# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0002071691-25-009436
**Filing Date:** 2025-12
**Character Count:** 116327
**Document Hash:** 9eae645355d86e116b09137dfd6d477b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-009436.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002071691-25-009436

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260731

**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:** 251595373

**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:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $1043807393.58

**Total Liabilities:** $9535199.13

**Net Assets:** $1034272194.45

**Cash Not Reported:** $15048.71

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 10215.66000000 | **1-Year:** 54016.27000000 | **5-Year:** 4343.90000000 | **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 | 0.45%                | 0.44%                | 0.25%                |
| Class ID C000129315 | 0.47%                | 0.36%                | 0.36%                |
| Class ID C000119004 | 0.48%                | 0.36%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $245.00                  | $1154114.10                                |
| Month 2  | $1724.71                 | $221571.71                                 |
| Month 3  | $196.55                  | $-245278.80                                |

**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      | $6376478.24   | 0.62%             | 2025-11-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Equitable America Global Funding                                | Equitable America Global Funding                                                              | CUSIP: 29446Q2C6<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |    830000 | PA      | $828870.37    | 0.08%             | 2027-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Protective Life Global Funding                                  | Protective Life Global Funding                                                                | CUSIP: 743672AJ6<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   5440000 | PA      | $5455014.40   | 0.53%             | 2028-09-11      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                                    | DNB Bank ASA                                                                                  | CUSIP: 2332K1E14<br>LEI: 549300GKFG0RYRRQ1414 | Long             | STIV             | CORP              | NO        |   4485000 | PA      | $4396543.24   | 0.43%             | 2026-05-01      | 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        |    164940 | PA      | $164953.31    | 0.02%             | 2026-10-15      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| MassMutual Global Funding II                                    | MassMutual Global Funding II                                                                  | CUSIP: 57629TBW6<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |   5448000 | PA      | $5495668.96   | 0.53%             | 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      | $1171865.51   | 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      | $6646040.08   | 0.64%             | 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      | $2164241.44   | 0.21%             | 2026-02-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Verto Capital I Compartment A                                   | Verto Capital I Compartment A                                                                 | CUSIP: 92544KZ32<br>LEI: 635400H24DGVN77S6U37 | Long             | STIV             | CORP              | LU        |   9250000 | PA      | $9215913.75   | 0.89%             | 2025-12-03      | 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      | $2936331.05   | 0.28%             | 2027-08-19      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                          | Goldman Sachs Bank USA                                                                        | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3154932.90   | 0.31%             | 2027-03-18      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                               | Lowe's Cos., Inc.                                                                             | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1760000 | PA      | $1763472.13   | 0.17%             | 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      | $2972926.73   | 0.29%             | 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      | $6100676.38   | 0.59%             | 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      | $5753223.12   | 0.56%             | 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      | $2922031.82   | 0.28%             | 2026-06-25      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust                                     | Volkswagen Auto Lease Trust, Series 2025-B, Class A2B                                         | CUSIP: 92868BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2281000 | PA      | $2280547.91   | 0.22%             | 2028-04-20      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital Services, Inc.                                  | Hyundai Capital Services, Inc.                                                                | CUSIP: 44920UAX6<br>LEI: 549300MALMDAGL2ZJJ27 | Long             | DBT              | CORP              | KR        |   5790000 | PA      | $5905895.30   | 0.57%             | 2028-01-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                        | Cooperatieve Rabobank UA                                                                      | CUSIP: 21688ABK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   5610000 | PA      | $5735498.67   | 0.55%             | 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      | $2799653.49   | 0.27%             | 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      | $3084769.81   | 0.30%             | 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   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Micro Devices, Inc.                                    | Advanced Micro Devices, Inc.                                                                  | CUSIP: 007903BH9<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   3040000 | PA      | $3048084.76   | 0.29%             | 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      | $6010404.00   | 0.58%             | 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      | $7716500.22   | 0.75%             | 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      | $2275523.81   | 0.22%             | 2028-02-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ANZ New Zealand Int'l Ltd.                                      | ANZ New Zealand Int'l Ltd.                                                                    | CUSIP: 0018A3F41<br>LEI: 213800VD256NU2D97H12 | Long             | STIV             | CORP              | NZ        |   9950000 | PA      | $9719438.60   | 0.94%             | 2026-06-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                        | Bristol-Myers Squibb Co.                                                                      | CUSIP: 110122EM6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   2055000 | PA      | $2056746.75   | 0.20%             | 2026-02-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Sumitomo Corp. of Americas                                      | Sumitomo Corp. of Americas                                                                    | CUSIP: 86561MYM7<br>LEI: MS3EH353583WSFYQKX90 | Long             | STIV             | CORP              | US        |   1265000 | PA      | $1261978.93   | 0.12%             | 2025-11-21      | None          | 0.00%                 | 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      | $9242402.40   | 0.89%             | 2028-06-09      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                 | Starbucks Corp.                                                                               | CUSIP: 855244BG3<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   3130000 | PA      | $3156296.95   | 0.31%             | 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      | $4283466.94   | 0.41%             | 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      | $2020306.15   | 0.20%             | 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      | $2026713.89   | 0.20%             | 2028-01-24      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Bay Square Funding LLC                                          | Bay Square Funding LLC                                                                        | CUSIP: 07260BA62<br>LEI: 254900LIJZLNOHX66R80 | Long             | STIV             | CORP              | US        |   2210000 | PA      | $2193753.41   | 0.21%             | 2026-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                                | Mizuho Bank Ltd.                                                                              | CUSIP: 60710TP96<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   5000000 | PA      | $5000483.00   | 0.48%             | 2025-11-12      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                    | American Honda Finance Corp.                                                                  | CUSIP: 02665WGC9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5005388.65   | 0.48%             | 2026-07-15      | Floating      | 4.90%                 | 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      | $1139275.96   | 0.11%             | 2026-11-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Natixis SA                                                      | Natixis SA                                                                                    | CUSIP: 63873TCE6<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | STIV             | CORP              | FR        |   5600000 | PA      | $5600274.40   | 0.54%             | 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   | 0.34%             |  |  |  | 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      | $6662212.45   | 0.64%             | 2026-05-11      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| Pure Grove Funding                                              | Pure Grove Funding                                                                            | CUSIP: 74625UBR3<br>LEI: 5493001D6K5CFMBUWV36 | Long             | STIV             | CORP              | CA        |   6400000 | PA      | $6317008.00   | 0.61%             | 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      | $8752287.69   | 0.85%             | 2026-07-17      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Brookfield Renewable Partners LP                                | Brookfield Renewable Partners LP                                                              | CUSIP: 11284WY64<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | STIV             | CORP              | BM        |    840000 | PA      | $839422.58    | 0.08%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Siemens Financieringsmaatschappij NV                            | Siemens Financieringsmaatschappij NV                                                          | CUSIP: 826200AD9<br>LEI: TAFO772JB70PDRN5VS48 | Long             | DBT              | CORP              | NL        |   8750000 | PA      | $8901798.33   | 0.86%             | 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      | $3070364.03   | 0.30%             | 2026-08-10      | Floating      | 4.99%                 | 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      | $1809328.90   | 0.17%             | 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      | $2019245.75   | 0.20%             | 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      | $1597565.09   | 0.15%             | 2026-02-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                           | International Business Machines Corp.                                                         | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   6070000 | PA      | $6047480.85   | 0.58%             | 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        |    720000 | PA      | $720000.00    | 0.07%             | 2030-09-01      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                         | Daimler Truck Finance North America LLC                                                       | CUSIP: 233853BG4<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1623650.49   | 0.16%             | 2027-08-12      | Fixed         | 4.30%                 | 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      | $1797999.58   | 0.17%             | 2028-01-13      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Brookfield Renewable Partners LP                                | Brookfield Renewable Partners LP                                                              | CUSIP: 11284WYR8<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | STIV             | CORP              | BM        |   2745000 | PA      | $2737190.75   | 0.26%             | 2025-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CRH America Finance, Inc.                                       | CRH America Finance, Inc.                                                                     | CUSIP: 12636CY53<br>LEI: 549300WEVUODRJ4CWK56 | Long             | STIV             | CORP              | US        |   2210000 | PA      | $2208742.07   | 0.21%             | 2025-11-05      | Fixed         | 0.00%                 | 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        |    194120 | PA      | $194165.12    | 0.02%             | 2027-02-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Pure Grove Funding                                              | Pure Grove Funding                                                                            | CUSIP: 74625UB44<br>LEI: 5493001D6K5CFMBUWV36 | Long             | STIV             | CORP              | CA        |   4000000 | PA      | $3957568.00   | 0.38%             | 2026-02-04      | 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      | $3951028.88   | 0.38%             | 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      | $2765781.03   | 0.27%             | 2027-01-15      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                                          | Morgan Stanley Bank NA                                                                        | CUSIP: 61690U8F0<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   8770000 | PA      | $8799116.40   | 0.85%             | 2027-10-15      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                    | National Australia Bank Ltd.                                                                  | CUSIP: 63253QAF1<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |   2160000 | PA      | $2160479.50   | 0.21%             | 2025-12-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                              | BMW US Capital LLC                                                                            | CUSIP: 05565ECN3<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   2770000 | PA      | $2779536.20   | 0.27%             | 2026-08-13      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                     | Citibank NA                                                                                   | CUSIP: 17325FBM9<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   8450000 | PA      | $8465922.25   | 0.82%             | 2027-11-19      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| NBN Co. Ltd.                                                    | NBN Co. Ltd.                                                                                  | CUSIP: 62878U2H4<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |   5925000 | PA      | $5898715.34   | 0.57%             | 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      | $2857076.27   | 0.28%             | 2026-07-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CDP Financial, Inc.                                             | CDP Financial, Inc.                                                                           | CUSIP: 125094BB7<br>LEI: 549300OXMGVYFCBFV096 | Long             | DBT              | NUSS              | CA        |   2523000 | PA      | $2525163.78   | 0.24%             | 2026-02-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                              | Northwestern Mutual Global Funding                                                            | CUSIP: 66815L2X6<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1431228.86   | 0.14%             | 2028-08-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                       | Toyota Motor Credit Corp.                                                                     | CUSIP: 89236TMR3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   2950000 | PA      | $2953281.52   | 0.29%             | 2026-04-10      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                           | Athene Global Funding                                                                         | CUSIP: 04685A4M0<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  11065000 | PA      | $11079384.50  | 1.07%             | 2028-03-06      | Floating      | 5.25%                 | 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        |   9420000 | PA      | $9443984.26   | 0.91%             | 2026-07-31      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Pure Grove Funding                                              | Pure Grove Funding                                                                            | CUSIP: 74625TYJ9<br>LEI: 5493001D6K5CFMBUWV36 | Long             | STIV             | CORP              | CA        |   6500000 | PA      | $6487078.00   | 0.63%             | 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      | $3180743.02   | 0.31%             | 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      | $1046544.48   | 0.10%             | 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      | $3054401.76   | 0.30%             | 2027-04-23      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                         | Hyundai Capital America                                                                       | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2005000 | PA      | $2019282.18   | 0.20%             | 2026-06-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| VW Credit, Inc.                                                 | VW Credit, Inc.                                                                               | CUSIP: 91842JYK9<br>LEI: 549300UUPJ2NXDB68M19 | Long             | STIV             | CORP              | US        |   1280000 | PA      | $1277219.46   | 0.12%             | 2025-11-19      | 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      | $3980931.04   | 0.38%             | 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      | $5152792.23   | 0.50%             | 2026-01-29      | Floating      | 4.82%                 | 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        |    249488 | PA      | $249634.31    | 0.02%             | 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      | $6642122.94   | 0.64%             | 2027-02-04      | Floating      | 4.79%                 | 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  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                                | Mizuho Bank Ltd.                                                                              | CUSIP: 60710TE49<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   8750000 | PA      | $8755208.88   | 0.85%             | 2026-02-18      | Floating      | 4.61%                 | 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      | $3142794.60   | 0.30%             | 2026-03-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                                    | Nutrien Ltd.                                                                                  | CUSIP: 67077UYJ3<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |   1120000 | PA      | $1117696.72   | 0.11%             | 2025-11-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| USAA Auto Owner Trust                                           | USAA Auto Owner Trust, Series 2025-A, Class A2                                                | CUSIP: 90327HAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1749083.35   | 0.17%             | 2028-03-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                       | Toyota Motor Credit Corp.                                                                     | CUSIP: 89236TMD4<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   2975000 | PA      | $2993036.24   | 0.29%             | 2026-05-15      | Fixed         | 5.20%                 | 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        |    422230 | PA      | $423098.21    | 0.04%             | 2027-10-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                              | Banco Santander SA                                                                            | CUSIP: 05973RGA4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | STIV             | CORP              | ES        |   6240000 | PA      | $6242333.14   | 0.60%             | 2026-03-05      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| TWDC Enterprises 18 Corp.                                       | TWDC Enterprises 18 Corp.                                                                     | CUSIP: 25468PDV5<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |   6040000 | PA      | $5955867.51   | 0.58%             | 2027-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                                    | Nutrien Ltd.                                                                                  | CUSIP: 67077UYE4<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |   1750000 | PA      | $1747203.85   | 0.17%             | 2025-11-14      | None          | 0.00%                 | 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      | $4811486.16   | 0.47%             | 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      | $2720094.71   | 0.26%             | 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      | $854504.01    | 0.08%             | 2026-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                           | NextEra Energy Capital Holdings, Inc.                                                         | CUSIP: 65339MYK6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $997840.00    | 0.10%             | 2025-11-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                          | Goldman Sachs Bank USA                                                                        | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3161680.26   | 0.31%             | 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      | $4246111.45   | 0.41%             | 2027-05-13      | Variable      | 4.54%                 | 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      | $4712507.13   | 0.46%             | 2026-03-20      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                            | Glencore Funding LLC                                                                          | CUSIP: 37790AYJ6<br>LEI: 213800STG1QDNBY87K49 | Long             | STIV             | CORP              | US        |  11200000 | PA      | $11176642.40  | 1.08%             | 2025-11-18      | 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      | $3071680.59   | 0.30%             | 2028-03-14      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| VW Credit, Inc.                                                 | VW Credit, Inc.                                                                               | CUSIP: 91842KG18<br>LEI: 549300UUPJ2NXDB68M19 | Long             | STIV             | CORP              | US        |   3070000 | PA      | $2985970.42   | 0.29%             | 2026-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                  | Morgan Stanley                                                                                | CUSIP: 61746BEF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8966079.00   | 0.87%             | 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      | $7946730.57   | 0.77%             | 2026-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                          | UBS AG                                                                                        | CUSIP: 90275DUR9<br>LEI: 254900R882POXXVAK772 | Long             | STIV             | CORP              | CH        |   5000000 | PA      | $5000211.50   | 0.48%             | 2025-11-03      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                             | Toyota Auto Receivables Owner Trust, Series 2025-D, Class A2B                                 | CUSIP: 89231GAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1555000 | PA      | $1554996.42   | 0.15%             | 2028-08-15      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Corp.                                                | Mitsubishi Corp.                                                                              | CUSIP: 606769AL1<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | DBT              | CORP              | JP        |   1035000 | PA      | $1035243.28   | 0.10%             | 2028-09-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PayPal Holdings, Inc.                                           | PayPal Holdings, Inc.                                                                         | CUSIP: 70450YAS2<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1317902.98   | 0.13%             | 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      | $5850509.59   | 0.57%             | 2026-02-24      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                           | Westpac Banking Corp.                                                                         | CUSIP: 9612C47A3<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | STIV             | CORP              | AU        |   3290000 | PA      | $3290554.37   | 0.32%             | 2025-12-18      | Floating      | 4.26%                 | 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      | $3133981.99   | 0.30%             | 2026-01-29      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Salisbury Receivables Co. LLC                                   | Salisbury Receivables Co. LLC                                                                 | CUSIP: 79490AY36<br>LEI: 549300HB2PGDP0V6U989 | Long             | STIV             | CORP              | US        |   7790000 | PA      | $7787421.51   | 0.75%             | 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      | $2980157.55   | 0.29%             | 2027-09-24      | Floating      | 5.32%                 | 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      | $7572009.68   | 0.73%             | 2026-11-22      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                                | Skandinaviska Enskilda Banken AB                                                              | CUSIP: 830505BE2<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |   6205000 | PA      | $6264609.02   | 0.61%             | 2028-06-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                                         | BMW Vehicle Lease Trust, Series 2025-2, Class A2A                                             | CUSIP: 05594HAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3980000 | PA      | $3975919.31   | 0.38%             | 2027-11-26      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                              | Banco Santander SA                                                                            | CUSIP: 05973REQ1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | STIV             | CORP              | ES        |   7020000 | PA      | $7035034.03   | 0.68%             | 2026-05-26      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                             | Wells Fargo Bank NA                                                                           | CUSIP: 94988J6H5<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3152047.69   | 0.30%             | 2026-01-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                                         | BMW Vehicle Lease Trust, Series 2025-2, Class A2B                                             | CUSIP: 05594HAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2920000 | PA      | $2919978.39   | 0.28%             | 2027-11-26      | Floating      | 4.54%                 | 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      | $4808131.30   | 0.46%             | 2026-01-26      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                             | Toyota Auto Receivables Owner Trust, Series 2025-D, Class A2A                                 | CUSIP: 89231GAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2192000 | PA      | $2189627.60   | 0.21%             | 2028-08-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| United States of America                                        | U.S. Treasury Notes                                                                           | CUSIP: 91282CLS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13355000 | PA      | $13403620.48  | 1.30%             | 2026-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                    | American Honda Finance Corp.                                                                  | CUSIP: 02665KA98<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |   2790000 | PA      | $2767377.84   | 0.27%             | 2026-01-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                                    | Nutrien Ltd.                                                                                  | CUSIP: 67077UYS3<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |   6380000 | PA      | $6360904.02   | 0.62%             | 2025-11-26      | None          | 0.00%                 | 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      | $3001735.50   | 0.29%             | 2026-02-06      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                 | Danske Bank A/S                                                                               | CUSIP: 23636RAF1<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |   7000000 | PA      | $6941283.30   | 0.67%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured | New York City Transitional Finance Authority Future Tax Secured, Series 2025J, Sub-Series J-2 | CUSIP: 64972JUW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2852496.49   | 0.28%             | 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        |    340052 | PA      | $340203.62    | 0.03%             | 2026-10-15      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                                     | Penske Truck Leasing Co. LP                                                                   | CUSIP: 70962AZ82<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |   2720000 | PA      | $2707855.20   | 0.26%             | 2025-12-08      | 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      | $3818039.10   | 0.37%             | 2026-07-16      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                  | Commonwealth Bank of Australia                                                                | CUSIP: 2027A0KV0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   2770000 | PA      | $2768945.99   | 0.27%             | 2026-11-27      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                          | Waste Management, Inc.                                                                        | CUSIP: 94106LBX6<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |   2155000 | PA      | $2190368.03   | 0.21%             | 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      | $8725157.44   | 0.84%             | 2026-06-04      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                  | BNP Paribas SA                                                                                | CUSIP: 05593DEY5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | STIV             | CORP              | FR        |  11840000 | PA      | $11840947.20  | 1.14%             | 2025-11-20      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                              | Banco Santander SA                                                                            | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | RA               | CORP              | US        |  15500000 | PA      | $15500000.00  | 1.50%             |  |  |  | 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   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| ASB Bank Ltd.                                                   | ASB Bank Ltd.                                                                                 | CUSIP: 00216LAG8<br>LEI: 549300IBZWZL1KTPF918 | Long             | DBT              | CORP              | NZ        |   2925000 | PA      | $2946751.53   | 0.28%             | 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      | $5005140.25   | 0.48%             | 2028-01-27      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                                | Principal Life Global Funding II                                                              | CUSIP: 7425APAD7<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1128024.00   | 0.11%             | 2028-08-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pure Grove Funding                                              | Pure Grove Funding                                                                            | CUSIP: 74625UJA2<br>LEI: 5493001D6K5CFMBUWV36 | Long             | STIV             | CORP              | CA        |   5320000 | PA      | $5141463.99   | 0.50%             | 2026-09-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                                   | Chevron Corp.                                                                                 | CUSIP: 16677KAT0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   2720000 | PA      | $2694313.14   | 0.26%             | 2026-01-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                                     | Penske Truck Leasing Co. LP                                                                   | CUSIP: 70962AYC4<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |   1060000 | PA      | $1058520.13   | 0.10%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank plc                                                 | Lloyds Bank plc                                                                               | CUSIP: 53943SG27<br>LEI: H7FNTJ4851HG0EXQ1Z70 | Long             | STIV             | CORP              | GB        |  15160000 | PA      | $14764270.94  | 1.43%             | 2026-07-02      | Fixed         | 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   | 0.39%             |  |  |  | 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      | $3154042.80   | 0.30%             | 2026-01-09      | Fixed         | 4.90%                 | 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        |    276546 | PA      | $276913.58    | 0.03%             | 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      | $1961573.34   | 0.19%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VW Credit, Inc.                                                 | VW Credit, Inc.                                                                               | CUSIP: 91842KA63<br>LEI: 549300UUPJ2NXDB68M19 | Long             | STIV             | CORP              | US        |   2105000 | PA      | $2088838.44   | 0.20%             | 2026-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                                 | Nordea Bank Abp                                                                               | CUSIP: 65558RAG4<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   3150000 | PA      | $3195188.01   | 0.31%             | 2027-03-19      | Fixed         | 5.00%                 | 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      | $2789620.19   | 0.27%             | 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      | $3052708.61   | 0.30%             | 2027-03-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                    | American Honda Finance Corp.                                                                  | CUSIP: 02665JZ52<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |   1530000 | PA      | $1523845.42   | 0.15%             | 2025-12-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                                     | Nationwide Building Society                                                                   | CUSIP: 63859UBH5<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   8900000 | PA      | $8695748.03   | 0.84%             | 2026-10-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| VW Credit, Inc.                                                 | VW Credit, Inc.                                                                               | CUSIP: 91842KCL8<br>LEI: 549300UUPJ2NXDB68M19 | Long             | STIV             | CORP              | US        |   5860000 | PA      | $5766591.01   | 0.56%             | 2026-03-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Stryker Corp.                                                   | Stryker Corp.                                                                                 | CUSIP: 863667BJ9<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   5935000 | PA      | $5972362.61   | 0.58%             | 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      | $6233217.95   | 0.60%             | 2027-05-27      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                          | Extra Space Storage LP                                                                        | CUSIP: 30227PYL6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | STIV             | CORP              | US        |   2250000 | PA      | $2244812.40   | 0.22%             | 2025-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                           | Bank of America Corp.                                                                         | CUSIP: 06051GFX2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6380000 | PA      | $6364196.87   | 0.62%             | 2026-04-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                                        | Toyota Lease Owner Trust, Series 2025-B, Class A2B                                            | CUSIP: 89240NAC6<br>LEI: 25490023VYI9VGKU0357 | Long             | ABS-O            | CORP              | US        |   1583000 | PA      | $1581793.44   | 0.15%             | 2028-05-22      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| VW Credit, Inc.                                                 | VW Credit, Inc.                                                                               | CUSIP: 91842JY37<br>LEI: 549300UUPJ2NXDB68M19 | Long             | STIV             | CORP              | US        |   1020000 | PA      | $1019650.04   | 0.10%             | 2025-11-03      | Fixed         | 0.00%                 | 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        |    120814 | PA      | $120850.91    | 0.01%             | 2027-01-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                            | Macquarie Group Ltd.                                                                          | CUSIP: 55608VA84<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | STIV             | CORP              | AU        |   4030000 | PA      | $3999450.99   | 0.39%             | 2026-01-08      | None          | 0.00%                 | 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        |    562595 | PA      | $562778.77    | 0.05%             | 2027-06-15      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Natixis SA                                                      | Natixis SA                                                                                    | CUSIP: 63873TCN6<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | STIV             | CORP              | FR        |   4460000 | PA      | $4467982.06   | 0.43%             | 2026-05-13      | Fixed         | 4.43%                 | 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      | $4171879.00   | 0.40%             | 2026-03-18      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                       | BlackRock Liquidity Funds, T-Fund, Institutional Class                                        | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |    178152 | NS      | $178151.93    | 0.02%             |  |  |  | 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      | $1380382.72   | 0.13%             | 2027-12-08      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                    | American Honda Finance Corp.                                                                  | CUSIP: 02665KA80<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |   2640000 | PA      | $2618892.14   | 0.25%             | 2026-01-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                           | BofA Securities, Inc.                                                                         | CUSIP: 06054PF50<br>LEI: 549300HN4UKV1E2R3U73 | Long             | STIV             | CORP              | US        |   4750000 | PA      | $4638182.63   | 0.45%             | 2026-06-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                              | Canadian Imperial Bank of Commerce, New York                                                  | CUSIP: 13606DPL0<br>LEI: 549300H8L46OOZOFHU82 | Long             | STIV             | CORP              | CA        |   5200000 | PA      | $5201445.50   | 0.50%             | 2026-11-09      | Floating      | 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        |  19000000 | PA      | $19000000.00  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| BPCE SA                                                         | BPCE SA                                                                                       | CUSIP: 05571AAT2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   2010000 | PA      | $2034354.43   | 0.20%             | 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      | $1179690.62   | 0.11%             | 2026-08-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                                    | Nutrien Ltd.                                                                                  | CUSIP: 67077UYH7<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |   2935000 | PA      | $2929304.93   | 0.28%             | 2025-11-17      | 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      | $7093932.82   | 0.69%             | 2026-02-09      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| PayPal Holdings, Inc.                                           | PayPal Holdings, Inc.                                                                         | CUSIP: 70450YAR4<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   2080000 | PA      | $2086506.99   | 0.20%             | 2028-03-06      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                             | Macquarie Bank Ltd.                                                                           | CUSIP: 55607NZK9<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |   6220000 | PA      | $6220606.45   | 0.60%             | 2025-11-20      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                          | JPMorgan Chase Bank NA                                                                        | CUSIP: 48125LRU8<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |   3030000 | PA      | $3066038.21   | 0.30%             | 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      | $2280934.00   | 0.22%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Korea Development Bank                                          | Korea Development Bank                                                                        | CUSIP: 50066BQ46<br>LEI: 549300ML2LNRZUCS7149 | Long             | STIV             | CORP              | KR        |   5750000 | PA      | $5755265.28   | 0.56%             | 2026-03-02      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                    | Marriott International, Inc.                                                                  | CUSIP: 571903BV4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   3030000 | PA      | $3039393.45   | 0.29%             | 2027-07-15      | Fixed         | 4.20%                 | 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  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.              | National Rural Utilities Cooperative Finance Corp.                                            | CUSIP: 63743HGA4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   2690000 | PA      | $2690583.11   | 0.26%             | 2026-10-30      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Truist Bank                                                     | Truist Bank                                                                                   | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   4955000 | PA      | $4965434.49   | 0.48%             | 2027-05-20      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| Brookfield Renewable Partners LP                                | Brookfield Renewable Partners LP                                                              | CUSIP: 11284WYD9<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | STIV             | CORP              | BM        |   1100000 | PA      | $1098369.36   | 0.11%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                                 | Nordea Bank Abp                                                                               | CUSIP: 65558RAM1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   2210000 | PA      | $2222233.30   | 0.21%             | 2028-03-17      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                                  | Amphenol Corp.                                                                                | CUSIP: 032095AM3<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    750000 | PA      | $751943.42    | 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      | $5813773.38   | 0.56%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Automatic Data Processing, Inc.                                 | Automatic Data Processing, Inc.                                                               | CUSIP: 0530A2Y53<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4997234.00   | 0.48%             | 2025-11-05      | None          | 0.00%                 | 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        |    368786 | PA      | $368890.83    | 0.04%             | 2027-10-15      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                              | Metropolitan Life Global Funding I                                                            | CUSIP: 592179KR5<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1298332.63   | 0.13%             | 2028-08-25      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                            | Glencore Funding LLC                                                                          | CUSIP: 37790AYH0<br>LEI: 213800STG1QDNBY87K49 | Long             | STIV             | CORP              | US        |   4860000 | PA      | $4850426.29   | 0.47%             | 2025-11-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Spire, Inc.                                                     | Spire, Inc.                                                                                   | CUSIP: 84858MYA0<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |   2170000 | PA      | $2167512.10   | 0.21%             | 2025-11-10      | 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      | $2903889.97   | 0.28%             | 2028-03-06      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Protective Life Global Funding                                  | Protective Life Global Funding                                                                | CUSIP: 743672AG2<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   8460000 | PA      | $8465821.33   | 0.82%             | 2026-07-22      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                        | Cooperatieve Rabobank UA                                                                      | CUSIP: 21684LL91<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | STIV             | CORP              | NL        |   2750000 | PA      | $2751268.85   | 0.27%             | 2026-04-08      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                            | Caterpillar Financial Services Corp.                                                          | CUSIP: 14913UAW0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   2155000 | PA      | $2157206.96   | 0.21%             | 2027-01-07      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                                  | Amphenol Corp.                                                                                | CUSIP: 032095AV3<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   3725000 | PA      | $3732081.23   | 0.36%             | 2027-11-15      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                         | Hyundai Capital America                                                                       | CUSIP: 44891ACT2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2625000 | PA      | $2652302.10   | 0.26%             | 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      | $5310150.87   | 0.51%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                             | Macquarie Bank Ltd.                                                                           | CUSIP: 55607KZ90<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |   2860000 | PA      | $2847786.37   | 0.28%             | 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      | $1369612.87   | 0.13%             | 2028-02-07      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Equitable America Global Funding                                | Equitable America Global Funding                                                              | CUSIP: 29446Q2D4<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |   3115000 | PA      | $3117683.98   | 0.30%             | 2027-09-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                                  | Hyundai Auto Receivables Trust, Series 2025-C, Class A2B                                      | CUSIP: 44935JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2537000 | PA      | $2538134.55   | 0.25%             | 2028-07-17      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                          | UBS AG                                                                                        | CUSIP: 90261AAD4<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |   3420000 | PA      | $3447060.61   | 0.33%             | 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      | $3011394.83   | 0.29%             | 2026-01-12      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets, Inc.                                  | Citigroup Global Markets, Inc.                                                                | CUSIP: 17327BBA2<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | STIV             | CORP              | US        |   2260000 | PA      | $2234604.38   | 0.22%             | 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      | $2000823.20   | 0.19%             | 2026-02-24      | Floating      | 4.57%                 | 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  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                    | American Honda Finance Corp.                                                                  | CUSIP: 02665WFN6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2004878.00   | 0.19%             | 2026-10-05      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                               | Wells Fargo & Co.                                                                             | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2980000 | PA      | $2987485.76   | 0.29%             | 2028-01-24      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                         | Volkswagen Group of America Finance LLC                                                       | CUSIP: 928668CV2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   3280000 | PA      | $3286640.56   | 0.32%             | 2027-09-11      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                    | National Australia Bank Ltd.                                                                  | CUSIP: 632525CG4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   2805000 | PA      | $2814468.84   | 0.27%             | 2028-03-06      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                                       | United Overseas Bank Ltd.                                                                     | CUSIP: 91127KAL6<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | DBT              | CORP              | SG        |   3035000 | PA      | $3044976.11   | 0.29%             | 2028-04-02      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                                    | Ford Credit Auto Owner Trust, Series 2025-B, Class A2B                                        | CUSIP: 34532BAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2558000 | PA      | $2556986.01   | 0.25%             | 2028-06-15      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                         | Standard Chartered Bank                                                                       | CUSIP: 85324UEM1<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |   9370000 | PA      | $9162229.62   | 0.89%             | 2026-05-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                                         | National Bank of Canada                                                                       | CUSIP: 63307MGV5<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | STIV             | CORP              | CA        |   4080000 | PA      | $3963584.95   | 0.38%             | 2026-07-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB, New York                              | Svenska Handelsbanken AB, New York                                                            | CUSIP: 86959TNF9<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | STIV             | CORP              | SE        |   3500000 | PA      | $3503411.70   | 0.34%             | 2026-04-22      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                        | Bristol-Myers Squibb Co.                                                                      | CUSIP: 110122ED6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   4495000 | PA      | $4506284.47   | 0.44%             | 2026-02-20      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Western Union Co. (The)                                         | Western Union Co. (The)                                                                       | CUSIP: 95980GY36<br>LEI: 28ID94QU1140NC23S047 | Long             | STIV             | CORP              | US        |   4000000 | PA      | $3998657.60   | 0.39%             | 2025-11-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                            | Caterpillar Financial Services Corp.                                                          | CUSIP: 14913UAV2<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   2780000 | PA      | $2799256.70   | 0.27%             | 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      | $9251340.64   | 0.89%             | 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      | $6000688.20   | 0.58%             | 2025-11-26      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                     | Citibank NA                                                                                   | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   4420000 | PA      | $4446696.62   | 0.43%             | 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        |    552372 | PA      | $553501.97    | 0.05%             | 2027-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                                | Mizuho Bank Ltd., New York                                                                    | CUSIP: 60710TYN5<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   6500000 | PA      | $6505918.25   | 0.63%             | 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      | $3900559.65   | 0.38%             | 2025-12-03      | Floating      | 4.52%                 | 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   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                                  | Amphenol Corp.                                                                                | CUSIP: 032095AN1<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   2755000 | PA      | $2794203.07   | 0.27%             | 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  | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                                  | HSBC USA, Inc.                                                                                | CUSIP: 40434REK4<br>LEI: 549300LBOHZ4QSIWU288 | Long             | STIV             | CORP              | US        |   9730000 | PA      | $9513237.01   | 0.92%             | 2026-05-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                           | NextEra Energy Capital Holdings, Inc.                                                         | CUSIP: 65339MZ58<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |   5370000 | PA      | $5348568.33   | 0.52%             | 2025-12-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Enbridge US, Inc.                                               | Enbridge US, Inc.                                                                             | CUSIP: 29251UYD4<br>LEI: 5493003FRODSVHJWFS32 | Long             | STIV             | CORP              | US        |   2700000 | PA      | $2695997.52   | 0.26%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                         | BPCE SA                                                                                       | CUSIP: 05611C2A0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   3140000 | PA      | $3145227.88   | 0.30%             | 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      | $1918024.28   | 0.19%             | 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      | $2923224.38   | 0.28%             | 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      | $3247115.48   | 0.31%             | 2025-12-08      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| MUFG Bank Ltd.                                                  | MUFG Bank Ltd.                                                                                | CUSIP: 62479MF24<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | STIV             | CORP              | JP        |   3810000 | PA      | $3721475.41   | 0.36%             | 2026-06-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                        | U.S. Treasury Notes                                                                           | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3080000 | PA      | $3081741.56   | 0.30%             | 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      | $1408890.39   | 0.14%             | 2028-03-14      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                      | Mars, Inc.                                                                                    | CUSIP: 571676AW5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   3370000 | PA      | $3391772.90   | 0.33%             | 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      | $7191113.73   | 0.70%             | 2025-12-12      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp.                                               | NTT Finance Corp.                                                                             | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   2865000 | PA      | $2886531.48   | 0.28%             | 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      | $3174033.33   | 0.31%             | 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      | $2563345.89   | 0.25%             | 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      | $2202247.74   | 0.21%             | 2026-05-21      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                         | Hyundai Capital America                                                                       | CUSIP: 44891ADY0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2835000 | PA      | $2849395.48   | 0.28%             | 2027-06-23      | Floating      | 5.41%                 | 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   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer