PA      | $56514.70     | 0.09%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| SABRE GLBL INC                                    | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     58000 | PA      | $61146.50     | 0.10%             | 2030-07-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| Ellucian Holdings, Inc.                           | Ellucian Holdings Inc 2024 1st Lien Term Loan B                                  | CUSIP: 28917XAB6<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |      7000 | PA      | $7003.29      | 0.01%             | 2029-10-09      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                           | Global Aircraft Leasing Co Ltd                                                   | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     95000 | PA      | $97850.00     | 0.16%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| FORTRESS INTERMEDIATE 3 INC                       | FORTRESS INTERMEDIATE 3 INC 2025 TERM LOAN B                                     | CUSIP: 34966LAD6<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | LON              | CORP              | US        |      5133 | PA      | $5132.76      | 0.01%             | 2031-06-27      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                             | SS&C Technologies Inc                                                            | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     94000 | PA      | $96654.37     | 0.16%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| ALTICE FRANCE SA                                  | Altice France SA                                                                 | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $173432.45    | 0.28%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ELEMENT SOLUTIONS INC                             | Element Solutions Inc                                                            | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |    177000 | PA      | $170512.68    | 0.28%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                        | Terex Corp                                                                       | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27042.05     | 0.04%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     31000 | PA      | $32002.08     | 0.05%             | 2031-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MIDCONTINENT COMMUNICATI                          | Midcontinent Communications                                                      | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |     41000 | PA      | $43261.23     | 0.07%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Neptune Bidco US Inc                              | Neptune Bidco US Inc 2022 USD Term Loan B                                        | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |     49046 | PA      | $47014.61     | 0.08%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                                         | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     86000 | PA      | $89924.70     | 0.15%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| 1011778 BC / NEW RED FIN                          | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     12000 | PA      | $11726.26     | 0.02%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REALPAGE INC                                      | RealPage Inc 2024 Incremental Term Loan                                          | CUSIP: 75605VAH5<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |     21945 | PA      | $21981.65     | 0.04%             | 2028-04-24      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                              | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |     41000 | PA      | $42413.35     | 0.07%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                       | Chemours Co/The                                                                  | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     88000 | PA      | $86208.22     | 0.14%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                            | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $48485.65     | 0.08%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                            | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     81000 | PA      | $84960.82     | 0.14%             | 2031-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| ZAYO GROUP HOLDINGS INC                           | Zayo Group Holdings Inc                                                          | CUSIP: 98919VAA3<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    115000 | PA      | $109235.52    | 0.18%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1000 | PA      | $959.98       | 0.00%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATLAS LUXCO 4 / ALL UNI                           | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $194022.30    | 0.31%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                            | Lumen Technologies Inc 2024 Extended Term Loan B1                                | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |     48988 | PA      | $48689.75     | 0.08%             | 2029-04-16      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                          | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     66000 | PA      | $68481.66     | 0.11%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LEVI STRAUSS & CO                                 | Levi Strauss & Co                                                                | CUSIP: 52736RBJ0<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |     49000 | PA      | $44858.47     | 0.07%             | 2031-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| Hunter Douglas Inc.                               | Hunter Douglas Inc 2025 USD Term Loan B                                          | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |      9323 | PA      | $9320.08      | 0.02%             | 2032-01-20      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                          | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $23099.27     | 0.04%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                                     | Cable One Inc                                                                    | CUSIP: 12685JAG0<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |     53000 | PA      | $40863.00     | 0.07%             | 2028-03-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                          | New Enterprise Stone & Lime Co Inc                                               | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34749.20     | 0.06%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                          | Amneal Pharmaceuticals LLC                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29434.44     | 0.05%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                           | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $19294.61     | 0.03%             | 2033-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                               | NCL Corp Ltd                                                                     | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     28000 | PA      | $29415.12     | 0.05%             | 2029-01-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                      | Cloudera Inc 2021 Second Lien Term Loan                                          | CUSIP: 74339VAE8<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |     45000 | PA      | $39234.60     | 0.06%             | 2029-10-08      | Floating      | 10.46%                | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                     | Parkland Corp                                                                    | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     31000 | PA      | $31686.12     | 0.05%             | 2032-08-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                          | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     57000 | PA      | $52811.20     | 0.09%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11463.85     | 0.02%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| WINDSTREAM SERVICES/ESCR                          | Windstream Services LLC / Windstream Escrow Finance Corp                         | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $277425.85    | 0.45%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                                  | Vail Resorts Inc                                                                 | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     42000 | PA      | $43165.34     | 0.07%             | 2032-05-15      | Fixed         | 6.50%                 | 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        |     18000 | PA      | $17341.84     | 0.03%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                          | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              |  | US        |     77000 | PA      | $78854.01     | 0.13%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                          | Microchip Technology Inc                                                         | CUSIP: 595017302<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EP               | CORP              | US        |      1004 | NS      | $63161.64     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                                    | NRG Energy Inc                                                                   | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    119000 | PA      | $119322.85    | 0.19%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                     | CUSIP: 902613BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $213188.80    | 0.34%             | 2031-04-12      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                           | Light & Wonder International Inc                                                 | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18761.13     | 0.03%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ATS CORP                                          | ATS Corp                                                                         | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |     39000 | PA      | $37065.81     | 0.06%             | 2028-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Delta Topco Inc                                   | Delta TopCo Inc 2024 2nd Lien Term Loan                                          | CUSIP: 24780DAH0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      7000 | PA      | $6986.00      | 0.01%             | 2030-11-29      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                    | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     47000 | PA      | $49077.68     | 0.08%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| WHIRLPOOL CORP                                    | Whirlpool Corp                                                                   | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24940.39     | 0.04%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                               | Gray Television Inc 2021 Term Loan D                                             | CUSIP: 389376AZ7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     17632 | PA      | $17593.21     | 0.03%             | 2028-12-01      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN                           | Aethon United BR LP / Aethon United Finance Corp                                 | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     47000 | PA      | $49243.83     | 0.08%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                             | Quikrete Holdings Inc                                                            | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     44000 | PA      | $45127.47     | 0.07%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| ALLIED UNIVERSAL                                  | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $174040.22    | 0.28%             | 2030-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                          | Trident TPI Holdings Inc                                                         | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |     26000 | PA      | $27814.64     | 0.04%             | 2028-12-31      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| UBS AG                                            | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $1560.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                          | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $61183.00     | 0.10%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                            | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26456.01     | 0.04%             | 2030-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| Atlas CC Acquisition Corp                         | Atlas CC Acquisition Corp Term Loan B                                            | CUSIP: 04921TAB0<br>LEI: 6HHLXIOGCDNZ4IRAIW26 | Long             | LON              | CORP              | US        |     61523 | PA      | $44927.05     | 0.07%             | 2028-05-25      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                              | Reworld Holding Corp                                                             | CUSIP: 22282EAJ1<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |     28000 | PA      | $26527.00     | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| FREEDOM MORTGAGE HOLD                             | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57325.77     | 0.09%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                           | Darling Ingredients Inc                                                          | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21134.23     | 0.03%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                          | Prime Security Services Borrower LLC / Prime Finance Inc                         | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     47000 | PA      | $46996.63     | 0.08%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                              | LifePoint Health Inc                                                             | CUSIP: 53219LAY5<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     62000 | PA      | $65961.44     | 0.11%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Foundation Building Materials Holding Company LLC | Foundation Building Materials Holding Company LLC 2024 Term Loan B2              | CUSIP: 35039KAD8<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |     51692 | PA      | $49738.89     | 0.08%             | 2031-01-29      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                                         | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |    224000 | PA      | $238546.11    | 0.39%             | 2031-11-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| ASCENT RESOURCES/ARU FIN                          | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     26000 | PA      | $26360.20     | 0.04%             | 2033-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                    | Bombardier Inc                                                                   | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     73000 | PA      | $75517.70     | 0.12%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| AAR ESCROW ISSUER LLC                             | AAR Escrow Issuer LLC                                                            | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2000 | PA      | $2052.12      | 0.00%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                           | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                          | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $19786.60     | 0.03%             | 2030-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Tenneco Inc                                       | Tenneco Inc 2022 Term Loan A                                                     | CUSIP: 88037HAN4<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |      4207 | PA      | $4147.24      | 0.01%             | 2028-11-17      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     66000 | PA      | $66784.68     | 0.11%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                              | Kaiser Aluminum Corp                                                             | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $26392.37     | 0.04%             | 2028-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| NOVELIS CORP                                      | Novelis Corp                                                                     | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     99000 | PA      | $88800.90     | 0.14%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                             | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    393000 | PA      | $409677.35    | 0.66%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                               | Sirius XM Radio LLC                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     86000 | PA      | $85064.52     | 0.14%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                           | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $175609.15    | 0.28%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                               | Insulet Corp                                                                     | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |     36000 | PA      | $37005.26     | 0.06%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FIN                           | Blue Owl Technology Finance Corp II                                              | CUSIP: 69121JAB3<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16385.36     | 0.03%             | 2029-04-04      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Crash Champions LLC                               | Crash Champions LLC 2024 Term Loan B                                             | CUSIP: 15870MAC0<br>LEI: 391200ZDD75EGEUJ7625 | Long             | LON              | CORP              | US        |     41835 | PA      | $38725.62     | 0.06%             | 2029-02-23      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| CARNIVAL PLC                                      | Carnival PLC                                                                     | CUSIP: 000000000<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $115977.88    | 0.19%             | 2031-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                             | Endo Finance Holdings Inc                                                        | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $13829.82     | 0.02%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                                | Mattamy Group Corp                                                               | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |     26000 | PA      | $24943.35     | 0.04%             | 2030-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                          | Permian Resources Operating LLC                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     96000 | PA      | $96571.01     | 0.16%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORTRESS INTERMEDIATE                             | Fortress Intermediate 3 Inc                                                      | CUSIP: 34966MAA0<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | DBT              | CORP              | US        |    108000 | PA      | $113344.16    | 0.18%             | 2031-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                  | MGM Resorts International                                                        | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65891.02     | 0.11%             | 2029-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                            | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     79000 | PA      | $78107.21     | 0.13%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                  | UWM Holdings LLC                                                                 | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     81000 | PA      | $81035.61     | 0.13%             | 2030-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Partners LP                   | Enterprise Products Partners LP                                                  | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |      2389 | NS      | $74035.11     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                           | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $22793.46     | 0.04%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| USI INC/NY                                        | USI Inc/NY                                                                       | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |     78000 | PA      | $82352.95     | 0.13%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                     | TransDigm Inc                                                                    | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    541000 | PA      | $544436.43    | 0.88%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                         | SUNOCO LP                                                                        | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35448.04     | 0.06%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    185000 | PA      | $161833.38    | 0.26%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                            | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $30106.51     | 0.05%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                    | Transocean Inc                                                                   | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $22969.16     | 0.04%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| CARVANA CO                                        | Carvana Co                                                                       | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    229685 | PA      | $273134.62    | 0.44%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                                   | Star Parent Inc Term Loan B                                                      | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |     71074 | PA      | $70215.83     | 0.11%             | 2030-09-27      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                                | Crown Americas LLC                                                               | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86159.79     | 0.14%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP BIDCO LTD                             | BOOTS GROUP BIDCO LTD USD TERM LOAN                                              | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | LON              | CORP              | US        |    129000 | PA      | $128758.77    | 0.21%             | 2032-07-16      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                             | Civitas Resources Inc                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12339.91     | 0.02%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                                  | Vail Resorts Inc                                                                 | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     33000 | PA      | $33181.50     | 0.05%             | 2030-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                          | Cloud Software Group Inc 2024 USD Term Loan                                      | CUSIP: 88632NBE9<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |     74655 | PA      | $74907.40     | 0.12%             | 2031-03-21      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $54537.37     | 0.09%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25367.28     | 0.04%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24513.60     | 0.04%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| HOWDEN UK REFINANCE / US                          | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC    | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $207096.60    | 0.33%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                               | NCL Corp Ltd                                                                     | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     84000 | PA      | $86278.12     | 0.14%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                 | Iron Mountain Inc                                                                | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     78000 | PA      | $79332.08     | 0.13%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                          | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $151747.11    | 0.25%             | 2027-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                          | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     37000 | PA      | $35957.38     | 0.06%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                            | Match Group Holdings II LLC                                                      | CUSIP: 57667JAA0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     13000 | PA      | $11632.26     | 0.02%             | 2031-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                                      | MH Sub I LLC 2024 Term Loan B4                                                   | CUSIP: 000000000<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     65757 | PA      | $58469.15     | 0.09%             | 2031-12-31      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| HEALTHEQUITY INC                                  | HealthEquity Inc                                                                 | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |     93000 | PA      | $89526.50     | 0.14%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LABL INC                                          | LABL Inc                                                                         | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     93000 | PA      | $86781.88     | 0.14%             | 2028-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                          | Celanese US Holdings LLC                                                         | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15168.77     | 0.02%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Foundation Building Materials Holding Company LLC | Foundation Building Materials Holding Company LLC 2021 Term Loan                 | CUSIP: 35039KAB2<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |     25742 | PA      | $25136.70     | 0.04%             | 2028-01-31      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Central Parent Inc                                | Central Parent Inc 2024 Term Loan B                                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20260 | PA      | $16460.96     | 0.03%             | 2029-07-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                       | Avient Corp                                                                      | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25088.88     | 0.04%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                            | AthenaHealth Group Inc                                                           | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    518000 | PA      | $509220.88    | 0.82%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                                | CP Atlas Buyer Inc                                                               | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11098.78     | 0.02%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                    | Sabre GLBL Inc 2024 Term Loan B2                                                 | CUSIP: 78571YBL3<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |      4991 | PA      | $4791.52      | 0.01%             | 2029-11-15      | Floating      | 10.46%                | No            |                  3 | On Loan: No      |
| SK INVICTUS INTERMEDIATE                          | SK Invictus Intermediate II Sarl                                                 | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     60000 | PA      | $58327.59     | 0.09%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Momentive Performance Materials Inc               | Momentive Performance Materials Inc 2023 Term Loan                               | CUSIP: 60877JAG7<br>LEI: H2OFQI2FJX0T8IHKL414 | Long             | LON              | CORP              | US        |      6796 | PA      | $6797.80      | 0.01%             | 2028-03-29      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                  | Altice France SA                                                                 | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $173000.00    | 0.28%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                          | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211462.20    | 0.34%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ATLAS CC ACQUISITION CORP                         | ATLAS CC ACQUISITION CORP 2025 2nd OUT TERM LOAN C                               | CUSIP: 04921TAH7<br>LEI: 6HHLXIOGCDNZ4IRAIW26 | Long             | LON              | CORP              | US        |       571 | PA      | $413.86       | 0.00%             | 2029-05-25      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| GRYPHON DEBT MERGER SUB INC                       | GRYPHON DEBT MERGER SUB INC TERM LOAN B                                          | CUSIP: 40054QAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     48000 | PA      | $48060.00     | 0.08%             | 2032-06-18      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                            | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29330.19     | 0.05%             | 2030-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL/FINANC                          | Pebblebrook Hotel LP / PEB Finance Corp                                          | CUSIP: 70510LAA7<br>LEI: N/A                  | Long             | DBT              |  | US        |     18000 | PA      | $17949.58     | 0.03%             | 2029-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                          | Live Nation Entertainment Inc                                                    | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32489.88     | 0.05%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                  | GGAM Finance Ltd                                                                 | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     59000 | PA      | $59221.25     | 0.10%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                          | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     70000 | PA      | $71911.84     | 0.12%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                       | Asurion LLC 2025 Term Loan B13                                                   | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     24868 | PA      | $24326.99     | 0.04%             | 2030-09-19      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                          | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23456.55     | 0.04%             | 2032-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| FORTRESS TRANS & INFRAST                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    108000 | PA      | $114508.94    | 0.19%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                           | K Hovnanian Enterprises Inc                                                      | CUSIP: 48251UAM0<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    105000 | PA      | $113692.95    | 0.18%             | 2029-09-30      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                 | Iliad Holding SASU                                                               | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $205277.74    | 0.33%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT                             | Stonepeak Nile Parent LLC                                                        | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10503.43     | 0.02%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MANITOWOC COMPANY INC                             | Manitowoc Co Inc/The                                                             | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |     19000 | PA      | $20187.50     | 0.03%             | 2031-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    193000 | PA      | $192657.46    | 0.31%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                        | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8264.41      | 0.01%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| LAMB WESTON HLD                                   | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     43000 | PA      | $40177.53     | 0.06%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                 | Service Corp International/US                                                    | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    156000 | PA      | $156369.72    | 0.25%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                      | Enbridge Inc                                                                     | CUSIP: 29250NCG8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     32000 | PA      | $33314.24     | 0.05%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLOVER HOLDINGS 2 LLC                             | Clover Holdings 2 LLC Fixed Term Loan B                                          | CUSIP: 18914DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    239000 | PA      | $238402.50    | 0.39%             | 2031-12-09      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                            | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    121000 | PA      | $125157.32    | 0.20%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GYP HOLDINGS III CORP                             | GYP Holdings III Corp                                                            | CUSIP: 36261NAA5<br>LEI: 549300055I1KJWZH9690 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60571.86     | 0.10%             | 2029-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                      | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11488.86     | 0.02%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC                               | White Cap Buyer LLC                                                              | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    278000 | PA      | $277248.04    | 0.45%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     82000 | PA      | $77432.12     | 0.13%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                          | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34032.30     | 0.06%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                          | Apollo Debt Solutions BDC                                                        | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     28000 | PA      | $29157.40     | 0.05%             | 2031-07-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                  | CSC Holdings LLC 2022 Term Loan B6                                               | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |     64317 | PA      | $64066.77     | 0.10%             | 2028-01-18      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                             | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    121000 | PA      | $117884.69    | 0.19%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    139271 | PA      | $157901.97    | 0.26%             | 2029-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                            | Clearway Energy Operating LLC                                                    | CUSIP: 18539UAE5<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     51000 | PA      | $45303.75     | 0.07%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     32000 | PA      | $27440.00     | 0.04%             | 2030-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| CLOUD SOFTWARE GRP INC                            | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201977.00    | 0.33%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    156205 | PA      | $175925.88    | 0.28%             | 2030-12-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| INGEVITY CORP                                     | Ingevity Corp                                                                    | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |     41000 | PA      | $39015.48     | 0.06%             | 2028-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| STARWOOD PROPERTY TRUST                           | Starwood Property Trust Inc                                                      | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     32000 | PA      | $32914.53     | 0.05%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Ascend Learning LLC                               | Ascend Learning, LLC 2021 2nd Lien Term Loan                                     | CUSIP: 04349HAM6<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |     10219 | PA      | $10208.32     | 0.02%             | 2029-12-10      | Floating      | 10.21%                | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                    | Sabre GLBL Inc 2024 Term Loan B1                                                 | CUSIP: 78571YBK5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |      9050 | PA      | $9038.73      | 0.01%             | 2029-11-15      | Floating      | 10.46%                | No            |                  3 | On Loan: No      |
| ONEOK Inc                                         | ONEOK Inc                                                                        | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |       506 | NS      | $41547.66     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CARNIVAL CORP                                     | Carnival Corp                                                                    | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     44000 | PA      | $44660.00     | 0.07%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                          | Builders FirstSource Inc                                                         | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26657.80     | 0.04%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| SHIFT4 PAYMENTS INC                               | Shift4 Payments Inc                                                              | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       213 | NS      | $25123.35     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HARVEST MIDSTREAM I LP                            | Harvest Midstream I LP                                                           | CUSIP: 417558AB9<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18709.81     | 0.03%             | 2032-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                            | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28331.95     | 0.05%             | 2029-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     69000 | PA      | $63231.63     | 0.10%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| HERC HOLDINGS INC                                 | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     63000 | PA      | $65112.74     | 0.11%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SPRINGS WINDOWS FASHIONS LLC                      | Springs Windows Fashions LLC 2024 FLFO A1 Term Loan                              | CUSIP: 000000000<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | LON              | CORP              | US        |      5742 | PA      | $5723.67      | 0.01%             | 2029-12-19      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| ARDONAGH MIDCO 3 PLC                              | Ardonagh Midco 3 PLC 2024 USD Term Loan B                                        | CUSIP: 000000000<br>LEI: 254900YP2E642AGM4G32 | Long             | LON              | CORP              | AU        |     26273 | PA      | $26158.34     | 0.04%             | 2031-02-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                               | Buckeye Partners LP                                                              | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10352.53     | 0.02%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                         | Crocs Inc                                                                        | CUSIP: 227046AB5<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18078.65     | 0.03%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                                         | Pike Corp                                                                        | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |     26000 | PA      | $27958.89     | 0.05%             | 2031-01-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS                            | Methanex US Operations Inc                                                       | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     33000 | PA      | $32711.07     | 0.05%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                    | Sabre GLBL Inc                                                                   | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32508.80     | 0.05%             | 2027-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                    | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     36000 | PA      | $38740.46     | 0.06%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CNT PRNT/CDK GLO II/FIN                           | Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc                    | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $11876.35     | 0.02%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| RIVERS ENTERPRISE                                 | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp                  | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $27259.90     | 0.04%             | 2033-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                          | Chobani LLC / Chobani Finance Corp Inc                                           | CUSIP: 17027NAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $57857.06     | 0.09%             | 2028-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                                    | Ryan Specialty LLC                                                               | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48132.67     | 0.08%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                          | Pattern Energy Operations LP / Pattern Energy Operations Inc                     | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $18420.19     | 0.03%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KIMMERIDGE TEXAS GAS LLC                          | Kimmeridge Texas Gas LLC                                                         | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    114000 | PA      | $117130.67    | 0.19%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                              | Chart Industries Inc                                                             | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52376.55     | 0.08%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                          | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $115387.23    | 0.19%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50586 | PA      | $51008.09     | 0.08%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                             | Civitas Resources Inc                                                            | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29357.82     | 0.05%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| MAJORDRIVE HOLDINGS IV L                          | MajorDrive Holdings IV LLC                                                       | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |     47000 | PA      | $38768.51     | 0.06%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| STAPLES INC                                       | Staples Inc                                                                      | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |     36000 | PA      | $33755.81     | 0.05%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                     | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    378054 | PA      | $358206.17    | 0.58%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                              | LifePoint Health Inc 2024 1st Lien Term Loan B                                   | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |     80350 | PA      | $80140.67     | 0.13%             | 2031-05-19      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                           | Surgery Center Holdings Inc                                                      | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    128000 | PA      | $131610.50    | 0.21%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| CONCENTRA HEALTH SERVICE                          | Concentra Health Services Inc                                                    | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |     58000 | PA      | $59594.43     | 0.10%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                        | Terex Corp                                                                       | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13665.01     | 0.02%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer