# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0002071691-25-002319
**Filing Date:** 2025-9
**Character Count:** 108393
**Document Hash:** 483baaaa4e9927f1156a028c836266f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-002319.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0002071691-25-002319

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251347009

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BlackRock Short Obligations Fund (Series ID: S000038550)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000119004 | Class K Shares       |  |
| C000129315 | Institutional Shares |  |
| C000198747 | Investor A Shares    |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-05742

- **c. CIK number of Registrant:** 0000844779

- **d. LEI of Registrant:** 549300OZUEVJZHOBFP42

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

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

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** BlackRock Short Obligations Fund

- **b. EDGAR series identifier (if any):** S000038550

- **c. LEI of Series:** 549300XULCSJN4492O72

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

- **a. Date of fiscal year-end:** 2025-07-31

- **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:** $1133995603.18

**Total Liabilities:** $32079797.83

**Net Assets:** $1101915805.35

**Cash Not Reported:** $15061.48

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 12435.60000000 | **1-Year:** 49727.81000000 | **5-Year:** 13095.69000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000198747 | 0.36%                | 0.44%                | 0.26%                |
| Class ID C000129315 | 0.38%                | 0.36%                | 0.37%                |
| Class ID C000119004 | 0.38%                | 0.47%                | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $144.45                  | $-444845.13                                |
| Month 2  | $-11876.96               | $832170.62                                 |
| Month 3  | $2000.01                 | $-522747.08                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Danske Bank A/S                                    | Danske Bank A/S                                                            | CUSIP: 23636QY59<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |   6380000 | PA      | $6304573.73   | 0.57%             | 2025-11-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust            | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A2B          | CUSIP: 44934FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    586280 | PA      | $586417.99    | 0.05%             | 2026-10-15      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp.                             | Northrop Grumman Corp.                                                     | CUSIP: 66681LVM9<br>LEI: RIMU48P07456QXSO0R61 | Long             | STIV             | CORP              | US        |   2940000 | PA      | $2932140.79   | 0.27%             | 2025-08-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MassMutual Global Funding II                       | MassMutual Global Funding II                                               | CUSIP: 57629TBW6<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |   5448000 | PA      | $5472152.84   | 0.50%             | 2028-03-27      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                           | John Deere Capital Corp.                                                   | CUSIP: 24422EXV6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1165919.50   | 0.11%             | 2027-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Intrepid Funding Co. LLC                           | Intrepid Funding Co. LLC                                                   | CUSIP: 46125FDW6<br>LEI: 984500FAJ11A8A3K3E69 | Long             | STIV             | CORP              | US        |   6780000 | PA      | $6558531.30   | 0.60%             | 2026-04-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ANZ New Zealand Int'l Ltd.                         | ANZ New Zealand Int'l Ltd.                                                 | CUSIP: 0018A3BH6<br>LEI: 213800VD256NU2D97H12 | Long             | STIV             | CORP              | NZ        |   2190000 | PA      | $2137283.20   | 0.19%             | 2026-02-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                   | Principal Life Global Funding II                                           | CUSIP: 74256LFA2<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   2910000 | PA      | $2915751.73   | 0.26%             | 2027-08-19      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard, Inc.                     | Alimentation Couche-Tard, Inc.                                             | CUSIP: 01626UV44<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |   4820000 | PA      | $4817530.23   | 0.44%             | 2025-08-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                             | Goldman Sachs Bank USA                                                     | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3156371.88   | 0.29%             | 2027-03-18      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                          | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1760000 | PA      | $1761783.55   | 0.16%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank      | Credit Agricole Corporate and Investment Bank                              | CUSIP: 22533UBL6<br>LEI: 254900BN8XS34XZDJ223 | Long             | STIV             | CORP              | FR        |   3010000 | PA      | $2936381.12   | 0.27%             | 2026-02-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank Corporate Markets plc                  | Lloyds Bank Corporate Markets plc                                          | CUSIP: 53947B3U2<br>LEI: 213800MBWEIJDM5CU638 | Long             | STIV             | CORP              | GB        |   6090000 | PA      | $6086593.25   | 0.55%             | 2026-05-15      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| National Securities Clearing Corp.                 | National Securities Clearing Corp.                                         | CUSIP: 637639AN5<br>LEI: 549300RYC9NELN2ICA34 | Long             | DBT              | CORP              | US        |   5715000 | PA      | $5727784.17   | 0.52%             | 2027-05-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                             | Home Depot, Inc. (The)                                                     | CUSIP: 437076CZ3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2920386.94   | 0.27%             | 2026-06-25      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital Services, Inc.                     | Hyundai Capital Services, Inc.                                             | CUSIP: 44920UAX6<br>LEI: 549300MALMDAGL2ZJJ27 | Long             | DBT              | CORP              | KR        |   5790000 | PA      | $5862378.30   | 0.53%             | 2028-01-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nestle Holdings, Inc.                              | Nestle Holdings, Inc.                                                      | CUSIP: 641062BA1<br>LEI: 549300EAEU8YV8MQXP30 | Long             | DBT              | CORP              | US        |   6200000 | PA      | $6194801.18   | 0.56%             | 2025-09-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                   | CUSIP: 21688ABK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   5610000 | PA      | $5701030.10   | 0.52%             | 2028-01-21      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                           | John Deere Capital Corp.                                                   | CUSIP: 24422EXY0<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   2780000 | PA      | $2791814.14   | 0.25%             | 2027-01-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                        | CUSIP: 55607LAD6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |   3110000 | PA      | $3047121.40   | 0.28%             | 2026-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                             | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | RA               | CORP              | FR        |   8250000 | PA      | $8250000.00   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                      | CUSIP: N/A<br>LEI: 9DJT3UXIJIZJI4WXO774       | Long             | STIV             | CORP              | US        |   6060000 | PA      | $6060044.60   | 0.55%             | 2026-04-02      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices, Inc.                       | Advanced Micro Devices, Inc.                                               | CUSIP: 007903BH9<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   3040000 | PA      | $3039943.49   | 0.28%             | 2026-09-24      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Credit Industriel et Commercial                    | Credit Industriel et Commercial                                            | CUSIP: 22536WK39<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | STIV             | CORP              | FR        |   6000000 | PA      | $5997819.60   | 0.54%             | 2026-05-12      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                             | CUSIP: 40434RB35<br>LEI: 549300LBOHZ4QSIWU288 | Long             | STIV             | CORP              | US        |   7800000 | PA      | $7619547.78   | 0.69%             | 2026-02-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                      | CUSIP: 65339KDG2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2235000 | PA      | $2258516.38   | 0.20%             | 2028-02-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                           | Bristol-Myers Squibb Co.                                                   | CUSIP: 110122EM6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   2055000 | PA      | $2057671.50   | 0.19%             | 2026-02-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                | Bank of New York Mellon Corp. (The)                                        | CUSIP: 06406RCD7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   9240000 | PA      | $9282058.35   | 0.84%             | 2028-06-09      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                    | Starbucks Corp.                                                            | CUSIP: 855244BG3<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   3130000 | PA      | $3149058.23   | 0.29%             | 2027-02-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NatWest Markets plc                                | NatWest Markets plc                                                        | CUSIP: 63906YAM0<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   4220000 | PA      | $4256479.37   | 0.39%             | 2028-03-21      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                        | CUSIP: 55608PBQ6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   1990000 | PA      | $2019244.14   | 0.18%             | 2026-12-07      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co., Series W                                                | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2010000 | PA      | $2020480.98   | 0.18%             | 2028-01-24      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                           | CUSIP: 60710TP96<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   5000000 | PA      | $5001985.50   | 0.45%             | 2025-11-12      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                               | CUSIP: 02665WGC9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5010060.90   | 0.45%             | 2026-07-15      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                      | State Street Bank & Trust Co.                                              | CUSIP: 857449AD4<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1135742.35   | 0.10%             | 2026-11-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank, New York                                          | CUSIP: 85325VQE3<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |   5000000 | PA      | $4999704.50   | 0.45%             | 2025-09-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Natixis SA                                         | Natixis SA                                                                 | CUSIP: 63873TCE6<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | STIV             | CORP              | FR        |   5600000 | PA      | $5599595.12   | 0.51%             | 2025-11-04      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Mizuho Securities USA LLC                          | Mizuho Securities USA LLC                                                  | CUSIP: N/A<br>LEI: 7TK5RJIZDFROZCA6XF66       | Long             | RA               | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                       | Fiserv, Inc.                                                               | CUSIP: 33774KV64<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | STIV             | CORP              | US        |  10830000 | PA      | $10821756.20  | 0.98%             | 2025-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Brookfield Renewable Partners LP                   | Brookfield Renewable Partners LP                                           | CUSIP: 11284WV59<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | STIV             | CORP              | BM        |   4655000 | PA      | $4652061.76   | 0.42%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services, Inc.       | Fidelity National Information Services, Inc.                               | CUSIP: 31621YVC0<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | STIV             | CORP              | US        |   2750000 | PA      | $2745815.33   | 0.25%             | 2025-08-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Swedbank AB                                        | Swedbank AB                                                                | CUSIP: 87020YCZ9<br>LEI: M312WZV08Y7LYUC71685 | Long             | STIV             | CORP              | SE        |   5800000 | PA      | $5801701.14   | 0.53%             | 2025-10-01      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.         | Australia & New Zealand Banking Group Ltd.                                 | CUSIP: 05253MZQ0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | STIV             | CORP              | AU        |   6660000 | PA      | $6659501.17   | 0.60%             | 2026-05-11      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Pure Grove Funding                                 | Pure Grove Funding                                                         | CUSIP: 74625UBR3<br>LEI: 5493001D6K5CFMBUWV36 | Long             | STIV             | CORP              | CA        |   6400000 | PA      | $6238216.32   | 0.57%             | 2026-02-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | Deutsche Bank AG                                                           | CUSIP: 25161DAL7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | STIV             | CORP              | DE        |   8730000 | PA      | $8722815.21   | 0.79%             | 2026-07-17      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust, Series 2024-1, Class A2B                          | CUSIP: 05611UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     43427 | PA      | $43429.04     | 0.00%             | 2026-07-27      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                    | CUSIP: 63307NNV5<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | STIV             | CORP              | CA        |   2960000 | PA      | $2960137.70   | 0.27%             | 2026-03-20      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Siemens Financieringsmaatschappij NV               | Siemens Financieringsmaatschappij NV                                       | CUSIP: 826200AD9<br>LEI: TAFO772JB70PDRN5VS48 | Long             | DBT              | CORP              | NL        |   8750000 | PA      | $8910006.88   | 0.81%             | 2026-08-17      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                      | CUSIP: 04685A4Q1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   3065000 | PA      | $3065622.78   | 0.28%             | 2026-08-10      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                      | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1798784.57   | 0.16%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Accenture Capital, Inc.                            | Accenture Capital, Inc.                                                    | CUSIP: 00440KAA1<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |   2015000 | PA      | $2001906.81   | 0.18%             | 2027-10-04      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                          | RTX Corp.                                                                  | CUSIP: 75513ECQ2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1597964.61   | 0.15%             | 2026-02-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                    | CUSIP: 63307NNY9<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | STIV             | CORP              | CA        |   6000000 | PA      | $6000338.04   | 0.54%             | 2026-04-06      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.              | International Business Machines Corp.                                      | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   6070000 | PA      | $6016368.76   | 0.55%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Taxable Municipal Funding Trust                    | Taxable Municipal Funding Trust, Series 2020-11                            | CUSIP: 62630WEL7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1120000 | PA      | $1120000.00   | 0.10%             | 2030-09-01      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                    | CUSIP: 233853BC3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1789328.60   | 0.16%             | 2028-01-13      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Owner Trust                            | BMW Vehicle Owner Trust, Series 2024-A, Class A2B                          | CUSIP: 096919AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    546521 | PA      | $546601.29    | 0.05%             | 2027-02-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Trust & Banking Corp.               | Mitsubishi UFJ Trust & Banking Corp.                                       | CUSIP: 60683DW54<br>LEI: JBONEPAGQXF4QP29B387 | Long             | STIV             | CORP              | JP        |   5610000 | PA      | $5610853.84   | 0.51%             | 2025-09-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Salisbury Receivables Co. LLC                      | Salisbury Receivables Co. LLC                                              | CUSIP: 79490AV13<br>LEI: 549300HB2PGDP0V6U989 | Long             | STIV             | CORP              | US        |  11380000 | PA      | $11378627.57  | 1.03%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                               | JPMorgan Chase & Co.                                                       | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3913931.56   | 0.36%             | 2027-04-22      | Variable      | 1.58%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                        | PNC Bank NA                                                                | CUSIP: 69353RFW3<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   2765000 | PA      | $2767001.00   | 0.25%             | 2027-01-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                     | CUSIP: 61690U8F0<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   8770000 | PA      | $8796749.11   | 0.80%             | 2027-10-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                               | CUSIP: 63253QAF1<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |   2160000 | PA      | $2161426.77   | 0.20%             | 2025-12-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust       | American Express Credit Account Master Trust, Series 2022-4, Class A       | CUSIP: 02582JJX9<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5003864.00   | 0.45%             | 2027-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Korea Development Bank (The)                       | Korea Development Bank (The)                                               | CUSIP: N/A<br>LEI: 549300ML2LNRZUCS7149       | Long             | STIV             | CORP              | KR        |   5750000 | PA      | $5750000.00   | 0.52%             | 2026-03-02      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                         | CUSIP: 05565ECN3<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   2770000 | PA      | $2777039.82   | 0.25%             | 2026-08-13      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                | CUSIP: 17325FBM9<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   8450000 | PA      | $8467143.87   | 0.77%             | 2027-11-19      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                        | CUSIP: 91282CJB8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3002648.43   | 0.27%             | 2025-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NBN Co. Ltd.                                       | NBN Co. Ltd.                                                               | CUSIP: 62878U2H4<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |   5925000 | PA      | $5860591.16   | 0.53%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                    | CUSIP: 58769JAT4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   2840000 | PA      | $2851532.05   | 0.26%             | 2026-07-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                             | Home Depot, Inc. (The)                                                     | CUSIP: 437076CR1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   1910000 | PA      | $1908516.04   | 0.17%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CDP Financial, Inc.                                | CDP Financial, Inc.                                                        | CUSIP: 125094BB7<br>LEI: 549300OXMGVYFCBFV096 | Long             | DBT              | NUSS              | CA        |   2523000 | PA      | $2523320.77   | 0.23%             | 2026-02-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                  | CUSIP: 89236TMR3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   2950000 | PA      | $2952920.50   | 0.27%             | 2026-04-10      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                      | CUSIP: 04685A4M0<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  11065000 | PA      | $11116673.55  | 1.01%             | 2028-03-06      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank      | Credit Agricole Corporate and Investment Bank                              | CUSIP: 22536JXP5<br>LEI: 254900BN8XS34XZDJ223 | Long             | STIV             | CORP              | FR        |  18840000 | PA      | $18840000.00  | 1.71%             | 2026-03-02      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Salisbury Receivables Co. LLC                      | Salisbury Receivables Co. LLC                                              | CUSIP: 79490AWN4<br>LEI: 549300HB2PGDP0V6U989 | Long             | STIV             | CORP              | US        |   3530000 | PA      | $3507213.14   | 0.32%             | 2025-09-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pure Grove Funding                                 | Pure Grove Funding                                                         | CUSIP: 74625TYJ9<br>LEI: 5493001D6K5CFMBUWV36 | Long             | STIV             | CORP              | CA        |   6500000 | PA      | $6412478.80   | 0.58%             | 2025-11-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Protective Life Global Funding                     | Protective Life Global Funding                                             | CUSIP: 74368CBX1<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3172085.41   | 0.29%             | 2027-01-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance USA plc                          | Rio Tinto Finance USA plc                                                  | CUSIP: 76720AAQ9<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |   1040000 | PA      | $1042910.67   | 0.09%             | 2027-03-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                       | CUSIP: 025816DS5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   3050000 | PA      | $3058278.28   | 0.28%             | 2027-04-23      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                    | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2005000 | PA      | $2019229.46   | 0.18%             | 2026-06-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard, Inc.                     | Alimentation Couche-Tard, Inc.                                             | CUSIP: 01626UVV4<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |   2620000 | PA      | $2610182.86   | 0.24%             | 2025-08-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                       | CUSIP: 37790AW33<br>LEI: 213800STG1QDNBY87K49 | Long             | STIV             | CORP              | US        |  12940000 | PA      | $12883994.39  | 1.17%             | 2025-09-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                 | Northwestern Mutual Global Funding                                         | CUSIP: 66815L2V0<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |   3940000 | PA      | $3958753.73   | 0.36%             | 2028-03-21      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                               | CUSIP: 632525BP5<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   5150000 | PA      | $5158874.07   | 0.47%             | 2026-01-29      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| USAA Auto Owner Trust                              | USAA Auto Owner Trust, Series 2024-A, Class A2                             | CUSIP: 90327VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    751951 | PA      | $752717.20    | 0.07%             | 2027-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                     | Pacific Life Global Funding II                                             | CUSIP: 6944PL3G2<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   6635000 | PA      | $6635019.84   | 0.60%             | 2027-02-04      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| MassMutual Global Funding II                       | MassMutual Global Funding II                                               | CUSIP: 57629WDK3<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |   2238000 | PA      | $2237386.05   | 0.20%             | 2025-08-26      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Securities LLC                         | Wells Fargo Securities LLC                                                 | CUSIP: N/A<br>LEI: VYVVCKR63DVZZN70PB21       | Long             | RA               | CORP              | US        |  12500000 | PA      | $12500000.00  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                           | CUSIP: 60710TE49<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   8750000 | PA      | $8754429.25   | 0.79%             | 2026-02-18      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                    | CUSIP: 928668CD2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   3140000 | PA      | $3142735.66   | 0.29%             | 2026-03-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                 | Honda Auto Receivables Owner Trust, Series 2024-1, Class A2                | CUSIP: 437918AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    444449 | PA      | $444694.54    | 0.04%             | 2026-09-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                        | CUSIP: 83369BX76<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | STIV             | CORP              | FR        |   5000000 | PA      | $4958126.50   | 0.45%             | 2025-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Paradelle Funding LLC                              | Paradelle Funding LLC                                                      | CUSIP: 69901MWQ5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   6770000 | PA      | $6724662.66   | 0.61%             | 2025-09-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                  | CUSIP: 89236TMD4<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   2975000 | PA      | $2992667.51   | 0.27%             | 2026-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Ameren Corp.                                       | Ameren Corp.                                                               | CUSIP: 02360RV56<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | STIV             | CORP              | US        |   3750000 | PA      | $3747664.50   | 0.34%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                | CNH Equipment Trust, Series 2024-B, Class A2A                              | CUSIP: 18978JAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    612407 | PA      | $613624.90    | 0.06%             | 2027-10-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                    | CUSIP: 58769JAJ6<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   3330000 | PA      | $3330000.00   | 0.30%             | 2025-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TWDC Enterprises 18 Corp.                          | TWDC Enterprises 18 Corp.                                                  | CUSIP: 25468PDV5<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |   6040000 | PA      | $5918264.65   | 0.54%             | 2027-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                      | CUSIP: 86562MCT5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   4800000 | PA      | $4817188.75   | 0.44%             | 2026-01-13      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Wisconsin Public Service Corp.                     | Wisconsin Public Service Corp.                                             | CUSIP: 976843BP6<br>LEI: 549300BJRHJVYNUMQZ30 | Long             | DBT              | CORP              | US        |   2720000 | PA      | $2722539.83   | 0.25%             | 2025-11-10      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                           | UnitedHealth Group, Inc.                                                   | CUSIP: 91324PFF4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    850000 | PA      | $852685.41    | 0.08%             | 2026-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                             | Goldman Sachs Bank USA                                                     | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3161461.12   | 0.29%             | 2027-03-18      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                        | PNC Bank NA                                                                | CUSIP: 69353RFY9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   4240000 | PA      | $4234793.83   | 0.38%             | 2027-05-13      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada, New York                                             | CUSIP: 78015JWX1<br>LEI: 549300HXQQQCCUBS2Z23 | Long             | STIV             | CORP              | CA        |   8840000 | PA      | $8839123.07   | 0.80%             | 2025-10-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank, New York                                            | CUSIP: 89115DRT5<br>LEI: PT3QB789TSUIDF371261 | Long             | STIV             | CORP              | CA        |   4710000 | PA      | $4711203.41   | 0.43%             | 2026-03-20      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                               | CUSIP: 02665JVR8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |   3780000 | PA      | $3767979.60   | 0.34%             | 2025-08-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                             | CUSIP: 20271RAV2<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   3035000 | PA      | $3052455.32   | 0.28%             | 2028-03-14      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Credit Agricole Corporate & Investment Bank SA     | Credit Agricole Corporate & Investment Bank SA, New York                   | CUSIP: 22536HVZ9<br>LEI: 254900BN8XS34XZDJ223 | Long             | STIV             | CORP              | FR        |   3000000 | PA      | $2999331.30   | 0.27%             | 2025-10-07      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Norfina Ltd.                                       | Norfina Ltd.                                                               | CUSIP: 86724AW80<br>LEI: JEBU6C6ITPD2YZ9N7F22 | Long             | STIV             | CORP              | AU        |   2800000 | PA      | $2786808.08   | 0.25%             | 2025-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                             | CUSIP: 61746BEF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8912146.86   | 0.81%             | 2027-01-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                            | CUSIP: 23636REF7<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |   8120000 | PA      | $7841007.36   | 0.71%             | 2026-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp., Series B                                        | CUSIP: 89236TMM4<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   8470000 | PA      | $8471763.54   | 0.77%             | 2025-09-17      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| UBS AG                                             | UBS AG                                                                     | CUSIP: 90275DUR9<br>LEI: 254900R882POXXVAK772 | Long             | STIV             | CORP              | CH        |   5000000 | PA      | $5002819.00   | 0.45%             | 2025-11-03      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal, Chicago                                                  | CUSIP: 06370B2P8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | STIV             | CORP              | CA        |   5610000 | PA      | $5613788.99   | 0.51%             | 2025-11-17      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                             | Waste Management, Inc.                                                     | CUSIP: 94107MV52<br>LEI: 549300YX8JIID70NFS41 | Long             | STIV             | CORP              | US        |   4000000 | PA      | $3997475.20   | 0.36%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| eBay, Inc.                                         | eBay, Inc.                                                                 | CUSIP: 278642BC6<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5515479.04   | 0.50%             | 2025-11-22      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| PayPal Holdings, Inc.                              | PayPal Holdings, Inc.                                                      | CUSIP: 70450YAS2<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1311412.18   | 0.12%             | 2028-03-06      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                  | CUSIP: 89236TND3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   5850000 | PA      | $5850634.84   | 0.53%             | 2026-02-24      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                      | CUSIP: 9612C47A3<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | STIV             | CORP              | AU        |   3290000 | PA      | $3290511.60   | 0.30%             | 2025-12-18      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                      | CUSIP: 65339KCR9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   3130000 | PA      | $3137278.35   | 0.28%             | 2026-01-29      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Salisbury Receivables Co. LLC                      | Salisbury Receivables Co. LLC                                              | CUSIP: 79490AY36<br>LEI: 549300HB2PGDP0V6U989 | Long             | STIV             | CORP              | US        |   7790000 | PA      | $7699618.08   | 0.70%             | 2025-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                    | CUSIP: 44891ADJ3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2965000 | PA      | $2968714.14   | 0.27%             | 2027-09-24      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp.                         | CUSIP: 63743HFY3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   7550000 | PA      | $7553938.31   | 0.69%             | 2026-11-22      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                   | Skandinaviska Enskilda Banken AB                                           | CUSIP: 830505BE2<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |   6205000 | PA      | $6222488.05   | 0.56%             | 2028-06-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                            | CarMax Auto Owner Trust, Series 2023-4, Class A2A                          | CUSIP: 14318XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     66839 | PA      | $66867.58     | 0.01%             | 2026-12-15      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                         | CUSIP: 05973REQ1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | STIV             | CORP              | ES        |   7020000 | PA      | $7017606.88   | 0.64%             | 2026-05-26      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce, New York                               | CUSIP: 13606DAY8<br>LEI: 549300H8L46OOZOFHU82 | Long             | STIV             | CORP              | CA        |   5900000 | PA      | $5899370.47   | 0.54%             | 2025-10-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                | Wells Fargo Bank NA                                                        | CUSIP: 94988J6H5<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3154478.83   | 0.29%             | 2026-01-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                      | CUSIP: 06675FAZ0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   4800000 | PA      | $4807936.37   | 0.44%             | 2026-01-26      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                             | WEC Energy Group, Inc.                                                     | CUSIP: 92939UAH9<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |   2560000 | PA      | $2560749.98   | 0.23%             | 2025-09-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                        | CUSIP: 91282CLS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13355000 | PA      | $13353956.71  | 1.21%             | 2026-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce, New York                               | CUSIP: 13606DFC1<br>LEI: 549300H8L46OOZOFHU82 | Long             | STIV             | CORP              | CA        |   3000000 | PA      | $3001960.20   | 0.27%             | 2026-02-06      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                            | CUSIP: 23636RAF1<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |   7000000 | PA      | $6857442.90   | 0.62%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority       | New York City Transitional Finance Authority, Series 2025J, Sub-Series J-2 | CUSIP: 64972JUW6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2842166.66   | 0.26%             | 2026-11-01      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust            | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A2A          | CUSIP: 44934FAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1208719 | PA      | $1210310.06   | 0.11%             | 2026-10-15      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Atlantic Asset Securitization LLC                  | Atlantic Asset Securitization LLC                                          | CUSIP: 04821TXW0<br>LEI: 549300BUNY5BIX4CVW20 | Long             | STIV             | CORP              | US        |   3500000 | PA      | $3461078.25   | 0.31%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                      | CUSIP: 04685A4J7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   3810000 | PA      | $3815587.56   | 0.35%             | 2026-07-16      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                             | CUSIP: 2027A0KV0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   2770000 | PA      | $2775601.00   | 0.25%             | 2026-11-27      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                             | Waste Management, Inc.                                                     | CUSIP: 94106LBX6<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |   2155000 | PA      | $2184520.68   | 0.20%             | 2027-07-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                | CUSIP: 89115DEY8<br>LEI: PT3QB789TSUIDF371261 | Long             | STIV             | CORP              | CA        |   8720000 | PA      | $8724742.02   | 0.79%             | 2026-06-04      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                             | CUSIP: 05593DEY5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | STIV             | CORP              | FR        |  11840000 | PA      | $11842855.81  | 1.07%             | 2025-11-20      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | Banco Santander SA                                                         | CUSIP: N/A<br>LEI: 959800PF0SJV8TSAB140       | Long             | RA               | CORP              | ES        |   5500000 | PA      | $5500000.00   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Global Markets, Inc.                     | Citigroup Global Markets, Inc.                                             | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        |   6000000 | PA      | $6000000.00   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| ASB Bank Ltd.                                      | ASB Bank Ltd.                                                              | CUSIP: 00216LAG8<br>LEI: 549300IBZWZL1KTPF918 | Long             | DBT              | CORP              | NZ        |   2925000 | PA      | $2946004.69   | 0.27%             | 2026-06-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                     | Pacific Life Global Funding II                                             | CUSIP: 6944PL3E7<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5004733.45   | 0.45%             | 2028-01-27      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                      | Chevron Corp.                                                              | CUSIP: 16677KAT0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   2720000 | PA      | $2661928.00   | 0.24%             | 2026-01-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                              | BofA Securities, Inc.                                                      | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |   4000000 | PA      | $4000000.00   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                    | CUSIP: 58769JAP2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3153140.99   | 0.29%             | 2026-01-09      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                               | PPG Industries, Inc.                                                       | CUSIP: 69350AVE5<br>LEI: 549300BKPEP01R3V6C59 | Long             | STIV             | CORP              | US        |   2250000 | PA      | $2246000.18   | 0.20%             | 2025-08-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Walmart, Inc.                                      | Walmart, Inc.                                                              | CUSIP: 931142EW9<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6994662.01   | 0.63%             | 2025-09-09      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                       | Ford Credit Auto Lease Trust, Series 2024-B, Class A2A                     | CUSIP: 345279AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    489110 | PA      | $489907.76    | 0.04%             | 2027-02-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corp.                             | General Dynamics Corp.                                                     | CUSIP: 369550BL1<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1949641.02   | 0.18%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                        | CUSIP: 91282CHV6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3020000 | PA      | $3021115.95   | 0.27%             | 2025-08-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barton Capital SA                                  | Barton Capital SA                                                          | CUSIP: 06945PF20<br>LEI: 549300KOFKIMD0C37W24 | Long             | STIV             | CORP              | LU        |   3500000 | PA      | $3500317.80   | 0.32%             | 2025-08-29      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                    | Nordea Bank Abp                                                            | CUSIP: 65558RAG4<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   3150000 | PA      | $3187379.51   | 0.29%             | 2027-03-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KeyBank NA                                         | KeyBank NA                                                                 | CUSIP: 49327M3E2<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2049513.21   | 0.19%             | 2025-08-08      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Chase Issuance Trust                               | Chase Issuance Trust, Series 2022-A1, Class A                              | CUSIP: 161571HS6<br>LEI: 5493008SHVCX2Y068L12 | Long             | ABS-O            | CORP              | US        |   4700000 | PA      | $4696326.95   | 0.43%             | 2027-09-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                            | CUSIP: 86563VBT5<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   2770000 | PA      | $2769974.71   | 0.25%             | 2027-09-10      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                    | CUSIP: 44891ADP9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   3030000 | PA      | $3039486.32   | 0.28%             | 2027-03-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                        | Nationwide Building Society                                                | CUSIP: 63859UBH5<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   8900000 | PA      | $8592952.31   | 0.78%             | 2026-10-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Stryker Corp.                                      | Stryker Corp.                                                              | CUSIP: 863667BJ9<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   5935000 | PA      | $5953299.39   | 0.54%             | 2027-02-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                   | CUSIP: 21688ABN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   6210000 | PA      | $6225258.84   | 0.56%             | 2027-05-27      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                      | CUSIP: 06051GFX2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6380000 | PA      | $6336356.78   | 0.58%             | 2026-04-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables Owner Trust, Series 2024-A, Class A2B              | CUSIP: 89238DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    568445 | PA      | $568470.67    | 0.05%             | 2026-12-15      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                              | Lockheed Martin Corp.                                                      | CUSIP: 539830BU2<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2221474.68   | 0.20%             | 2025-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2024-A, Class A2A                     | CUSIP: 34535EAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    536486 | PA      | $536993.67    | 0.05%             | 2027-01-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2024-B, Class A2B                   | CUSIP: 44934QAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    921216 | PA      | $921486.13    | 0.08%             | 2027-06-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                               | CUSIP: 02665WFB2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   3130000 | PA      | $3130353.69   | 0.28%             | 2025-08-14      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                | CUSIP: 17330QGW1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | STIV             | CORP              | US        |   6000000 | PA      | $6001871.40   | 0.54%             | 2025-09-19      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Natixis SA                                         | Natixis SA                                                                 | CUSIP: 63873TCN6<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | STIV             | CORP              | FR        |   4460000 | PA      | $4457857.42   | 0.40%             | 2026-05-13      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                          | CUSIP: 548661EK9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   4150000 | PA      | $4148291.98   | 0.38%             | 2025-09-08      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                       | AbbVie, Inc.                                                               | CUSIP: 00287BWG0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | STIV             | CORP              | US        |   6500000 | PA      | $6461074.10   | 0.59%             | 2025-09-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                  | CUSIP: 06418NGW6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | STIV             | CORP              | CA        |   4170000 | PA      | $4171442.40   | 0.38%             | 2026-03-18      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                          | BlackRock Liquidity Funds, T-Fund, Institutional Class                     | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |    372041 | NS      | $372041.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank Credit Card Issuance Trust                | Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1              | CUSIP: 17305EGW9<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |   1379000 | PA      | $1382178.87   | 0.13%             | 2027-12-08      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Mizuho Securities USA LLC                          | Mizuho Securities USA LLC                                                  | CUSIP: N/A<br>LEI: 7TK5RJIZDFROZCA6XF66       | Long             | RA               | CORP              | US        |  19000000 | PA      | $19000000.00  | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                    | Nordea Bank Abp                                                            | CUSIP: 65558RAC3<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   6100000 | PA      | $6100374.11   | 0.55%             | 2025-09-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                    | CUSIP: 05571AAT2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   2010000 | PA      | $2030086.15   | 0.18%             | 2027-01-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                         | CUSIP: 05565ECP8<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1176260.29   | 0.11%             | 2026-08-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                       | Nutrien Ltd.                                                               | CUSIP: 67077UVC1<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |   9580000 | PA      | $9565293.74   | 0.87%             | 2025-08-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce, New York                               | CUSIP: 13606DEU2<br>LEI: 549300H8L46OOZOFHU82 | Long             | STIV             | CORP              | CA        |   7090000 | PA      | $7094207.21   | 0.64%             | 2026-02-09      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| PayPal Holdings, Inc.                              | PayPal Holdings, Inc.                                                      | CUSIP: 70450YAR4<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   2080000 | PA      | $2088985.60   | 0.19%             | 2028-03-06      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Evergy Kansas Central, Inc.                        | Evergy Kansas Central, Inc.                                                | CUSIP: 30035MV12<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | STIV             | CORP              | US        |   3500000 | PA      | $3499559.35   | 0.32%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                        | CUSIP: 55607NZK9<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |   6220000 | PA      | $6221446.77   | 0.56%             | 2025-11-20      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | JPMorgan Chase Bank NA                                                     | CUSIP: 48125LRU8<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |   3030000 | PA      | $3058448.91   | 0.28%             | 2026-12-08      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                    | CUSIP: 233853AV2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   2260000 | PA      | $2275977.77   | 0.21%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard, Inc.                     | Alimentation Couche-Tard, Inc.                                             | CUSIP: 01626UVE2<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |   5650000 | PA      | $5639801.75   | 0.51%             | 2025-08-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets, Inc.                     | Citigroup Global Markets, Inc.                                             | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        |  13000000 | PA      | $13000000.00  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| ING US Funding LLC                                 | ING US Funding LLC                                                         | CUSIP: 45685QX79<br>LEI: 254900QX5Y2ZDZ6XBT08 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4958564.00   | 0.45%             | 2025-10-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Truist Bank                                        | Truist Bank                                                                | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   4955000 | PA      | $4954686.74   | 0.45%             | 2027-05-20      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                    | Nordea Bank Abp                                                            | CUSIP: 65558RAM1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   2210000 | PA      | $2217150.28   | 0.20%             | 2028-03-17      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                     | Amphenol Corp.                                                             | CUSIP: 032095AM3<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    750000 | PA      | $751051.74    | 0.07%             | 2026-03-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                        | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5815000 | PA      | $5789332.24   | 0.53%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                | CNH Equipment Trust, Series 2024-B, Class A2B                              | CUSIP: 18978JAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    534892 | PA      | $534889.43    | 0.05%             | 2027-10-15      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                       | Mondelez International, Inc.                                               | CUSIP: 60920VVB5<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |   6390000 | PA      | $6381145.38   | 0.58%             | 2025-08-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                      | CUSIP: 9612E0DL8<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   2900000 | PA      | $2909609.03   | 0.26%             | 2028-03-06      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Protective Life Global Funding                     | Protective Life Global Funding                                             | CUSIP: 743672AG2<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   8460000 | PA      | $8463930.85   | 0.77%             | 2026-07-22      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                   | CUSIP: 21684LL91<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | STIV             | CORP              | NL        |   2750000 | PA      | $2749976.08   | 0.25%             | 2026-04-08      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.               | Caterpillar Financial Services Corp.                                       | CUSIP: 14913UAW0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   2155000 | PA      | $2156297.68   | 0.20%             | 2027-01-07      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce, New York                               | CUSIP: 13606DAF9<br>LEI: 549300H8L46OOZOFHU82 | Long             | STIV             | CORP              | CA        |   7500000 | PA      | $7502955.75   | 0.68%             | 2025-09-23      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                    | CUSIP: 44891ACT2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2625000 | PA      | $2647405.27   | 0.24%             | 2027-01-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte. Ltd.            | Pfizer Investment Enterprises Pte. Ltd.                                    | CUSIP: 716973AB8<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |   5302000 | PA      | $5304770.67   | 0.48%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Hqla Funding LLC                                   | Hqla Funding LLC                                                           | CUSIP: 44333AV18<br>LEI: 5493000J8TNLYHDOFL03 | Long             | STIV             | CORP              | US        |   9250000 | PA      | $9248871.50   | 0.84%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                        | CUSIP: 55607KZ90<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |   2860000 | PA      | $2813982.60   | 0.26%             | 2025-12-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp.                         | CUSIP: 63743HFW7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1361454.74   | 0.12%             | 2028-02-07      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UBS AG                                             | UBS AG                                                                     | CUSIP: 90261AAD4<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |   3420000 | PA      | $3441499.49   | 0.31%             | 2028-01-10      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                               | CUSIP: 02665WFM8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   3010000 | PA      | $3012670.65   | 0.27%             | 2026-01-12      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets, Inc.                     | Citigroup Global Markets, Inc.                                             | CUSIP: 17327BBA2<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | STIV             | CORP              | US        |   2260000 | PA      | $2207124.81   | 0.20%             | 2026-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank plc                                      | HSBC Bank plc                                                              | CUSIP: 40433FVM8<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | STIV             | CORP              | GB        |   2000000 | PA      | $2000338.20   | 0.18%             | 2026-02-24      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                              | BofA Securities, Inc.                                                      | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |  12250000 | PA      | $12250000.00  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                               | CUSIP: 02665WFN6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003756.48   | 0.18%             | 2026-10-05      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co.                                                          | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2980000 | PA      | $2984434.24   | 0.27%             | 2028-01-24      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                               | CUSIP: 632525CG4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   2805000 | PA      | $2806449.60   | 0.25%             | 2028-03-06      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                          | United Overseas Bank Ltd.                                                  | CUSIP: 91127KAL6<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | DBT              | CORP              | SG        |   3035000 | PA      | $3051956.88   | 0.28%             | 2028-04-02      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                    | CUSIP: 85324UEM1<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |   9370000 | PA      | $9041206.70   | 0.82%             | 2026-05-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken, New York                    | Svenska Handelsbanken AB, New York                                         | CUSIP: 86959TNF9<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | STIV             | CORP              | SE        |   3500000 | PA      | $3503162.95   | 0.32%             | 2026-04-22      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                           | Bristol-Myers Squibb Co.                                                   | CUSIP: 110122ED6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   4495000 | PA      | $4509144.24   | 0.41%             | 2026-02-20      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.               | Caterpillar Financial Services Corp.                                       | CUSIP: 14913UAV2<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   2780000 | PA      | $2791495.66   | 0.25%             | 2027-01-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                    | CUSIP: 63307MAG4<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | STIV             | CORP              | CA        |   9330000 | PA      | $9140188.61   | 0.83%             | 2026-01-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MUFG Bank Ltd.                                     | MUFG Bank Ltd.                                                             | CUSIP: 55381BFD5<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | STIV             | CORP              | JP        |   6000000 | PA      | $6001002.60   | 0.54%             | 2025-11-26      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   4420000 | PA      | $4440871.90   | 0.40%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2024-B, Class A2A                     | CUSIP: 34531QAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    970187 | PA      | $972442.00    | 0.09%             | 2027-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Westpac Securities NZ Ltd.                         | Westpac Securities NZ Ltd.                                                 | CUSIP: 96122GXW0<br>LEI: 549300W0N3O6Q4RCKE25 | Long             | STIV             | CORP              | NZ        |   6500000 | PA      | $6428039.80   | 0.58%             | 2025-10-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd., New York                                                 | CUSIP: 60710TYN5<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   6500000 | PA      | $6500484.90   | 0.59%             | 2026-01-14      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| MUFG Bank Ltd.                                     | MUFG Bank Ltd.                                                             | CUSIP: 55381BFG8<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | STIV             | CORP              | JP        |   3900000 | PA      | $3900619.71   | 0.35%             | 2025-12-03      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Securities, Inc.                     | Deutsche Bank Securities, Inc.                                             | CUSIP: N/A<br>LEI: 9J6MBOOO7BECTDTUZW19       | Long             | RA               | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                     | Amphenol Corp.                                                             | CUSIP: 032095AN1<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   2755000 | PA      | $2786605.06   | 0.25%             | 2027-04-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                            | Goldman Sachs & Co. LLC                                                    | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Long             | RA               | CORP              | US        |  20000000 | PA      | $20000000.00  | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                             | CUSIP: 40434REK4<br>LEI: 549300LBOHZ4QSIWU288 | Long             | STIV             | CORP              | US        |   9730000 | PA      | $9384208.45   | 0.85%             | 2026-05-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                    | CUSIP: 05611C2A0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   3140000 | PA      | $3147902.41   | 0.29%             | 2026-01-26      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                          | Florida Power & Light Co.                                                  | CUSIP: 341081GR2<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1914740.15   | 0.17%             | 2026-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                        | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2930000 | PA      | $2908711.73   | 0.26%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.         | Australia & New Zealand Banking Group Ltd.                                 | CUSIP: 05254JAA8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   3245000 | PA      | $3250460.88   | 0.29%             | 2025-12-08      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Cargill, Inc.                                      | Cargill, Inc.                                                              | CUSIP: 141781BY9<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |   5185000 | PA      | $5185970.84   | 0.47%             | 2025-10-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding                       | New York Life Global Funding                                               | CUSIP: 64952WEU3<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   6200000 | PA      | $6199217.99   | 0.56%             | 2025-08-05      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                        | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3080000 | PA      | $3084331.25   | 0.28%             | 2025-11-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance USA plc                          | Rio Tinto Finance USA plc                                                  | CUSIP: 76720AAY2<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |   1395000 | PA      | $1405414.78   | 0.13%             | 2028-03-14      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                      | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2905000 | PA      | $2906804.85   | 0.26%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                         | Mars, Inc.                                                                 | CUSIP: 571676AW5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   3370000 | PA      | $3374720.29   | 0.31%             | 2027-03-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken, New York                    | Svenska Handelsbanken, New York                                            | CUSIP: 86959TLW4<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | STIV             | CORP              | SE        |   7190000 | PA      | $7190924.63   | 0.65%             | 2025-12-12      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp.                                  | NTT Finance Corp.                                                          | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   2865000 | PA      | $2867535.81   | 0.26%             | 2027-07-16      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                      | CUSIP: 06675FBC0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   3140000 | PA      | $3166690.00   | 0.29%             | 2027-01-23      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                        | CUSIP: 912828P46<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2580000 | PA      | $2543557.50   | 0.23%             | 2026-02-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                               | CUSIP: 02665WFV8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2202662.31   | 0.20%             | 2026-05-21      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                    | CUSIP: 44891ADY0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2835000 | PA      | $2846342.15   | 0.26%             | 2027-06-23      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Securities LLC                            | JPMorgan Securities LLC                                                    | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |   6220000 | PA      | $6220000.00   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer