# EDGAR Filing Document

**Accession Number:** 0001741600
**File Stem:** 0001752724-23-002206
**Filing Date:** 2023-1
**Character Count:** 419594
**Document Hash:** 2c9d60ab9d1f2e996c2dc9b50dae4b50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-002206.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001752724-23-002206

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Multi-Sector Opportunities Trust II
- **CENTRAL INDEX KEY:** 0001741600
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23357
- **FILM NUMBER:** 23530870

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

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

## Nport-Ex

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities** |  |  |  |
|  AGL CLO 9 Ltd., Class E, (3 mo. LIBOR US + 7.26%), 9.97%, 01/20/34<sup>(a)(b)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224663 |
|  AIMCO CLO 10 Ltd., Series 2019-10A, Class SUB, 0.00%, 07/22/32<sup>(a)(b)</sup>  |  | 773 | 494555 |
|  Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 6.29%, 01/28/31<sup>(a)(b)</sup>  |  | 250 | 225680 |
|  ARES LI CLO Ltd., Series 2019-51A, Class ER, (3 mo. LIBOR US + 6.85%), 9.36%, 07/15/34<sup>(a)(b)</sup>  |  | 300 | 262676 |
|  Ares LV CLO Ltd., Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 5.66%, 07/15/34<sup>(a)(b)</sup>  |  | 750 | 657416 |
|  CarVal CLO I Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.89%), 5.63%, 07/16/31<sup>(a)(b)</sup>  |  | 250 | 221226 |
|  CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 5.91%, 04/20/32<sup>(a)(b)</sup>  |  | 2000 | 1772242 |
|  CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 9.15%, 07/20/32<sup>(a)(b)</sup>  |  | 1300 | 1123230 |
|  Cedar Funding XIV CLO Ltd.<sup>(a)(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class D, (3 mo. LIBOR US + 3.25%), 5.76%, 07/15/33 |  | 500 | 439986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class E, (3 mo. LIBOR US + 6.34%), 8.85%, 07/15/33 |  | 375 | 321889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class SUB, 0.00%, 07/15/33 |  | 250 | 144500 |
|  Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 9.51%, 04/20/34<sup>(a)(b)</sup>  |  | 250 | 225865 |
|  Elmwood CLO VII Ltd., Series 2020-4A, Class E, (3 mo. LIBOR US + 7.10%), 9.84%, 01/17/34<sup>(a)(b)</sup>  |  | 250 | 221276 |
|  Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39<sup>(b)</sup>  | CAD | 150 | 98916 |
|  Generate CLO 3 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 6.31%, 10/20/29<sup>(a)(b)</sup>  | USD | 500 | 452354 |
|  Generate CLO 4 Ltd., Series 2016-2A, Class ER, (3 mo. LIBOR US + 6.75%), 9.46%, 04/20/32<sup>(a)(b)</sup>  |  | 250 | 221306 |
|  Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 5.46%, 10/15/30<sup>(a)(b)</sup>  |  | 750 | 684971 |
|  GoldenTree Loan Management U.S. CLO 1 Ltd., Series 2021-11A, Class E, (3 mo. LIBOR US + 5.35%), 8.06%, 10/20/34<sup>(a)(b)</sup>  |  | 250 | 202395 |
|  Golub Capital Partners CLO 55B Ltd., Series 2021-55A, Class E, (3 mo. LIBOR US + 6.56%), 9.27%, 07/20/34<sup>(a)(b)</sup>  |  | 250 | 222967 |
|  GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.70%), 3.78%, 12/25/35<sup>(a)</sup>  |  | 3371 | 1524471 |
|  Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 8.96%, 04/15/33<sup>(a)(b)</sup>  |  | 250 | 223827 |
|  Gulf Stream Meridian 7 Ltd., Series 2022-7A, Class D, (3 mo. SOFR + 6.85%), 9.18%, 07/15/35<sup>(a)(b)</sup>  |  | 250 | 223227 |
|  Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31<sup>(b)</sup>  |  | 400 | 347807 |
|  Mariner Finance Issuance Trust<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-AA, Class D, 5.44%, 07/20/32 |  | 900 | 831103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AA, Class D, 5.75%, 08/21/34 |  | 200 | 180217 |
|  Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44<sup>(b)</sup>  |  | 237 | 218858 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class ER, (3 mo. LIBOR US + 6.10%), 8.84%,<br>01/20/32<sup>(a)(b)</sup>  | USD | 400 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342449 |
|  Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class ER, (3 mo. LIBOR US + 5.75%), 8.46%,<br>07/20/31<sup>(a)(b)</sup>  |  | 250 |  | 215597 |
|  OCP CLO Ltd.<sup>(a)(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 5.78%, 04/24/29 |  | 300 |  | 282033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-7A, Class B1RR, (3 mo. LIBOR US + 2.25%), 4.96%, 07/20/29 |  | 500 |  | 472960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-17A, Class ER, (3 mo. LIBOR US + 6.50%), 9.21%, 07/20/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 |  | 1251064 |
|  Octagon Investment Partners 49 Ltd., Series 2020-5A, Class E, (3 mo. LIBOR US + 6.75%), 9.26%, 01/15/33<sup>(a)(b)</sup>  |  | 500 |  | 436797 |
|  OHA Credit Funding 11 Ltd., Series 2022-11A, Class E, (3 mo. SOFR + 7.25%), 8.35%, 07/19/33<sup>(a)(b)</sup>  |  | 250 |  | 221623 |
|  Palmer Square Loan Funding Ltd., Series 2022-2A, Class D, (3 mo. SOFR + 6.20%), 7.29%, 10/15/30<sup>(a)(b)</sup>. |  | 250 |  | 222310 |
|  Rad CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 10.24%, 01/20/33<sup>(a)(b)</sup>  |  | 250 |  | 224887 |
|  Recette CLO Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 3.25%), 5.96%, 04/20/34<sup>(a)(b)</sup>  |  | 1000 |  | 857146 |
|  Rockford Tower CLO Ltd., Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 5.36%, 10/20/30<sup>(a)(b)</sup>  |  | 430 |  | 380874 |
|  Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.29%), 3.37%, 01/25/47<sup>(a)(c)</sup>  |  | 2766 |  | 2357638 |
|  Signal Peak CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 9.67%, 04/30/32<sup>(a)(b)</sup>  |  | 1250 |  | 1043432 |
|  Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37<sup>(b)(d)</sup>  |  | — <sup>(e)</sup> |  | 56000 |
|  TICP CLO XII Ltd., Series 2018-12A, Class ER, (3 mo. LIBOR US + 6.25%), 8.76%, 07/15/34<sup>(a)(b)</sup>  |  | 250 |  | 213038 |
|  Trestles CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 8.53%, 07/25/31<sup>(a)(b)</sup>  |  | 250 |  | 207776 |
|  Trestles CLO Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 5.68%, 04/25/32<sup>(a)(b)</sup>  |  | 1000 |  | 874297 |
|  Trinitas CLO XV Ltd., Series 2021-15A, Class E2, (3 mo. LIBOR US + 7.45%), 10.21%, 04/22/34<sup>(a)(b)</sup>  |  | 250 |  | 217658 |
|  Whitebox CLO III Ltd., Series 2021-3A, Class E, (3 mo. LIBOR US + 6.85%), 9.36%, 10/15/34<sup>(a)(b)</sup>  |  | 250 |  | 220739 |
|  **Total Asset-Backed Securities — 24.8%<br>(Cost: $24,502,935)** | **Total Asset-Backed Securities — 24.8%<br>(Cost: $24,502,935)** | **Total Asset-Backed Securities — 24.8%<br>(Cost: $24,502,935)** |  | 21865941 |
|  |  | *Shares* |  |  |
| **Common Stocks** |  |  |  |  |
| **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** |
|  Service Properties Trust |  | 2000 |  | 10380 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
|  Caesars Entertainment, Inc.<sup>(f)</sup>  |  | 1350 |  | 43551 |

---

1<br>

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Shares* | <br> *Value* |
| **Oil, Gas & Consumable Fuels — 0.3%** |  |  |  |
|  California Resources Corp.<sup>(g)</sup>  |  | 7618 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292760 |
|  **Total Common Stocks — 0.4%<br>(Cost: $185,514)** |  |  | 346691 |
|  |  | *Par*<br> *(000)* |  |
|  **Corporate Bonds** |  |  |  |
| **Advertising Agencies — 0.1%** |  |  |  |
|  Interpublic Group of Cos., Inc., 3.38%, 03/01/41 | USD | 73 | 48288 |
| **Aerospace & Defense — 1.4%** |  |  |  |
|  Embraer Netherlands Finance BV, 6.95%, 01/17/28<sup>(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 234656 |
|  TransDigm, Inc.<br>6.25%, 03/15/26<sup>(b)</sup>  |  | 870 | 843900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 |  | 142 | 134157 |
|  |  |  | 1212713 |
| **Airlines — 0.6%** |  |  |  |
|  Air France-KLM, 3.88%, 07/01/26<sup>(h)</sup>  | EUR | 100 | 79599 |
|  Allegiant Travel Co., 7.25%, 08/15/27<sup>(b)</sup>  | USD | 24 | 22620 |
|  American Airlines, Inc., 3.93%, 12/15/25<sup>(d)</sup>  |  | 71 | 67675 |
|  Avianca Midco 2 Ltd., 9.00%, 12/01/28<sup>(b)</sup>  |  | 263 | 199291 |
|  Deutsche Lufthansa AG, 2.88%, 05/16/27<sup>(h)</sup>  | EUR | 100 | 76405 |
|  Gol Finance SA, 7.00%, 01/31/25<sup>(b)</sup>  | USD | 200 | 92725 |
|  |  |  | 538315 |
| **Auto Components — 0.6%** |  |  |  |
|  Aptiv PLC, 3.10%, 12/01/51 |  | 109 | 61039 |
|  Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 05/15/26<sup>(b)</sup>  |  | 130 | 124150 |
|  Dana, Inc., 5.63%, 06/15/28 |  | 144 | 118822 |
|  IHO Verwaltungs GmbH, (4.5% PIK), 3.75%, 09/15/26<sup>(h)(i)</sup>  | EUR | 100 | 80609 |
|  ZF Finance GmbH<sup>(h)</sup>2.00%, 05/06/27 |  | 100 | 75701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/21/28 |  | 100 | 76224 |
|  |  |  | 536545 |
| **Automobiles — 0.9%** |  |  |  |
|  Constellation Automotive Financing PLC, 4.88%, 07/15/27<sup>(h)</sup>  | GBP | 100 | 75646 |
|  Ford Motor Co., 6.10%, 08/19/32 | USD | 76 | 67002 |
|  Ford Motor Credit Co. LLC, 5.58%, 03/18/24 |  | 597 | 585239 |
|  Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28<sup>(h)</sup>  | EUR | 100 | 63463 |
|  |  |  | 791350 |
| **Banks — 1.1%** |  |  |  |
|  BNP Paribas SA, (5 year CMT + 3.34%), 4.63%, 12/31/99<sup>(a)(h)(j)</sup>  | USD | 200 | 128039 |
|  Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%<sup>(a)(h)(j)</sup>  | EUR | 200 | 164894 |
|  Freedom Mortgage Corp., 8.25%, 04/15/25<sup>(b)</sup>  | USD | 144 | 118978 |
|  Grupo Aval Ltd., 4.38%, 02/04/30<sup>(b)</sup>  |  | 200 | 143875 |
|  Intesa Sanpaolo SpA, (5 year EUR Swap + 6.09%), 5.88%<sup>(a)(h)(j)</sup>  | EUR | 250 | 173959 |
|  NBK Tier 1 Ltd., 3.63%<sup>(a)(b)(j)</sup>  | USD | 277 | 235848 |
|  |  |  | 965593 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Beverages — 1.0%** |  |  |  |  |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36 | USD | 63 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56778 |
|  Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50 |  | 107 |  | 88171 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27<sup>(h)</sup>  | GBP | 100 |  | 72324 |
|  Ball Corp.<br>5.25%, 07/01/25 | USD | 17 |  | 16614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/26 |  | 13 |  | 12333 |
|  Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24<sup>(b)</sup>  |  | 402 |  | 381900 |
|  OI European Group BV, 2.88%, 02/15/25<sup>(h)</sup>  | EUR | 100 |  | 87715 |
|  Trivium Packaging Finance BV, 5.50%, 08/15/26<sup>(b)</sup>  | USD | 200 |  | 178874 |
|  |  |  |  | 894709 |
| **Biotechnology — 0.2%** |  |  |  |  |
|  Amgen, Inc.<br>3.00%, 01/15/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |  | 100018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 |  | 9 |  | 5244 |
|  Gilead Sciences, Inc., 2.80%, 10/01/50 |  | 164 |  | 101281 |
|  |  |  |  | 206543 |
| **Building Materials — 0.2%** |  |  |  |  |
|  Cemex SAB de CV, 3.13%, 03/19/26<sup>(h)</sup>  | EUR | 100 |  | 88376 |
|  Masonite International Corp., Class C, 5.38%, 02/01/28<sup>(b)</sup>  | USD | 9 |  | 7961 |
|  Standard Industries, Inc.<sup>(b)</sup>5.00%, 02/15/27 |  | 9 |  | 7964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 |  | 35 |  | 29571 |
|  |  |  |  | 133872 |
| **Building Products — 0.3%** |  |  |  |  |
|  Home Depot, Inc.<br>2.38%, 03/15/51 |  | 9 |  | 5266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/51 |  | 130 |  | 82659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 |  | 42 |  | 31738 |
|  Lowe's Cos., Inc.<br>3.00%, 10/15/50 |  | 169 |  | 103487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/52 |  | 41 |  | 31394 |
|  SRS Distribution, Inc., 4.63%, 07/01/28<sup>(b)</sup>  |  | 11 |  | 9449 |
|  |  |  |  | 263993 |
| **Capital Markets<sup>(h)</sup> — 0.3%** |  |  |  |  |
|  Sherwood Financing PLC, 6.00%, 11/15/26 | GBP | 100 |  | 83602 |
|  SURA Asset Management SA, 4.88%, 04/17/24 | USD | 171 |  | 166169 |
|  |  |  |  | 249771 |
| **Chemicals — 1.6%** |  |  |  |  |
|  Alpek SAB de CV, 3.25%, 02/25/31<sup>(b)</sup>  |  | 200 |  | 147350 |
|  Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25<sup>(h)</sup>  | EUR | 100 |  | 89675 |
|  Braskem Idesa SAPI, 6.99%, 02/20/32<sup>(b)</sup>  | USD | 200 |  | 132500 |
|  Chemours Co., 4.00%, 05/15/26 | EUR | 100 |  | 84652 |
|  NOVA Chemicals Corp., 4.88%, 06/01/24<sup>(b)</sup>  | USD | 621 |  | 583504 |
|  OCI NV, 3.63%, 10/15/25<sup>(h)</sup>  | EUR | 90 |  | 85889 |
|  Sasol Financing USA LLC, 6.50%, 09/27/28 | USD | 287 |  | 253959 |
|  Sherwin-Williams Co., 2.90%, 03/15/52 |  | 80 |  | 48079 |
|  |  |  |  | 1425608 |
| **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |
|  AMN Healthcare, Inc., 4.63%, 10/01/27<sup>(b)</sup>  |  | 99 |  | 88811 |
|  Avis Budget Finance PLC, 4.13%, 11/15/24<sup>(h)</sup>  | EUR | 100 |  | 93365 |
|  Loxam SAS, 3.75%, 07/15/26<sup>(h)</sup>  |  | 100 |  | 82707 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
|  United Rentals North America, Inc.<br>5.50%, 05/15/27 | USD | 8 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 |  | 479 |  | 439166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/30 |  | 13 |  | 11765 |
|  Verisure Midholding AB, 5.25%, 02/15/29<sup>(h)</sup>  | EUR | 100 |  | 72034 |
|  |  |  |  | 795579 |
| **Construction & Engineering — 0.1%** |  |  |  |  |
|  Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%<sup>(a)(h)(j)</sup>  |  | 100 |  | 80374 |
| **Construction Materials — 0.1%** |  |  |  |  |
|  KAR Auction Services, Inc., 5.13%, 06/01/25<sup>(b)</sup>  | USD | 98 |  | 94608 |
| **Consumer Discretionary — 0.1%** |  |  |  |  |
|  Atento Luxco 1 SA, 8.00%, 02/10/26<sup>(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |  | 83000 |
| **Consumer Finance — 0.4%** |  |  |  |  |
|  Encore Capital Group, Inc., 4.88%, 10/15/25<sup>(h)</sup>  | EUR | 100 |  | 91146 |
|  Moody's Corp.<br>2.55%, 08/18/60 | USD | 2 |  | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/61 |  | 7 |  | 4265 |
|  Muthoot Finance Ltd., 6.13%, 10/31/22<sup>(b)</sup>  |  | 250 |  | 248328 |
|  Visa, Inc., 2.00%, 08/15/50 |  | 9 |  | 5151 |
|  |  |  |  | 349976 |
| **Containers & Packaging — 0.7%** |  |  |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28<sup>(b)</sup>  |  | 201 |  | 164008 |
|  Klabin Austria GmbH, 3.20%, 01/12/31<sup>(b)</sup>  |  | 200 |  | 145500 |
|  Suzano Austria GmbH<br>3.13%, 01/15/32 |  | 150 |  | 107344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/16/47<sup>(b)</sup>  |  | 200 |  | 180050 |
|  |  |  |  | 596902 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
|  Rekeep SpA, 7.25%, 02/01/26<sup>(h)</sup>  | EUR | 100 |  | 85754 |
| **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** |
|  ASG Finance Designated Activity Co., 7.88%, 12/03/24<sup>(b)</sup>  | USD | 214 |  | 199555 |
|  Bank of America Corp.<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.56%), 2.97%, 07/21/52 |  | 9 |  | 5520 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51 |  | 130 |  | 98057 |
|  Garfunkelux Holdco 3 SA, 7.75%, 11/01/25<sup>(h)</sup>  | GBP | 100 |  | 87091 |
|  Goldman Sachs Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 | USD | 85 |  | 70402 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.47%), 2.91%, 07/21/42<sup>(a)</sup>  |  | 9 |  | 5786 |
|  Intercontinental Exchange, Inc., 3.00%, 09/15/60 |  | 9 |  | 5380 |
|  JPMorgan Chase & Co.<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.51%), 2.53%, 11/19/41 |  | 9 |  | 5618 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.58%), 3.33%, 04/22/52 |  | 100 |  | 65923 |
|  Lloyds Banking Group PLC, (5 year USD Swap + 4.76%), 7.50%<sup>(a)(g)(j)</sup>  |  | 200 |  | 185646 |
|  Morgan Stanley, (1 day SOFR + 1.43%), 2.80%, 01/25/52<sup>(a)</sup>  |  | 9 |  | 5433 |
|  Oceana Australian Fixed Income Trust, 10.00%, 08/31/23<sup>(d)</sup>  | AUD | 966 |  | 620250 |
|  Oceana Australian Fixed Income Trust, A Note Upsize, 8.00%, 03/28/24<sup>(a)(d)</sup>  |  | 480 |  | 301659 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25<sup>(b)</sup>  | USD | 400 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234575 |
|  Sun Country Airlines Holdings, Inc., 7.00%, 12/15/23<sup>(d)</sup>  |  | 202 |  | 196904 |
|  |  |  |  | 2087799 |
| **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** |
|  Level 3 Financing, Inc.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 |  | 17 |  | 14069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 |  | 431 |  | 336184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 |  | 381 |  | 282088 |
|  Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25<sup>(i)</sup>  |  | 200 |  | 57375 |
|  SoftBank Group Corp.<sup>(h)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/30/25 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |  | 88791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/28 |  | 100 |  | 77179 |
|  Verizon Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/20/50 | USD | 80 |  | 48921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 |  | 84 |  | 59066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 |  | 9 |  | 5350 |
|  |  |  |  | 969023 |
| **Electric Utilities<sup>(b)</sup> — 1.1%** |  |  |  |  |
|  Empresas Publicas de Medellin ESP, 4.25%, 07/18/29 |  | 253 |  | 181211 |
|  Talen Energy Supply LLC<sup>(f)(k)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/27 |  | 501 |  | 512273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 |  | 274 |  | 277425 |
|  |  |  |  | 970909 |
| **Energy Equipment & Services — 0.7%** |  |  |  |  |
|  Petroleos Mexicanos |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/29<sup>(b)</sup>  |  | 176 |  | 149264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 |  | 245 |  | 171108 |
|  Transocean Phoenix 2 Ltd., 7.75%, 10/15/24<sup>(b)</sup>  |  | 329 |  | 318645 |
|  Vallourec SA, 8.50%, 06/30/26<sup>(h)</sup>  | EUR | 17 |  | 15534 |
|  |  |  |  | 654551 |
| **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** |
|  Clean Harbors, Inc., 4.88%, 07/15/27<sup>(b)</sup>  | USD | 9 |  | 8204 |
|  Covanta Holding Corp., 4.88%,<br>12/01/29<sup>(b)(c)</sup>  |  | 9 |  | 7274 |
|  Republic Services, Inc., 3.05%, 03/01/50 |  | 135 |  | 91086 |
|  |  |  |  | 106564 |
| **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** |
|  American Tower Corp., 3.10%, 06/15/50 |  | 89 |  | 55418 |
|  Crown Castle, Inc., 2.90%, 04/01/41 |  | 85 |  | 55186 |
|  Equinix, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/50 |  | 4 |  | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/51 |  | 85 |  | 50913 |
|  Mid-America Apartments LP, 2.88%, 09/15/51 |  | 12 |  | 7496 |
|  MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 |  | 9 |  | 8241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | 16 |  | 12873 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.Issuer, 4.88%, 05/15/29<sup>(b)</sup>  |  | 37 |  | 29970 |
|  RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 |  | 12 |  | 10440 |
|  Service Properties Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/23 |  | 386 |  | 376832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/01/24 |  | 10 |  | 8853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 |  | 33 |  | 30855 |

---

 3<br>

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** |
|  XHR LP<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25 | USD | 68 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/29 |  | 11 |  | 9070 |
|  |  |  |  | 723859 |
| **Food & Staples Retailing — 0.6%** |  |  |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 |  | 147 |  | 131392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/28 |  | 13 |  | 11993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 |  | 17 |  | 14382 |
|  Bellis Acquisition Co. PLC, 3.25%, 02/16/26<sup>(h)</sup>  | GBP | 100 |  | 84022 |
|  General Mills, Inc., 3.00%, 02/01/51 | USD | 125 |  | 81094 |
|  Market Bidco Finco PLC, 5.50%, 11/04/27<sup>(h)</sup>  | GBP | 100 |  | 86354 |
|  Picard Groupe SAS, 3.88%, 07/01/26<sup>(h)</sup>  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |  | 81834 |
|  Walmart, Inc., 2.65%, 09/22/51 | USD | 9 |  | 6038 |
|  |  |  |  | 497109 |
| **Food Products — 0.1%** |  |  |  |  |
|  Aramark Services, Inc., 5.00%, 02/01/28<sup>(b)</sup>  |  | 20 |  | 17814 |
|  Darling Ingredients, Inc., 5.25%, 04/15/27<sup>(b)</sup>  |  | 9 |  | 8489 |
|  Louis Dreyfus Co. Finance BV, 1.63%, 04/28/28<sup>(h)</sup>  | EUR | 100 |  | 79352 |
|  |  |  |  | 105655 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
|  Becton Dickinson & Co., 3.79%, 05/20/50 | USD | 38 |  | 28422 |
|  Danaher Corp., 2.80%, 12/10/51 |  | 9 |  | 5790 |
|  |  |  |  | 34212 |
| **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** |
|  Acadia Healthcare Co., Inc., 5.50%, 07/01/28<sup>(b)</sup>  |  | 20 |  | 18251 |
|  Elevance Health, Inc., 3.13%, 05/15/50 |  | 80 |  | 52916 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 |  | 17 |  | 16470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 |  | 308 |  | 254322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 |  | 9 |  | 5572 |
|  Medline Borrower LP, 3.88%, 04/01/29<sup>(b)</sup>  |  | 419 |  | 335908 |
|  Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25<sup>(h)</sup>  | EUR | 100 |  | 91635 |
|  Select Medical Corp., 6.25%, 08/15/26<sup>(b)</sup>  | USD | 360 |  | 338731 |
|  Tenet Healthcare Corp.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24 |  | 384 |  | 371650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26 |  | 654 |  | 607742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27 |  | 26 |  | 24262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27 |  | 26 |  | 23329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 |  | 23 |  | 20101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 |  | 507 |  | 419923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/30 |  | 44 |  | 36727 |
|  UnitedHealth Group, Inc., 2.90%, 05/15/50 |  | 9 |  | 5911 |
|  Universal Health Services, Inc., 2.65%, 10/15/30<sup>(b)</sup>  |  | 63 |  | 46610 |
|  |  |  |  | 2670060 |
| **Health Care Technology — 0.2%** |  |  |  |  |
|  CAB SELAS, 3.38%, 02/01/28<sup>(h)</sup>  | EUR | 200 |  | 149320 |
|  Charles River Laboratories International, Inc., 4.25%, 05/01/28<sup>(b)</sup>  | USD | 9 |  | 7838 |
|  Roche Holdings, Inc., 2.61%, 12/13/51<sup>(b)</sup>  |  | 9 |  | 5868 |
|  |  |  |  | 163026 |
| **Hotels, Restaurants & Leisure — 4.9%** |  |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc., 3.88%, 01/15/28<sup>(b)</sup>  |  | 13 |  | 11313 |
|  Affinity Gaming, 6.88%, 12/15/27<sup>(b)</sup>  |  | 150 |  | 122280 |
|  Boyd Gaming Corp., 4.75%, 12/01/27 |  | 331 |  | 292938 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Caesars Entertainment, Inc.<sup>(b)</sup>6.25%, 07/01/25 | USD | 228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27 |  | 146 | 139442 |
|  Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25<sup>(b)</sup>  |  | 68 | 65613 |
|  CDI Escrow Issuer, Inc., 5.75%, 04/01/30<sup>(b)</sup>  |  | 3 | 2620 |
|  Cedar Fair LP, 5.25%, 07/15/29 |  | 9 | 7723 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/25<sup>(b)</sup>  |  | 102 | 98117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 |  | 9 | 8360 |
|  Churchill Downs, Inc.<sup>(b)</sup>5.50%, 04/01/27 |  | 10 | 9253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 |  | 9 | 7786 |
|  CPUK Finance Ltd., 6.50%, 08/28/26<sup>(h)</sup>  | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 101262 |
|  Full House Resorts, Inc., 8.25%, 02/15/28<sup>(b)</sup>  | USD | 13 | 11702 |
|  Golden Entertainment, Inc., 7.63%, 04/15/26<sup>(b)</sup>  |  | 34 | 33529 |
|  Hilton Domestic Operating Co., Inc., 4.88%, 01/15/30 |  | 17 | 14790 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29<sup>(b)</sup>  |  | 147 | 118644 |
|  International Game Technology PLC, 6.50%, 02/15/25<sup>(b)</sup>  |  | 582 | 580545 |
|  IRB Holding Corp., 7.00%, 06/15/25<sup>(b)</sup>  |  | 72 | 71544 |
|  Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 4.63%, 06/15/30 |  | 50 | 45184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, 3.50%, 10/15/32 |  | 232 | 186579 |
|  Marriott Ownership Resorts, Inc.<sup>(b)</sup>6.13%, 09/15/25 |  | 133 | 130046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/29 |  | 151 | 119336 |
|  MGM Resorts International<br>5.75%, 06/15/25 |  | 12 | 11468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/26<sup>(g)</sup>  |  | 152 | 134432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 |  | 157 | 141066 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29<sup>(b)</sup>  |  | 102 | 84025 |
|  Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27<sup>(b)</sup>  |  | 344 | 370230 |
|  Scientific Games International, Inc., 7.00%, 05/15/28<sup>(b)</sup>  |  | 194 | 182913 |
|  SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/25<sup>(b)</sup>  |  | 310 | 316200 |
|  Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25<sup>(h)</sup>  | GBP | 100 | 97419 |
|  Travel & Leisure Co., 6.63%, 07/31/26<sup>(b)</sup>  | USD | 90 | 84307 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>(b)</sup>5.50%, 03/01/25 |  | 190 | 177887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 |  | 19 | 16724 |
|  Wynn Macau Ltd., 5.50%, 01/15/26<sup>(h)</sup>  |  | 200 | 150380 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29<sup>(b)</sup>  |  | 213 | 172147 |
|  |  |  | 4337539 |
| **Household Durables — 3.8%** |  |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(b)</sup>6.63%, 01/15/28 |  | 216 | 181018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | 30 | 21782 |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/27 |  | 234 | 196427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 |  | 10 | 7403 |
|  Century Communities, Inc., 6.75%, 06/01/27 |  | 44 | 41114 |
|  Forestar Group, Inc.<sup>(b)</sup>3.85%, 05/15/26 |  | 244 | 200693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/28 |  | 319 | 255911 |
|  Lennar Corp., 4.75%, 11/29/27 |  | 16 | 14773 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Household Durables (continued)** |  |  |  |  |
|  M/I Homes, Inc., 4.95%, 02/01/28 | USD | 225 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187363 |
|  Mattamy Group Corp., 5.25%, 12/15/27<sup>(b)</sup>  |  | 9 |  | 7460 |
|  Newell Brands, Inc., 4.45%, 04/01/26 |  | 35 |  | 32200 |
|  Taylor Morrison Communities, Inc.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/27 |  | 270 |  | 251437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 |  | 914 |  | 802181 |
|  Tri Pointe Homes, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 |  | 705 |  | 609613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/28 |  | 18 |  | 15312 |
|  William Lyon Homes, Inc., 6.63%, 07/15/27<sup>(b)</sup>  |  | 527 |  | 495380 |
|  |  |  |  | 3320067 |
| **Independent Power and Renewable Electricity Producers — 1.8%** | **Independent Power and Renewable Electricity Producers — 1.8%** | **Independent Power and Renewable Electricity Producers — 1.8%** | **Independent Power and Renewable Electricity Producers — 1.8%** | **Independent Power and Renewable Electricity Producers — 1.8%** |
|  Calpine Corp.<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 |  | 652 |  | 574406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |  | 496425 |
|  Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27<sup>(b)</sup>  |  | 194 |  | 156977 |
|  Greenko Solar Mauritius Ltd., 5.95%, 07/29/26<sup>(h)</sup>  |  | 200 |  | 166250 |
|  NRG Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 |  | 14 |  | 12920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29<sup>(b)</sup>  |  | 13 |  | 11375 |
|  SCC Power PLC<sup>(b)(i)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |  | 268 |  | 19607 |
| &nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28 |  | 495 |  | 184350 |
|  |  |  |  | 1622310 |
| **Insurance — 0.1%** |  |  |  |  |
|  American International Group, Inc., 4.38%, 06/30/50 |  | 100 |  | 80022 |
| **Interactive Media & Services — 0.2%** |  |  |  |  |
|  Alphabet, Inc., 2.25%, 08/15/60 |  | 9 |  | 5060 |
|  United Group BV<sup>(h)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/24 | EUR | 100 |  | 91023 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 4.88%), 5.14%, 02/01/29<sup>(a)</sup>  |  | 100 |  | 80609 |
|  |  |  |  | 176692 |
| **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** |
|  Amazon.com, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 | USD | 115 |  | 80509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/60 |  | 9 |  | 5309 |
|  |  |  |  | 85818 |
| **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** |
|  NortonLifeLock, Inc., 6.75%, 09/30/27<sup>(b)</sup>  |  | 48 |  | 46057 |
| **IT Services — 0.3%** |  |  |  |  |
|  Centurion Bidco SpA, 5.88%, 09/30/26<sup>(h)</sup>  | EUR | 100 |  | 85774 |
|  International Business Machines Corp., 2.95%, 05/15/50 | USD | 109 |  | 68698 |
|  La Financiere Atalian SASU, 6.63%, 05/15/25<sup>(h)</sup>  | GBP | 100 |  | 106296 |
|  |  |  |  | 260768 |
| **Machinery — 0.4%** |  |  |  |  |
|  TK Elevator Midco GmbH<sup>(h)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/27 | EUR | 100 |  | 82079 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 4.75%), 4.75%, 07/15/27<sup>(a)</sup>  |  | 100 |  | 91044 |
|  TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup>  | USD | 200 |  | 170042 |
|  |  |  |  | 343165 |
| **Media — 1.8%** |  |  |  |  |
|  Altice Financing SA<sup>(h)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/25 | EUR | 100 |  | 86068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/29 |  | 100 |  | 75717 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |  |
|  AMC Networks, Inc., 5.00%, 04/01/24 | USD | 7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 04/01/61 |  | 9 | 5254 |
|  Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/27<sup>(b)</sup>  |  | 306 | 258490 |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 |  | 105 | 65754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 |  | 9 | 5103 |
|  iHeartCommunications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 |  | 14 | 12905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27<sup>(b)</sup>  |  | 13 | 11105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(b)</sup>  |  | 9 | 7502 |
|  Lamar Media Corp., 3.75%, 02/15/28 |  | 10 | 8735 |
|  Liquid Telecommunications Financing PLC, 5.50%, 09/04/26<sup>(b)</sup>  |  | 200 | 158000 |
|  Lorca Telecom Bondco SA, 4.00%, 09/18/27<sup>(h)</sup>  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 85121 |
|  Nexstar Media, Inc., 5.63%, 07/15/27<sup>(b)</sup>  | USD | 300 | 275792 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(b)</sup>5.00%, 08/15/27 |  | 11 | 9609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 |  | 9 | 7012 |
|  Sable International Finance Ltd., 5.75%, 09/07/27<sup>(h)</sup>  |  | 226 | 197468 |
|  SES SA, (5 year EUR Swap + 5.40%),<br>5.63%<sup>(a)(h)(j)</sup>  | EUR | 100 | 93967 |
|  Sirius XM Radio, Inc.<sup>(b)</sup>5.00%, 08/01/27 | USD | 54 | 49545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/29 |  | 48 | 43175 |
|  TEGNA, Inc.<br>4.63%, 03/15/28 |  | 150 | 138488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 |  | 19 | 17490 |
|  Walt Disney Co., 2.75%, 09/01/49 |  | 9 | 5710 |
|  |  |  | 1624689 |
| **Metals & Mining — 0.2%** |  |  |  |
|  Commercial Metals Co., 3.88%, 02/15/31 |  | 156 | 122339 |
|  FMG Resources August 2006 Pty. Ltd., 4.50%, 09/15/27<sup>(b)</sup>  |  | 10 | 8800 |
|  Freeport-McMoRan, Inc.<br>5.00%, 09/01/27 |  | 10 | 9679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/29 |  | 10 | 9293 |
|  thyssenkrupp AG, 1.88%, 03/06/23<sup>(h)</sup>  | EUR | 43 | 41308 |
|  |  |  | 191419 |
| **Oil, Gas & Consumable Fuels — 5.1%** |  |  |  |
|  Buckeye Partners LP<br>4.13%, 03/01/25<sup>(b)</sup>  | USD | 87 | 79627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/26 |  | 10 | 8722 |
|  California Resources Corp., 7.13%, 02/01/26<sup>(b)</sup>  |  | 142 | 133480 |
|  Cheniere Energy Partners LP<br>4.50%, 10/01/29 |  | 165 | 145264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 |  | 16 | 12286 |
|  Cheniere Energy, Inc., 4.63%, 10/15/28 |  | 50 | 45867 |
|  Chesapeake Energy Corp.<sup>(b)</sup>5.50%, 02/01/26 |  | 51 | 48833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 |  | 19 | 17620 |
|  Citgo Holding, Inc., 9.25%, 08/01/24<sup>(b)</sup>  |  | 38 | 37706 |
|  CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25<sup>(b)</sup>  |  | 42 | 40210 |
|  Ecopetrol SA<br>4.13%, 01/16/25 |  | 181 | 164857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/02/31 |  | 40 | 27850 |
|  EG Global Finance PLC, 4.38%, 02/07/25<sup>(h)</sup>  | EUR | 200 | 168569 |

---

 5<br>

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  EIG Pearl Holdings SARL, 3.55%, 08/31/36<sup>(b)</sup>  | USD | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159000 |
|  Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28<sup>(b)</sup>  |  | 17 | 16169 |
|  Geopark Ltd., 5.50%, 01/17/27<sup>(b)</sup>  |  | 200 | 156725 |
|  HTA Group Ltd., 7.00%, 12/18/25<sup>(b)</sup>  |  | 200 | 174162 |
|  IHS Holding Ltd., 6.25%, 11/29/28<sup>(b)</sup>  |  | 200 | 153975 |
|  Kinetik Holdings LP, 5.88%, 06/15/30<sup>(b)</sup>  |  | 20 | 18313 |
|  Leviathan Bond Ltd., 5.75%, 06/30/23<sup>(b)</sup>  |  | 108 | 106570 |
|  Matador Resources Co., 5.88%, 09/15/26 |  | 18 | 17364 |
|  MC Brazil Downstream Trading SARL, 7.25%, 06/30/31<sup>(b)</sup>  |  | 200 | 148000 |
|  NGPL PipeCo LLC, 7.77%, 12/15/37<sup>(b)</sup>  |  | 346 | 349697 |
|  Oil & Gas Holding Co. BSCC, 7.63%, 11/07/24<sup>(h)</sup>  |  | 200 | 198040 |
|  OQ SAOC, 5.13%, 05/06/28<sup>(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 178850 |
|  PDC Energy, Inc., 5.75%, 05/15/26 |  | 10 | 9251 |
|  Permian Resources Operating LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/26 |  | 834 | 761025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/27 |  | 51 | 49340 |
|  Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/13/27 |  | 279 | 233635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 205 | 137985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/23/45 |  | 185 | 101842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/21/47 |  | 41 | 22755 |
|  Puma International Financing SA, 5.13%, 10/06/24<sup>(b)</sup>  |  | 200 | 189000 |
|  SM Energy Co., 6.75%, 09/15/26 |  | 139 | 133787 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/27 |  | 21 | 20025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/29 |  | 32 | 26546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/30 |  | 172 | 140610 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/27 |  | 13 | 12848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 |  | 13 | 12025 |
|  Transocean Guardian Ltd., 5.88%, 01/15/24<sup>(b)</sup>  |  | 53 | 49577 |
|  |  |  | 4508007 |
| **Personal Products — 0.2%** |  |  |  |
|  GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/52<sup>(b)</sup>  |  | 250 | 185018 |
| **Pharmaceuticals — 0.8%** |  |  |  |
|  AbbVie, Inc., 4.88%, 11/14/48 |  | 120 | 105512 |
|  AstraZeneca PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/06/50 |  | 9 | 5182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/51 |  | 125 | 86644 |
|  Bausch Health Cos., Inc., 5.50%, 11/01/25<sup>(b)</sup>  |  | 30 | 23832 |
|  Bristol-Myers Squibb Co., 2.55%, 11/13/50 |  | 9 | 5545 |
|  Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28<sup>(h)</sup>  | EUR | 100 | 80338 |
|  CVS Health Corp., 5.05%, 03/25/48 | USD | 85 | 74856 |
|  Elanco Animal Health, Inc., 6.40%, 08/28/28 |  | 13 | 11476 |
|  Eli Lilly & Co., 2.25%, 05/15/50 |  | 184 | 113822 |
|  Johnson & Johnson, 2.25%, 09/01/50 |  | 9 | 5549 |
|  Merck & Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/50 |  | 9 | 5538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/51 |  | 38 | 24749 |
|  Nidda Healthcare Holding GmbH, 3.50%, 09/30/24<sup>(h)</sup>  | EUR | 100 | 88695 |
|  Rossini SARL, 6.75%, 10/30/25<sup>(h)</sup>  |  | 100 | 94819 |
|  |  |  | 726557 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Producer Durables: Miscellaneous — 0.1%** | **Producer Durables: Miscellaneous — 0.1%** | **Producer Durables: Miscellaneous — 0.1%** | **Producer Durables: Miscellaneous — 0.1%** |
|  Salesforce, Inc., 2.90%, 07/15/51 | USD | 139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91815 |
| **Real Estate — 0.0%** |  |  |  |
|  VICI Properties LP/VICI Note Co., Inc., 5.75%, 02/01/27<sup>(b)</sup>  |  | 13 | 12250 |
| **Real Estate Management & Development — 2.0%** | **Real Estate Management & Development — 2.0%** | **Real Estate Management & Development — 2.0%** | **Real Estate Management & Development — 2.0%** |
|  Adler Group SA, 3.25%, 08/05/25<sup>(h)</sup>  | EUR | 100 | 53903 |
|  Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26<sup>(b)</sup>  | USD | 270 | 240772 |
|  China Aoyuan Group Ltd., 7.95%,<br>02/19/23<sup>(f)(h)(k)</sup>  |  | 200 | 12725 |
|  China Evergrande Group, 10.50%,<br>04/11/24<sup>(f)(h)(k)</sup>  |  | 200 | 12787 |
|  CIFI Holdings Group Co. Ltd., 5.95%, 10/20/25<sup>(h)</sup>  |  | 200 | 43000 |
|  DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24<sup>(h)</sup>  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 70926 |
|  Fantasia Holdings Group Co. Ltd., 11.75%, 10/17/22<sup>(f)(h)(k)</sup>  | USD | 200 | 17000 |
|  Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25<sup>(b)</sup>  |  | 467 | 371456 |
|  Howard Hughes Corp., 5.38%, 08/01/28<sup>(b)</sup>  |  | 451 | 374330 |
|  JGC Ventures Pte. Ltd.<sup>(i)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.00% PIK), 3.00%, 06/30/25<sup>(f)(h)(k)</sup>  |  | 239 | 106643 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.00% PIK), 3.00%, 06/30/25 |  | 4 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.00% PIK), 3.00%, 06/30/25 |  | — <sup>(e)</sup> | 115 |
|  Kaisa Group Holdings Ltd., 11.95%,<br>10/22/22<sup>(f)(h)(k)</sup>  |  | 200 | 20912 |
|  MAF Sukuk Ltd., 4.64%, 05/14/29<sup>(h)</sup>  |  | 267 | 254952 |
|  Modern Land China Co. Ltd., 11.50%,<br>11/13/22<sup>(f)(h)(k)</sup>  |  | 200 | 31000 |
|  Redsun Properties Group Ltd., 10.50%, 10/03/22<sup>(f)(h)(k)</sup>  |  | 200 | 14000 |
|  RKPF Overseas Ltd., Series 2019-A, 6.00%, 09/04/25<sup>(h)</sup>  |  | 200 | 81000 |
|  Yango Justice International Ltd., 8.25%, 11/25/23<sup>(f)(h)(k)</sup>  |  | 200 | 10000 |
|  Yuzhou Group Holdings Co. Ltd., 7.38%, 01/13/26<sup>(f)(h)(k)</sup>  |  | 200 | 12500 |
|  |  |  | 1729582 |
| **Road & Rail — 0.3%** |  |  |  |
|  CMA CGM SA, 7.50%, 01/15/26<sup>(h)</sup>  | EUR | 100 | 99549 |
|  CSX Corp., 2.50%, 05/15/51 | USD | 9 | 5387 |
|  Getlink SE, 3.50%, 10/30/25<sup>(h)</sup>  | EUR | 100 | 89184 |
|  Norfolk Southern Corp., 2.90%, 08/25/51 | USD | 135 | 85501 |
|  |  |  | 279621 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
|  Analog Devices, Inc., 2.95%, 10/01/51 |  | 42 | 27965 |
|  Broadcom, Inc., 3.75%, 02/15/51<sup>(b)</sup>  |  | 165 | 108205 |
|  Intel Corp., 3.10%, 02/15/60 |  | 2 | 1207 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc., 3.25%, 11/30/51 |  | 9 | 5378 |
|  |  |  | 142755 |
| **Software — 0.7%** |  |  |  |
|  Boxer Parent Co., Inc., 6.50%, 10/02/25<sup>(h)</sup>  | EUR | 100 | 91635 |
|  Microsoft Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 | USD | 120 | 84636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 |  | 9 | 5659 |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 |  | 294 | 183956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 |  | 23 | 15254 |
|  Picard Midco, Inc., 6.50%, 03/31/29<sup>(b)</sup>  |  | 95 | 80246 |
|  Playtika Holding Corp., 4.25%, 03/15/29<sup>(b)</sup>  |  | 182 | 145553 |
|  |  |  | 606939 |
| **Specialty Retail — 0.1%** |  |  |  |
|  Goldstory SASU, 5.38%, 03/01/26<sup>(h)</sup>  | EUR | 100 | 83304 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
|  Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/20/50 | USD | 9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 |  | 80 | 52523 |
|  Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/46 |  | 21 | 22651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51<sup>(b)</sup>  |  | 9 | 5116 |
|  |  |  | 85876 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
|  Under Armour, Inc., 3.25%, 06/15/26 |  | 10 | 8650 |
| **Thrifts & Mortgage Finance — 0.6%** |  |  |  |
|  doValue SpA, 3.38%, 07/31/26<sup>(h)</sup>  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 81366 |
|  Jerrold Finco PLC, 4.88%, 01/15/26<sup>(h)</sup>  | GBP | 100 | 86533 |
|  Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27<sup>(b)</sup>  | USD | 11 | 9391 |
|  Rocket Mortgage LLC/Rocket Mortgage<br>Co.-Issuer, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/29 |  | 228 | 175480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/31 |  | 56 | 40592 |
|  United Wholesale Mortgage LLC, 5.75%, 06/15/27<sup>(b)</sup>  |  | 153 | 121238 |
|  |  |  | 514600 |
| **Transportation Infrastructure — 0.4%** |  |  |  |
|  Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61<sup>(b)</sup>  |  | 200 | 142475 |
|  Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29<sup>(b)</sup>  |  | 200 | 184600 |
|  FedEx Corp., 4.05%, 02/15/48 |  | 80 | 58624 |
|  |  |  | 385699 |
| **Utilities — 1.1%** |  |  |  |
|  Genneia SA, 8.75%, 09/02/27<sup>(b)</sup>  |  | 93 | 86132 |
|  Inkia Energy Ltd., 5.88%, 11/09/27<sup>(b)</sup>  |  | 200 | 184000 |
|  Orano SA, 2.75%, 03/08/28<sup>(h)</sup>  | EUR | 100 | 84724 |
|  Veolia Environnement SA, (5 year EUR<br>Swap + 2.84%), 2.50%<sup>(a)(h)(j)</sup>  |  | 300 | 224498 |
|  Vistra Operations Co. LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 | USD | 17 | 15767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/27 |  | 23 | 21534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 |  | 343 | 309815 |
|  |  |  | 926470 |
| **Wireless Telecommunication Services — 1.9%** | **Wireless Telecommunication Services — 1.9%** | **Wireless Telecommunication Services — 1.9%** | **Wireless Telecommunication Services — 1.9%** |
|  Altice France SA<sup>(h)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/25 | EUR | 100 | 85622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/27 |  | 100 | 84544 |
|  GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31 | USD | 164 | 134056 |
|  Kenbourne Invest SA, 6.88%, 11/26/24<sup>(b)</sup>  |  | 234 | 217225 |
|  Millicom International Cellular SA, 5.13%, 01/15/28<sup>(h)</sup>  |  | 242 | 200459 |
|  T-Mobile USA, Inc., 3.30%, 02/15/51 |  | 165 | 107497 |
|  VICI Properties LP/VICI Note Co., Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/24 |  | 450 | 442238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/25 |  | 13 | 12017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/25 |  | 59 | 55521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/26 |  | 9 | 8219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 |  | 22 | 19857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/27 |  | 13 | 11386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/29 |  | 200 | 173508 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
|  VICI Properties LP/VICI Note Co., Inc.(b) (continued) | VICI Properties LP/VICI Note Co., Inc.(b) (continued) | VICI Properties LP/VICI Note Co., Inc.(b) (continued) | VICI Properties LP/VICI Note Co., Inc.(b) (continued) | VICI Properties LP/VICI Note Co., Inc.(b) (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/30 | USD | 17 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14199 |
|  Vmed O2 U.K. Financing I PLC<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/31 | EUR | 100 |  | 73808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/31 | GBP | 100 |  | 78996 |
|  |  |  |  | 1719152 |
|  **Total Corporate Bonds — 48.1%<br>(Cost: $52,935,006)** |  |  |  | 42431101 |
|  **Floating Rate Loan Interests<sup>(a)</sup>**  | **Floating Rate Loan Interests<sup>(a)</sup>**  | **Floating Rate Loan Interests<sup>(a)</sup>**  | **Floating Rate Loan Interests<sup>(a)</sup>**  | **Floating Rate Loan Interests<sup>(a)</sup>**  |
| **Air Freight & Logistics — 0.0%** |  |  |  |  |
|  Kestrel Bidco, Inc., Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.99%, 12/11/26 | USD | — <sup>(e)</sup> |  | 169 |
| **Building Materials — 0.6%** |  |  |  |  |
|  Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.07%, 04/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 |  | 501098 |
| **Chemicals — 0.1%** |  |  |  |  |
|  SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.81%, 03/16/27 |  | 106 |  | 98560 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
|  Interface Security Systems LLC, Term Loan, (3 mo. LIBOR + 7.00%, 7.00% PIK), 7.88%, 08/07/23<sup>(d)</sup>  |  | 463 |  | 447785 |
| **Diversified Financial Services — 4.5%** | **Diversified Financial Services — 4.5%** | **Diversified Financial Services — 4.5%** | **Diversified Financial Services — 4.5%** | **Diversified Financial Services — 4.5%** |
|  Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 6.73%, 02/17/23<sup>(d)</sup>  |  | 42 |  | 714 |
|  LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27 |  | 47 |  | 40833 |
|  Luxembourg Life Fund, 2021 Term Loan, (3 mo. LIBOR + 9.25%), 12.92%, 04/01/23<sup>(d)</sup>  |  | 2672 |  | 2658774 |
|  Oceana Australian Fixed Income Trust, A Note Upsize, 8.00%, 01/21/24<sup>(d)</sup>  | AUD | 1740 |  | 1093514 |
|  White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 6.78%, 10/19/27 | USD | 200 |  | 186246 |
|  |  |  |  | 3980081 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
|  Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 5.62%, 03/06/25 |  | 102 |  | 98029 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
|  Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 6.87%, 02/02/26 |  | 169 |  | 148077 |
|  ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 10.62%, 05/01/28 |  | 108 |  | 106996 |
|  Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFR + 4.00%, 0.50% Floor), 7.03%, 01/27/29 |  | 248 |  | 229425 |
|  |  |  |  | 484498 |

---

 7<br>

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Media — 0.5%** |  |  |  |  |
|  Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 12/11/26 | USD | 350 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324708 |
|  Diamond Sports Group LLC, Term Loan, (PRIME + 3.35%), 5.95%, 08/24/26 |  | 599 |  | 115707 |
|  |  |  |  | 440415 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
|  Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.06%, 01/31/28 |  | 30 |  | 27095 |
|  **Total Floating Rate Loan Interests — 6.9%<br>(Cost: $6,989,059)** | **Total Floating Rate Loan Interests — 6.9%<br>(Cost: $6,989,059)** | **Total Floating Rate Loan Interests — 6.9%<br>(Cost: $6,989,059)** |  | 6077730 |
|  **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Bahrain — 0.2%** |  |  |  |  |
|  Bahrain Government International Bond, 6.75%, 09/20/29<sup>(h)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |  | 185225 |
| **Chile — 0.2%** |  |  |  |  |
|  Chile Government International Bond, 4.34%, 03/07/42 |  | 200 |  | 158700 |
| **Colombia — 0.4%** |  |  |  |  |
|  Colombia Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/15/31 |  | 340 |  | 235939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/51 |  | 200 |  | 106725 |
|  |  |  |  | 342664 |
| **Dominican Republic — 0.4%** |  |  |  |  |
|  Dominican Republic International Bond 5.50%, 02/22/29<sup>(b)</sup>  |  | 175 |  | 149877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/23/32<sup>(b)</sup>  |  | 155 |  | 115649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/05/49<sup>(h)</sup>  |  | 150 |  | 107278 |
|  |  |  |  | 372804 |
| **Egypt — 0.2%** |  |  |  |  |
|  Egypt Government International Bond, 8.50%, 01/31/47<sup>(h)</sup>  |  | 284 |  | 157265 |
| **Guatemala — 0.6%** |  |  |  |  |
|  Guatemala Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/03/26<sup>(h)</sup>  |  | 200 |  | 188412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/10/29<sup>(b)</sup>  |  | 200 |  | 179600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/24/32<sup>(b)</sup>  |  | 200 |  | 174413 |
|  |  |  |  | 542425 |
| **Hungary — 0.4%** |  |  |  |  |
|  Hungary Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/25/24 |  | 142 |  | 139408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/16/29<sup>(b)</sup>  |  | 200 |  | 180350 |
|  |  |  |  | 319758 |
| **Indonesia — 0.5%** |  |  |  |  |
|  Indonesia Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/11/28 |  | 265 |  | 241779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/11/29 |  | 200 |  | 192272 |
|  |  |  |  | 434051 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Ivory Coast — 0.2%** |  |  |  |
|  Ivory Coast Government International Bond, 6.38%, 03/03/28<sup>(h)</sup>  | USD | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177350 |
| **Mexico — 0.3%** |  |  |  |
|  Mexico Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/19/33 |  | 200 | 175800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/47 |  | 200 | 140913 |
|  |  |  | 316713 |
| **Morocco — 0.4%** |  |  |  |
|  Morocco Government International Bond<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/15/27 |  | 202 | 165299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/32 |  | 261 | 181933 |
|  |  |  | 347232 |
| **Nigeria — 0.3%** |  |  |  |
|  Nigeria Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 03/24/29<sup>(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 142000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/16/32<sup>(h)</sup>  |  | 200 | 127000 |
|  |  |  | 269000 |
| **Oman — 0.3%** |  |  |  |
|  Oman Government International Bond, 6.50%, 03/08/47<sup>(h)</sup>  |  | 306 | 237533 |
| **Panama — 0.4%** |  |  |  |
|  Panama Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/17/28 |  | 200 | 181225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/16/50 |  | 200 | 138287 |
|  |  |  | 319512 |
| **Paraguay — 0.2%** |  |  |  |
|  Paraguay Government International Bond, 5.40%, 03/30/50<sup>(b)</sup>  |  | 300 | 220369 |
| **Peru — 0.3%** |  |  |  |
|  Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25<sup>(h)</sup>  |  | 200 | 192413 |
|  Peruvian Government International Bond, 3.30%, 03/11/41 |  | 170 | 116875 |
|  |  |  | 309288 |
| **Romania — 0.5%** |  |  |  |
|  Romanian Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(b)</sup>  |  | 174 | 157470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/11/29<sup>(h)</sup>  | EUR | 177 | 132519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/08/30<sup>(h)</sup>  |  | 187 | 130843 |
|  |  |  | 420832 |
| **Saudi Arabia — 0.2%** |  |  |  |
|  Saudi Government International Bond, 3.75%, 01/21/55<sup>(h)</sup>  | USD | 200 | 148000 |
| **South Africa — 0.4%** |  |  |  |
|  Republic of South Africa Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/30/29 |  | 200 | 164475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/20/32 |  | 200 | 165000 |
|  |  |  | 329475 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Ukraine — 0.1%** |  |  |  |  |
|  Ukraine Government International Bond<sup>(f)(k)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.99%, 02/01/26<sup>(h)</sup>  | USD | 200 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/27<sup>(h)</sup>  |  | 110 |  | 22000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/35<sup>(b)</sup>  |  | 400 |  | 73000 |
|  |  |  |  | 136500 |
|  **Total Foreign Agency Obligations — 6.5%<br>(Cost: $7,652,419)** | **Total Foreign Agency Obligations — 6.5%<br>(Cost: $7,652,419)** | **Total Foreign Agency Obligations — 6.5%<br>(Cost: $7,652,419)** |  | 5744696 |
|  **Municipal Bonds** |  |  |  |  |
| **Puerto Rico<sup>(a)</sup> — 0.1%** |  |  |  |  |
|  Commonwealth of Puerto Rico, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/43 |  | 21 |  | 10346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |  | 82959 |
|  Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51 |  | 95 |  | 30943 |
|  |  |  |  | 124248 |
|  **Total Municipal Bonds — 0.1%<br>(Cost: $143,784)** | **Total Municipal Bonds — 0.1%<br>(Cost: $143,784)** | **Total Municipal Bonds — 0.1%<br>(Cost: $143,784)** |  | 124248 |
|  **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Banks — 4.0%** |  |  |  |  |
|  Western Alliance Bank, 5.65%, 12/30/24<sup>(a)</sup>  |  | 3510 |  | 3507331 |
| **Collateralized Mortgage Obligations<sup>(b)</sup> — 5.3%** | **Collateralized Mortgage Obligations<sup>(b)</sup> — 5.3%** | **Collateralized Mortgage Obligations<sup>(b)</sup> — 5.3%** | **Collateralized Mortgage Obligations<sup>(b)</sup> — 5.3%** | **Collateralized Mortgage Obligations<sup>(b)</sup> — 5.3%** |
|  Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69<sup>(a)</sup>  |  | 1047 |  | 988068 |
|  Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, (30 day SOFR + 6.00%), 8.28%, 10/25/41<sup>(a)</sup>  |  | 137 |  | 117712 |
|  Credit Suisse Mortgage Capital Certificates Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-JR1, Class A2, 3.50%, 09/27/66<sup>(a)</sup>  |  | 507 |  | 456010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-JR1, Class B2, 32.56%, 09/27/66 |  | 876 |  | 757371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-JR1, Class PT2, 8.94%, 07/26/60<sup>(a)(d)</sup>  |  | 744 |  | 243786 |
|  Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36 |  | 1902 |  | 1140415 |
|  Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, (1 mo. LIBOR), 10.19%, 02/25/38<sup>(a)</sup>  |  | 3476 |  | 967371 |
|  |  |  |  | 4670733 |
| **Commercial Mortgage-Backed Securities — 9.8%** | **Commercial Mortgage-Backed Securities — 9.8%** | **Commercial Mortgage-Backed Securities — 9.8%** | **Commercial Mortgage-Backed Securities — 9.8%** | **Commercial Mortgage-Backed Securities — 9.8%** |
|  Ashford Hospitality Trust, Series 2018-ASHF, Class E, (1 mo. LIBOR US + 3.10%), 5.92%, 04/15/35<sup>(a)(b)</sup>  |  | 125 |  | 114338 |
|  BX Commercial Mortgage Trust, Series 2019-XL, Class J, (1 mo. LIBOR US + 2.65%), 5.47%, 10/15/36<sup>(a)(b)</sup>  |  | 1445 |  | 1379873 |
|  BX Trust<sup>(a)(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 6.72%, 01/15/34 |  | 100 |  | 90754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW, Class E, (1 mo. LIBOR US + 3.60%), 6.42%, 06/15/36 |  | 130 |  | 119535 |
|  Citigroup Commercial Mortgage Trust<sup>(a)(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PRM, Class E, 4.89%, 05/10/36 |  | 500 |  | 494554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PRM, Class F, 4.89%, 05/10/36 |  | 750 |  | 739402 |
|  Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 6.31%, 11/15/37<sup>(a)(b)</sup>  |  | 127 |  | 119827 |
|  Commercial Mortgage Trust, Series 2013-GAM, Class E, 3.53%, 02/10/28<sup>(a)(b)</sup>  |  | 250 |  | 229953 |
|  Credit Suisse Mortgage Capital Certificates Trust<sup>(a)(b)</sup> Class E, (1 mo. LIBOR US + 3.50%), 6.32%, 11/15/38. |  | 250 |  | 238363 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
|  Credit Suisse Mortgage Capital Certificates Trust<sup>(a)(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 8.98%, 10/15/37 | USD | 300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NET, Class E, 3.83%, 08/15/37 |  | 750 | 653304 |
|  DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.65%, 10/10/34<sup>(a)(b)</sup>  |  | 275 | 241521 |
|  ELP Commercial Mortgage Trust, Series 2021-ELP, Class J, (1 mo. LIBOR US + 3.61%), 6.43%, 11/15/38<sup>(a)(b)</sup>  |  | 125 | 114878 |
|  GS Mortgage Securities Corp. Trust, Series 2021-DM, Class F, (1 mo. LIBOR US + 3.44%), 6.25%, 11/15/36<sup>(a)(b)</sup>  |  | 120 | 109522 |
|  HONO Mortgage Trust, Series 2021-LULU, Class F, (1 mo. LIBOR US + 4.40%), 7.22%, 10/15/36<sup>(a)(b)</sup>  |  | 125 | 116542 |
|  Hudson Yards Mortgage Trust, Series 2019-55HY, Class F, 3.04%,<br>12/10/41<sup>(a)(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | 352872 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class F, (1 mo. SOFR + 3.54%), 6.38%, 04/15/37<sup>(a)(b)</sup>  |  | 100 | 91490 |
|  MED Trust, Series 2021, Class G, (1 mo. LIBOR US + 5.25%), 8.07%, 11/15/38<sup>(a)(b)(d)</sup>  |  | 120 | 112800 |
|  MF1 Trust, Series 2021-W10, Class G, (1 mo. SOFR + 4.22%), 7.07%,<br>12/15/34<sup>(a)(b)</sup>  |  | 120 | 114940 |
|  Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50 |  | 625 | 445898 |
|  Morgan Stanley Capital I Trust<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-150E, Class F, 4.44%, 09/09/32<sup>(a)</sup>  |  | 700 | 588273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class D, 2.55%, 06/15/50 |  | 378 | 282225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-MP, Class E, 4.42%, 07/11/40<sup>(a)</sup>  |  | 372 | 270625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H7, Class D, 3.00%, 07/15/52 |  | 750 | 539438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NUGS, Class E, (1 mo. LIBOR US + 2.24%), 5.06%, 12/15/36<sup>(a)</sup>  |  | 400 | 374007 |
|  MTN Commercial Mortgage Trust, Class F, (1 mo. SOFR + 5.29%), 8.13%, 03/15/39<sup>(a)(b)</sup>  |  | 100 | 94491 |
|  SREIT Trust, Series 2021-MFP2, Class J, (1 mo. LIBOR US + 3.92%), 6.73%,<br>11/15/36<sup>(a)(b)</sup>  |  | 100 | 92113 |
|  TPGI Trust, Series 2021-DGWD, Class G, (1 mo. LIBOR US + 3.85%), 6.67%,<br>06/15/26<sup>(a)(b)</sup>  |  | 130 | 120426 |
|  Wells Fargo Commercial Mortgage Trust, Series 2020- SDAL, Class E, (1 mo. LIBOR US + 2.74%), 5.56%,<br>02/15/37<sup>(a)(b)</sup>  |  | 150 | 139752 |
|  |  |  | 8661855 |
|  **Total Non-Agency Mortgage-Backed Securities — 19.1%<br>(Cost: $18,522,133)** | **Total Non-Agency Mortgage-Backed Securities — 19.1%<br>(Cost: $18,522,133)** | **Total Non-Agency Mortgage-Backed Securities — 19.1%<br>(Cost: $18,522,133)** | 16839919 |
| **Preferred Securities** |  |  |  |
| **Capital Trusts — 5.2%<sup>(a)</sup>** |  |  |  |
| **Automobiles<sup>(h)(j)</sup> — 0.3%** |  |  |  |
|  Volkswagen International Finance NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | EUR | 100 | 76442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% |  | 200 | 158119 |
|  |  |  | 234561 |
| **Banks<sup>(j)</sup> — 1.4%** |  |  |  |
|  ABN AMRO Bank NV, 4.75%<sup>(h)</sup>  |  | 200 | 151353 |
|  AIB Group PLC, 6.25%<sup>(h)</sup>  |  | 200 | 176907 |
|  Banco Mercantil del Norte SA<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | USD | 200 | 162788 |

---

9<br>

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Banks (continued)** |  |  |  |  |
|  Banco Mercantil del Norte SA<sup>(b)</sup> (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | USD | 300 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278306 |
|  CaixaBank SA, 6.38%<sup>(h)</sup>  | EUR | 200 |  | 185719 |
|  ING Groep NV, Series NC10, 4.25% | USD | 200 |  | 121300 |
|  Svenska Handelsbanken AB, 4.38%<sup>(h)</sup>  |  | 200 |  | 162500 |
|  |  |  |  | 1238873 |
| **Chemicals — 0.3%** |  |  |  |  |
|  Solvay SA, 2.50%<sup>(h)(j)</sup>  | EUR | 300 |  | 246032 |
| **Diversified Financial Services<sup>(j)</sup> — 1.3%** | **Diversified Financial Services<sup>(j)</sup> — 1.3%** | **Diversified Financial Services<sup>(j)</sup> — 1.3%** | **Diversified Financial Services<sup>(j)</sup> — 1.3%** | **Diversified Financial Services<sup>(j)</sup> — 1.3%** |
|  Banco Santander SA, 3.63%<sup>(h)</sup>  |  | 200 |  | 120791 |
|  Barclays PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | USD | 200 |  | 185530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% |  | 200 |  | 168520 |
|  Credit Agricole SA, 4.00%<sup>(h)</sup>  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |  | 156808 |
|  Credit Suisse Group AG, 6.25%<sup>(b)</sup>  | USD | 200 |  | 171332 |
|  NatWest Group PLC, 4.60% |  | 200 |  | 125000 |
|  UBS Group AG<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% |  | 220 |  | 171325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% |  | 50 |  | 47310 |
|  |  |  |  | 1146616 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
|  British Telecommunications PLC, 4.25%, 11/23/81<sup>(b)</sup>  |  | 200 |  | 168724 |
|  Telefonica Europe BV<sup>(h)(j)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | EUR | 100 |  | 92416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% |  | 500 |  | 346570 |
|  |  |  |  | 607710 |
| **Electric Utilities — 0.1%** |  |  |  |  |
|  Iberdrola International BV, 1.83%<sup>(h)(j)</sup>  |  | 100 |  | 69966 |
| **Insurance<sup>(h)(j)</sup> — 0.3%** |  |  |  |  |
|  Allianz SE, 3.20% | USD | 200 |  | 129070 |
|  BUPA Finance PLC, 4.00% | GBP | 200 |  | 132188 |
|  |  |  |  | 261258 |
| **Media — 0.1%** |  |  |  |  |
|  SES SA, 2.88%<sup>(h)(j)</sup>  | EUR | 100 |  | 72786 |
| **Oil, Gas & Consumable Fuels — 0.1%** |  |  |  |  |
|  Eni SpA, Series NC-9, 2.75%<sup>(h)(j)</sup>  |  | 200 |  | 137311 |
| **Pharmaceuticals — 0.2%** |  |  |  |  |
|  Bayer AG, 3.13%, 11/12/79<sup>(h)</sup>  |  | 300 |  | 234492 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
|  NWD Finance BVI Ltd., 4.13%<sup>(h)(j)</sup>  | USD | 200 |  | 151000 |
| **Utilities — 0.1%** |  |  |  |  |
|  Electricite de France SA, 3.38%<sup>(h)(j)</sup>  | EUR | 200 |  | 132919 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
|  Vodafone Group PLC, 4.20%, 10/03/78<sup>(h)</sup>  |  | 100 |  | 84799 |
|  |  |  |  | 4618323 |
|  **Total Preferred Securities — 5.2%<br>(Cost: $6,467,727)** |  |  |  | 4618323 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Commercial Mortgage-Backed Securities<sup>(a)(b)</sup> — 1.1%** | **Commercial Mortgage-Backed Securities<sup>(a)(b)</sup> — 1.1%** | **Commercial Mortgage-Backed Securities<sup>(a)(b)</sup> — 1.1%** | **Commercial Mortgage-Backed Securities<sup>(a)(b)</sup> — 1.1%** |
|  FREMF Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.71%, 10/25/27 | USD | 130 | $115274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K99, Class C, 3.76%, 10/25/52 |  | 1000 | 867711 |
|  |  |  | 982985 |
|  **Total U.S. Government Sponsored Agency<br>Securities — 1.1%<br>(Cost: $1,124,766)** | **Total U.S. Government Sponsored Agency<br>Securities — 1.1%<br>(Cost: $1,124,766)** | **Total U.S. Government Sponsored Agency<br>Securities — 1.1%<br>(Cost: $1,124,766)** | 982985 |
|  **Total Long-Term Investments — 112.2%<br>(Cost: $118,523,343)** | **Total Long-Term Investments — 112.2%<br>(Cost: $118,523,343)** | **Total Long-Term Investments — 112.2%<br>(Cost: $118,523,343)** | 99031634 |
|  |  | *Shares* |  |
| **Short-Term Securities** |  |  |  |
| **Money Market Funds — 3.8%** |  |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%<sup>(l)(m)</sup>  |  | 3365035 | 3365035 |
|  **Total Short-Term Securities — 3.8%<br>(Cost: $3,365,035)** |  |  | 3365035 |
|  **Options Purchased — 0.0%<br>(Cost: $6,049)** |  |  | 8670 |
|  **Total Investments Before Options Written — 116.0%<br>(Cost: $121,894,427)** | **Total Investments Before Options Written — 116.0%<br>(Cost: $121,894,427)** | **Total Investments Before Options Written — 116.0%<br>(Cost: $121,894,427)** | 102405339 |
|  **Options Written — (0.0)%<br>(Premiums Received: $(1970))** |  |  | (2905) |
|  **Total Investments, Net of Options Written — 116.0%<br>(Cost: $121,892,457)** | **Total Investments, Net of Options Written — 116.0%<br>(Cost: $121,892,457)** | **Total Investments, Net of Options Written — 116.0%<br>(Cost: $121,892,457)** | 102402434 |
| **Liabilities in Excess of Other Assets — (16.0)%** | **Liabilities in Excess of Other Assets — (16.0)%** | **Liabilities in Excess of Other Assets — (16.0)%** | (14146155) |
| **Net Assets — 100.0%** |  |  | $88256279 |

---

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

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

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

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

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

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

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

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

<sup>(i)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

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

<sup>(k)</sup> Issuer filed for bankruptcy and/or is in default.

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

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

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

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)** |

---

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> &nbsp;&nbsp;&nbsp;&nbsp;*from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *09/30/22* | *Shares*<br> *Held at*<br> *09/30/22* | *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $4817225 | $— | $(1452190)<sup>(a)</sup> | $— | $— | $3365035 | 3365035 | $42199 | $— |
|  iShares iBoxx $High Yield Corporate Bond ETF<sup>(b)</sup>  | 2806508 |  | (2514562) | (98058) | (193888) |  |  | 40365 |  |
|  iShares iBoxx $Investment Grade Corporate Bonds ETF<sup>(b)</sup>  |  | 4365308 | (4464705) | 99397 |  |  |  |  |  |
|  |  |  |  | $1339 | $(193888) | $3365035 |  | $82564 | $— |

---

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

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

**Reverse Repurchase Agreements** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate* | *Trade*<br> *Date* | *Maturity* <br> *Date<sup>(a)</sup>* | *Face Value* | *Face Value*<br> *Including*<br> *Accrued Interest* | *Type of Non-Cash Underlying*<br> *Collateral* | *Remaining* <br> *Contractual Maturity <br>of the Agreements<sup>(a)</sup>* |
|  RBC Capital Markets LLC | 3.40 %<sup>(b)</sup> | 08/17/22 | Open | $79013 | $79274 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 08/23/22 | Open | 29403 | 29484 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.10 <sup>(b)</sup> | 09/14/22 | Open | 138284 | 138429 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.20 <sup>(b)</sup> | 09/14/22 | Open | 112569 | 112691 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 139000 | 139154 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 129250 | 129394 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 179750 | 179950 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 205920 | 206149 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 234225 | 234490 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 102400 | 102516 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104438 | 104556 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 63750 | 63822 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 47900 | 47954 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 106219 | 106339 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 88543 | 88643 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 60000 | 60068 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 59220 | 59287 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 12325 | 12340 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 384710 | 385180 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 8925 | 8936 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 11730 | 11744 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 8580 | 8590 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 7338 | 7346 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 10020 | 10032 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 279775 | 280117 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 173500 | 173712 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 503626 | 504242 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 284700 | 285048 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 11740 | 11754 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 225294 | 225569 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 677502 | 678331 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 67620 | 67703 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 10460 | 10473 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 8223 | 8233 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/14/22 | Open | 30201 | 30238 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.27 <sup>(b)</sup> | 09/14/22 | Open | 117087 | 117219 | Foreign Agency Obligations | Open/Demand |
|  BNP Paribas S.A. | 3.27 <sup>(b)</sup> | 09/14/22 | Open | 58125 | 58190 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.27 <sup>(b)</sup> | 09/14/22 | Open | 54081 | 54142 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.27 <sup>(b)</sup> | 09/14/22 | Open | 106800 | 106920 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.27 <sup>(b)</sup> | 09/14/22 | Open | 57269 | 57333 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.27 <sup>(b)</sup> | 09/14/22 | Open | 55100 | 55162 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.27 <sup>(b)</sup> | 09/14/22 | Open | 111787 | 111913 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.27 <sup>(b)</sup> | 09/14/22 | Open | 50700 | 50757 | Corporate Bonds | Open/Demand |

---

11.0 ------

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)** |

---

**Reverse Repurchase Agreements (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate* | *Trade*<br> *Date* | *Maturity* <br> *Date<sup>(a)</sup>* | *Face Value* | *Face Value*<br> *Including*<br> *Accrued Interest* | *Type of Non-Cash Underlying*<br> *Collateral* | *Remaining* <br> *Contractual Maturity <br>of the Agreements<sup>(a)</sup>* |
|  BNP Paribas S.A. | 3.28 %<sup>(b)</sup> | 09/14/22 | Open | $153137 | $153309 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.28 <sup>(b)</sup> | 09/14/22 | Open | 73950 | 74033 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 | 144163 | Foreign Agency Obligations | Open/Demand |
|  BNP Paribas S.A. | 3.30 <sup>(b)</sup> | 09/14/22 | Open | 185600 | 185810 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.48 <sup>(b)</sup> | 09/14/22 | Open | 163350 | 163548 | Capital Trusts | Open/Demand |
|  BNP Paribas S.A. | 3.48 <sup>(b)</sup> | 09/14/22 | Open | 157500 | 157691 | Capital Trusts | Open/Demand |
|  BNP Paribas S.A. | 3.48 <sup>(b)</sup> | 09/14/22 | Open | 145500 | 145677 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.48 <sup>(b)</sup> | 09/14/22 | Open | 76628 | 76720 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 53800 | 53860 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 52700 | 52759 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 104812 | 104929 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 103400 | 103515 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 51500 | 51557 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 83750 | 83843 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.25 <sup>(b)</sup> | 09/14/22 | Open | 77563 | 77649 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.37 <sup>(b)</sup> | 09/14/22 | Open | 71100 | 71183 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.37 <sup>(b)</sup> | 09/14/22 | Open | 179437 | 179646 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.37 <sup>(b)</sup> | 09/14/22 | Open | 114937 | 115071 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/14/22 | Open | 327484 | 327869 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/14/22 | Open | 292655 | 293000 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/14/22 | Open | 213290 | 213541 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/14/22 | Open | 199339 | 199574 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/14/22 | Open | 224527 | 224792 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/14/22 | Open | 323029 | 323409 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/14/22 | Open | 504956 | 505551 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/14/22 | Open | 231750 | 232023 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/14/22 | Open | 319087 | 319463 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/14/22 | Open | 134750 | 134909 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.25 <sup>(b)</sup> | 09/23/22 | Open | 178837 | 178918 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.46 <sup>(b)</sup> | 09/23/22 | Open | 121932 | 121991 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.47 <sup>(b)</sup> | 09/23/22 | Open | 203991 | 204089 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.47 <sup>(b)</sup> | 09/23/22 | Open | 374546 | 374727 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.47 <sup>(b)</sup> | 09/23/22 | Open | 135250 | 135315 | Corporate Bonds | Open/Demand |
|  Credit Suisse Securities (USA) LLC | 3.35 <sup>(b)</sup> | 09/23/22 | Open | 198900 | 198993 | Foreign Agency Obligations | Open/Demand |
|  Credit Suisse Securities (USA) LLC | 3.45 <sup>(b)</sup> | 09/23/22 | Open | 86670 | 86712 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.28 <sup>(b)</sup> | 09/23/22 | Open | 342540 | 342696 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.30 <sup>(b)</sup> | 09/23/22 | Open | 155500 | 155571 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/23/22 | Open | 110718 | 110771 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.20 <sup>(b)</sup> | 09/27/22 | Open | 133835 | 133871 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.30 <sup>(b)</sup> | 09/27/22 | Open | 187125 | 187176 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.45 <sup>(b)</sup> | 09/27/22 | Open | 167750 | 167798 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.45 <sup>(b)</sup> | 09/27/22 | Open | 57750 | 57767 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 189281 | 189336 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 20573 | 20579 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 137250 | 137290 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 11340 | 11343 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 158110 | 158156 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 292050 | 292135 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 29623 | 29631 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 147250 | 147293 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 130000 | 130038 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 496256 | 496401 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 37560 | 37571 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 21093 | 21099 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 12750 | 12754 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/27/22 | Open | 117465 | 117499 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.27 <sup>(b)</sup> | 09/27/22 | Open | 63656 | 63674 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.49 <sup>(b)</sup> | 09/27/22 | Open | 184750 | 184804 | Foreign Agency Obligations | Open/Demand |
|  RBC Capital Markets LLC | 3.37 <sup>(b)</sup> | 09/27/22 | Open | 113305 | 113337 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/27/22 | Open | 137821 | 137860 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 3.40 <sup>(b)</sup> | 09/27/22 | Open | 85618 | 85642 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.10 <sup>(b)</sup> | 09/28/22 | Open | 89750 | 89765 | Foreign Agency Obligations | Open/Demand |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)** |

---

**Reverse Repurchase Agreements (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate* | *Trade*<br> *Date* | *Maturity* <br> *Date<sup>(a)</sup>* | *Face Value* | *Face Value*<br> *Including*<br> *Accrued Interest* | *Type of Non-Cash Underlying*<br> *Collateral* | *Remaining* <br> *Contractual Maturity <br>of the Agreements<sup>(a)</sup>* |
|  Barclays Capital, Inc. | 3.10 %<sup>(b)</sup> | 09/28/22 | Open | $206700 | $206736 | Foreign Agency Obligations | Open/Demand |
|  Barclays Capital, Inc. | 3.25 <sup>(b)</sup> | 09/28/22 | Open | 79219 | 79233 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 3.50 <sup>(b)</sup> | 09/28/22 | Open | 84000 | 84016 | Corporate Bonds | Open/Demand |
|  |  |  |  | $15271397 | $15285105 |  |  |

---

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount (000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 66 | 12/20/22 | $7396 | $(365081) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 11 | 12/20/22 | 1392 | (102818) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 79 | 12/30/22 | 16220 | (247693) |
|  |  |  |  | (715592) |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | 1 | 12/13/22 | 1025 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | 100 | 12/20/22 | 11852 | 631512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | 4 | 12/20/22 | 547 | 29501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 155 | 12/30/22 | 16653 | 437490 |
|  |  |  |  | 1099813 |
|  |  |  |  | $384221 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| USD | 303679 | EUR | 300830 | Bank of America N.A. | 12/14/22 | $7283 |
| EUR | 719823 | USD | 707027 | Bank of America N.A. | 12/21/22 | 2745 |
| USD | 2152400 | AUD | 3186000 | Bank of America N.A. | 12/21/22 | 111728 |
| USD | 5372 | AUD | 8000 | Morgan Stanley & Co. International PLC | 12/21/22 | 248 |
| USD | 101443 | CAD | 134000 | Deutsche Bank AG | 12/21/22 | 4402 |
| USD | 232000 | CNH | 1614859 | Morgan Stanley & Co. International PLC | 12/21/22 | 5501 |
| USD | 219058 | EUR | 218000 | Bank of America N.A. | 12/21/22 | 4102 |
| USD | 6398630 | EUR | 6368000 | BNP Paribas S.A. | 12/21/22 | 119549 |
| USD | 4833269 | EUR | 4811234 | Deutsche Bank AG | 12/21/22 | 89216 |
| USD | 454819 | GBP | 395659 | Bank of America N.A. | 12/21/22 | 12527 |
| USD | 795953 | GBP | 697000 | Morgan Stanley & Co. International PLC | 12/21/22 | 16803 |
| USD | 23552 | IDR | 352392110 | Bank of America N.A. | 12/21/22 | 617 |
| USD | 67634 | ZAR | 1192178 | JPMorgan Chase Bank N.A. | 12/21/22 | 2218 |
|  |  |  |  |  |  | 376939 |
| CNH | 813191 | USD | 116000 | Bank of America N.A. | 12/21/22 | (1942) |
| EUR | 2641978 | USD | 2655830 | Morgan Stanley & Co. International PLC | 12/21/22 | (50743) |
| EUR | 651000 | USD | 646895 | UBS AG | 12/21/22 | (4986) |
| ZAR | 1227485 | USD | 69620 | UBS AG | 12/21/22 | (2266) |
|  |  |  |  |  |  | (59937) |
|  |  |  |  |  |  | $317002 |

---

13.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)** |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 50 | 3 | 10/21/22 | EUR | 3400.00 | EUR | 100 | $3846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 600 Automobiles & Parts Index | 3 | 12/16/22 | EUR | 350.00 | EUR | 72 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 600 Automobiles & Parts Index | 1 | 12/16/22 | EUR | 470.00 | EUR | 24 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 600 Chemicals Index | 1 | 12/16/22 | EUR | 1040.00 | EUR | 53 | 2465 |
|  |  |  |  |  |  |  | $8670 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 50 | 3 | 10/21/22 | EUR | 3200.00 | EUR | 100 | $(1386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 600 Automobiles & Parts Index | 1 | 12/16/22 | EUR | 400.00 | EUR | 24 | (559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 600 Chemicals Index | 1 | 12/16/22 | EUR | 940.00 | EUR | 53 | (960) |
|  |  |  |  |  |  |  | $(2905) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate Received*<br> *by the Trust* | *Payment*<br> *Frequency* | *Termination*<br> *Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Credit*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Rating<sup>(a)</sup>* | *Notional* <br> *Amount (000)<sup>(b)</sup>* | *Notional* <br> *Amount (000)<sup>(b)</sup>* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  CDX.NA.HY.33.V13 | 5.00% | Quarterly | 12/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C+ | USD | 6380 | $89076 | $(3598) | $92674 |
|  CDX.NA.HY.34.V10 | 5.00 | Quarterly | 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CC- | USD | 5278 | 24208 | (3090) | 27298 |
|  CDX.NA.HY.39.V1 | 5.00 | Quarterly | 12/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B+ | USD | 2335 | (91553) | (98820) | 7267 |
|  |  |  |  |  |  |  | $21731 | $(105508) | $127239 |

---

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

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

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  4.18% | Annual | 1-Day SOFR, 3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | N/A | 06/21/24 | USD | 2108 | $603 | $(4725) | $5328 |
|  1-Day SOFR, 3.07% | Annual | 3.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | N/A | 01/10/27 | USD | 2366 | (14300) | 19489 | (33789) |
|  1-Day SOFR, 3.07% | Annual | 1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | N/A | 03/07/27 | USD | 2933 | (269307) | (76421) | (192886) |
|  3.50% | Annual | 1-Day SOFR, 3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | N/A | 05/28/31 | USD | 76 | 554 | (1383) | 1937 |
|  3.22% | Annual | 1-Day SOFR, 3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | N/A | 05/28/51 | USD | 34 | (738) | (1792) | 1054 |
|  |  |  |  |  |  |  |  | $(283188) | $(64832) | $(218356) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)** |

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate Received*<br> *by the Trust* | *Payment*<br> *Frequency* | *Counterparty* | *Termination*<br> *Date* | *Credit <br>Rating<sup>(a)</sup>* | *Notional* <br> *Amount (000)<sup>(b)</sup>* | *Notional* <br> *Amount (000)<sup>(b)</sup>* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  CMA CGM SA | 5.00% | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ | EUR | 4 | $(142) | $146 | $(288) |
|  CMA CGM SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ | EUR | 4 | (134) | 137 | (271) |
|  CMA CGM SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ | EUR | 2 | (64) | 64 | (128) |
|  CMBX.NA.9 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | NR | USD | 4000 | (777627) | (6141) | (771486) |
|  CMBX.NA.9 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | NR | USD | 5000 | (972033) | (19683) | (952350) |
|  CMBX.NA.15 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 11/18/64 | NR | USD | 1000 | (210753) | (187923) | (22830) |
|  |  |  |  |  |  |  |  | $(1960753) | $(213400) | $(1747353) |

---

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

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Counterparty* | *Effective<br>Date* | *Termination<br>Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium*<br> *Paid<br>(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective<br>Date* | *Termination<br>Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium*<br> *Paid<br>(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  1-Day SOFR minus 2.85%, 0.00% | Monthly | iShares iBoxx $ High Yield Corporate Bond ETF | Monthly | JPMorgan Chase Bank N.A. | N/A | 10/26/22 | USD | 14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $— | $22 |
|  1-Day SOFR minus 1.70%, 3.07% | Monthly | iShares iBoxx $ High Yield Corporate Bond ETF | Monthly | BNP Paribas SA | N/A | 12/16/22 | USD | 1863 | (61023) | 30 | (61053) |
|  |  |  |  |  |  |  |  |  | $(61001) | $30 | $(61031) |

---

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

15.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $21809941 | $56000 | $21865941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 346691 |  |  | 346691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 41244613 | 1186488 | 42431101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 1876943 | 4200787 | 6077730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations |  | 5744696 |  | 5744696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 124248 |  | 124248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities |  | 16483333 | 356586 | 16839919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts |  | 4618323 |  | 4618323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 982985 |  | 982985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 3365035 |  |  | 3365035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 8670 |  |  | 8670 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720396 | $&nbsp;&nbsp;&nbsp;&nbsp;92885082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5799861 | $102405339 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | $— | $127239 | $— | $127239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | —22 | —22 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 376939 |  | 376939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 1099813 | 8319 |  | 1108132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | (1747353) |  | (1747353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (2905) | (61053) |  | (63958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (59937) |  | (59937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | (715592) | (226675) |  | (942267) |
|  | $381316 | $(1582499) | $— | $(1201183) |

---

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, reverse repurchase agreements of $15,285,105 are categorized as Level 2 within the fair value hierarchy.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Asset-Backed<br>Securities* | *Corporate<br>Bonds* | *Floating*<br> *Rate Loan<br>Interests* | *Non-Agency*<br> *Mortgage-Backed<br>Securities* | *Total* |
|  **Assets** |  |  |  |  |  |
|  Opening balance, as of December 31, 2021 | $65038 | $1005613 | $3280642 | $786988 | $5138281 |
|  Transfers into Level 3 |  |  | 595626 | 118809 | 714435 |
|  Transfers out of Level 3 |  |  |  | (491044) | (491044) |
|  Accrued discounts/premiums |  |  | 12384 | 15 | 12399 |
|  Net realized gain (loss) |  |  | 463 | 37755 | 38218 |
|  Net change in unrealized appreciation (depreciation)<sup>(a)</sup>  | (9038) | (149369) | (213714) | (28925) | (401046) |
|  Purchases |  | 361272 | 1289388 |  | 1650660 |
|  Sales |  | (31028) | (764002) | (67012) | (862042) |
|  Closing balance, as of September 30, 2022 | $56000 | $1186488 | $4200787 | $356586 | $5799861 |
|  Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022<sup>(a)</sup>  | $(9038) | $(149369) | $(214182) | $(28925) | $(401514) |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> September 30, 2022 | **BlackRock Multi-Sector Opportunities Trust II (MSO2)** |

---

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $413,300. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | *Valuation<br>Approach* | *Unobservable<br>Inputs* | *Range of* <br> *Unobservable* <br> *Inputs* <br> *Utilized<sup>(a)</sup>*  | *Weighted*<br> *Average of*<br> *Unobservable*<br> *Inputs Based*<br> *on Fair Value* |
|  **Assets** |  |  |  |  |  |
|  Corporate Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186488 | Income | Discount Rate | 7% - 10% | 10% |
|  Floating Rate Loan Interests | 4200073 | Income | Discount Rate | 9% -15% | 13% |
|  | $5386561 |  |  |  |  |

---

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

---

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

---

17.0

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Multi-Sector Opportunities Trust II

- **b. Investment Company Act file number:** 811-23357

- **c. CIK number of Registrant:** 0001741600

- **d. LEI of Registrant:** 54930038NLVSSPM85C92

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** BlackRock Multi-Sector Opportunities Trust II

- **c. LEI of Series:** 54930038NLVSSPM85C92

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $108838453.32

**Total Liabilities:** $20563185.49

**Net Assets:** $88275267.83

**Delayed Delivery Securities:** $30267.49

**Cash Not Reported:** $1490237.26

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3445.97000000 | **1-Year:** 256.89000000 | **5-Year:** 3290.38000000 | **10-Year:** 888.71000000 | **30-Year:** 10076.37000000

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

- **3-Month:** 11033.02000000 | **1-Year:** 3102.43000000 | **5-Year:** 17093.04000000 | **10-Year:** 1935.51000000 | **30-Year:** 2835.05000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 3.48%                | -1.47%               | -4.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1057797.50             | $3241555.35                                |
| Month 2  | $-1522461.70             | $-393939.25                                |
| Month 3  | $-756694.01              | $-4270535.30                               |

**Designated Index Information**

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

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

### Schedule of Portfolio Investments

| Name                                              | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GREENKO SOLAR MAURITIUS                           | Greenko Solar Mauritius Ltd                                                      | CUSIP: 000000000<br>LEI: 2138007S1PL541B3KP92 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $166250.00    | 0.19%             | 2026-07-29      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                              | Telefonica Europe BV                                                             | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $346570.22    | 0.39%             | 2029-02-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                          | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $7012.25      | 0.01%             | 2030-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                            | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $9391.25      | 0.01%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                              | SWAP/CDSWAP/SCDS: (CMACG)                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | XX        |      3938 | OU      | $-133.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC BOR ESC                          | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    147000 | PA      | $118643.70    | 0.13%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | PURCHASED CNH / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CN        |         1 | NC      | $-1942.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                          | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $21781.57     | 0.02%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | PURCHASED USD / SOLD CNH                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $5500.72      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DBUBS Mortgage Trust                              | DBUBS 2017-BRBK Mortgage Trust                                                   | CUSIP: 23305JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $241520.84    | 0.27%             | 2034-10-10      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                  | AMC Networks Inc                                                                 | CUSIP: 00164VAD5<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6678.92      | 0.01%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOXER PARENT CO INC                               | Boxer Parent Co Inc                                                              | CUSIP: 000000000<br>LEI: 5493006T045HLTF7YX04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91634.68     | 0.10%             | 2025-10-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                     | AIB Group PLC                                                                    | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $176906.88    | 0.20%             | 2025-06-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                    | Palmer Square Loan Funding 2022-2 Ltd                                            | CUSIP: 69702KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $222310.25    | 0.25%             | 2030-10-15      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP KAR AUCTION                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -79012 | PA      | $-79012.50    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                              | Colombia Government International Bond                                           | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $106725.00    | 0.12%             | 2051-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                    | Home Depot Inc/The                                                               | CUSIP: 437076CQ3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     42000 | PA      | $31737.63     | 0.04%             | 2052-04-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                               | Sherwin-Williams Co/The                                                          | CUSIP: 824348BP0<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     80000 | PA      | $48079.42     | 0.05%             | 2052-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Ball Corp                                         | Ball Corp                                                                        | CUSIP: 058498AV8<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12333.23     | 0.01%             | 2026-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Recette CLO LLC                                   | Recette Clo Ltd                                                                  | CUSIP: 75620TAZ1<br>LEI: 549300392I5L5XOJ0016 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $857145.50    | 0.97%             | 2034-04-20      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust               | Citigroup Commercial Mortgage Trust 2019-PRM                                     | CUSIP: 29429JAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $739401.60    | 0.84%             | 2036-05-10      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                      | Hudson Yards 2019-55HY Mortgage Trust                                            | CUSIP: 44421MAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    498318 | PA      | $352871.63    | 0.40%             | 2041-12-10      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                      | CaixaBank SA                                                                     | CUSIP: 000000000<br>LEI: 549300685QG7DJS55M76 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $185719.49    | 0.21%             | 2023-09-19      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO                               | Allegiant Travel Co                                                              | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22620.00     | 0.03%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fairstone Financial Issuance Trust I              | Fairstone Financial Issuance Trust I                                             | CUSIP: 30575PAU0<br>LEI: 549300LY2ZF7LX6T3F37 | Long             | ABS-O            | CORP              | CA        |    150000 | PA      | $98916.28     | 0.11%             | 2039-10-20      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                | Banco Santander SA                                                               | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $120791.17    | 0.14%             | 2029-03-21      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP EQUINIX INC                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -52700 | PA      | $-52700.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Rossini Sarl                                      | Rossini Sarl                                                                     | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $94819.06     | 0.11%             | 2025-10-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                             | Mexico Government International Bond                                             | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $175800.00    | 0.20%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                  | Peruvian Government International Bond                                           | CUSIP: 715638DS8<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    170000 | PA      | $116875.00    | 0.13%             | 2041-03-11      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PICARD GROUPE SA                                  | Picard Groupe SAS                                                                | CUSIP: 000000000<br>LEI: 969500C0PA29TV19CT55 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $81834.18     | 0.09%             | 2026-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP NEXSTAR ESC                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -231750 | PA      | $-231750.00   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                   | Golub Capital Partners CLO 55B LTD                                               | CUSIP: 38178QAA6<br>LEI: 254900ZZ9HHZTOQ1XK24 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $222966.83    | 0.25%             | 2034-07-20      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP WYNN RESORT                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |     -8222 | PA      | $-8222.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                             | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAA4<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $178873.85    | 0.20%             | 2026-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                              | Colombia Government International Bond                                           | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    340000 | PA      | $235938.75    | 0.27%             | 2031-04-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                              | FREMF 2019-K99 Mortgage Trust                                                    | CUSIP: 30314FAC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $867710.60    | 0.98%             | 2052-10-25      | Variable      | 3.76%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP BROADCOM IN                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -111788 | PA      | $-111787.50   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| EQUINIX INC                                       | Equinix Inc                                                                      | CUSIP: 29444UBJ4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |      4000 | PA      | $2450.85      | 0.00%             | 2050-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                   | IHS Holding Ltd                                                                  | CUSIP: 44963HAB1<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $153975.00    | 0.17%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              |  | US        |    200000 | PA      | $173508.00    | 0.20%             | 2029-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                            | Chesapeake Energy Corp                                                           | CUSIP: 165167DF1<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     51000 | PA      | $48832.50     | 0.06%             | 2026-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                         | Apple Inc                                                                        | CUSIP: 037833DZ0<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5585.83      | 0.01%             | 2050-08-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                              | Commercial Metals Co                                                             | CUSIP: 201723AP8<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    156000 | PA      | $122338.69    | 0.14%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GRUPO AVAL LTD                                    | Grupo Aval Ltd                                                                   | CUSIP: 40053FAC2<br>LEI: 549300J4FW1ELLQ80113 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $143875.00    | 0.16%             | 2030-02-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                              | Lorca Telecom Bondco SA                                                          | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $85121.27     | 0.10%             | 2027-09-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                            | Credit Suisse Group AG                                                           | CUSIP: 225436AA2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $171332.00    | 0.19%             | 2024-12-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP DOMINICAN R                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -112569 | PA      | $-112568.75   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| FIVE POINT OP CO LP/FIVE                          | Five Point Operating Co LP / Five Point Capital Corp                             | CUSIP: 33834YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    467000 | PA      | $371455.73    | 0.42%             | 2025-11-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                          | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     10000 | PA      | $7402.70      | 0.01%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                      | ING Groep NV                                                                     | CUSIP: 456837AZ6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $121300.00    | 0.14%             | 2031-05-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                               | Kinetik Holdings LP                                                              | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18313.18     | 0.02%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $11992.50     | 0.01%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $4102.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP GOLDMAN SAC                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |    -73950 | PA      | $-73950.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                           | United Rentals North America Inc                                                 | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7730.84      | 0.01%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                             | Indonesia Government International Bond                                          | CUSIP: 455780CD6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    265000 | PA      | $241779.38    | 0.27%             | 2028-01-11      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                               | Altice Financing SA                                                              | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $86068.00     | 0.10%             | 2025-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Gulf Stream Meridian 7 Ltd                        | Gulf Stream Meridian 7 Ltd                                                       | CUSIP: 40256JAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $223226.53    | 0.25%             | 2035-07-15      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $617.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                                | Mattamy Group Corp                                                               | CUSIP: 57701RAJ1<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |      9000 | PA      | $7459.90      | 0.01%             | 2027-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                             | Caesars Entertainment Inc                                                        | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    146000 | PA      | $139442.41    | 0.16%             | 2027-07-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I 2017-HR2                                                | CUSIP: 61691NAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    625000 | PA      | $445897.63    | 0.51%             | 2050-12-15      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                                            | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    155000 | PA      | $115649.38    | 0.13%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP TAYLOR MORR                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -677502 | PA      | $-677502.50   | -0.77%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TEGNA INC                                                                    | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -114938 | PA      | $-114937.50   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| MASONITE INTERNATIONAL C                          | Masonite International Corp                                                      | CUSIP: 575385AD1<br>LEI: 549300H0H07ZFT4JYM32 | Long             | DBT              | CORP              | CA        |      9000 | PA      | $7960.77      | 0.01%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR ULTRA FUT DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -100 | NC      | $631511.66    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                       | Oracle Corp                                                                      | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     23000 | PA      | $15253.72     | 0.02%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP MC BRAZIL D                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -139000 | PA      | $-139000.00   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES                                 | AMERICAN AIRLINES                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70400 | PA      | $67675.52     | 0.08%             | 2025-12-15      | Fixed         | 3.93%                 | No            |                  3 | On Loan: No      |
| Vodafone Group PLC                                | Vodafone Group PLC                                                               | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $84798.83     | 0.10%             | 2078-10-03      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                      | Comcast Corp                                                                     | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    105000 | PA      | $65754.25     | 0.07%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                         | TEGNA Inc                                                                        | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138487.88    | 0.16%             | 2028-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP TENET HEALT                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -21092 | PA      | $-21092.50    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| GOL FINANCE SA                                    | Gol Finance SA                                                                   | CUSIP: 36254VAA6<br>LEI: 5299007RH8MA67ZC6J07 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $92725.00     | 0.11%             | 2025-01-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                    | CarVal CLO III Ltd                                                               | CUSIP: 14686VAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1123229.51   | 1.27%             | 2032-07-20      | Floating      | 9.15%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                 | Clean Harbors Inc                                                                | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8203.95      | 0.01%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ORANO SA                                          | Orano SA                                                                         | CUSIP: 000000000<br>LEI: 969500161UMNDC85C891 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $84723.86     | 0.10%             | 2028-03-08      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                  | Boyd Gaming Corp                                                                 | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    331000 | PA      | $292938.31    | 0.33%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                          | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05971PAA6<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    300000 | PA      | $278306.25    | 0.32%             | 2024-09-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                  | Altice France SA/France                                                          | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $84544.02     | 0.10%             | 2027-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                    | Salesforce Inc                                                                   | CUSIP: 79466LAL8<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    139000 | PA      | $91814.77     | 0.10%             | 2051-07-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP HOWARD HUGH                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -323029 | PA      | $-323028.75   | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP GILEAD SCIE                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |    -54081 | PA      | $-54081.25    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| BUPA FINANCE PLC                                  | BUPA Finance PLC                                                                 | CUSIP: 000000000<br>LEI: ZIMCVQHUFZ8GVHENP290 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $132188.35    | 0.15%             | 2031-09-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                                        | FedEx Corp                                                                       | CUSIP: 31428XBQ8<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     80000 | PA      | $58624.46     | 0.07%             | 2048-02-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                    | Amazon.com Inc                                                                   | CUSIP: 023135CB0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    115000 | PA      | $80508.54     | 0.09%             | 2051-05-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Republic of Guatemala                             | Guatemala Government Bond                                                        | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $188412.50    | 0.21%             | 2026-05-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                            | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $76441.56     | 0.09%             | 2031-03-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PUMA INTERNATIONAL FINAN                          | Puma International Financing SA                                                  | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $189000.00    | 0.21%             | 2024-10-06      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                              | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    914000 | PA      | $802181.24    | 0.91%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                          | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    234000 | PA      | $196426.62    | 0.22%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                            | Lending Funding Trust 2020-2                                                     | CUSIP: 51507KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $347807.16    | 0.39%             | 2031-04-21      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE LUFTHANSA AG                             | Deutsche Lufthansa AG                                                            | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $76404.71     | 0.09%             | 2027-05-16      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                          | Ford Motor Credit Co LLC                                                         | CUSIP: 345397ZQ9<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    597000 | PA      | $585239.10    | 0.66%             | 2024-03-18      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $12526.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                          | Kaisa Group Holdings Ltd                                                         | CUSIP: G52132BW9<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $20912.50     | 0.02%             | 2022-10-22      | Fixed         | 11.95%                | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP INDONESIA (                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -206700 | PA      | $-206700.00   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP CIFI HOLDIN                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -57750 | PA      | $-57750.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Ball Corp                                         | Ball Corp                                                                        | CUSIP: 058498AT3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16613.93     | 0.02%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GSK CONSUMER HEALTHCARE                           | GSK Consumer Healthcare Capital US LLC                                           | CUSIP: 36264FAE1<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $185017.81    | 0.21%             | 2052-03-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                          | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $9609.05      | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                | Forestar Group Inc                                                               | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    319000 | PA      | $255911.37    | 0.29%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                               | COMM 2013-GAM                                                                    | CUSIP: 12624UAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $229953.18    | 0.26%             | 2028-02-10      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment, LLC                       | Fertitta Entertainment, LLC 2022 Term Loan B                                     | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |    247749 | PA      | $229425.50    | 0.26%             | 2029-01-27      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| White Cap Buyer LLC                               | White Cap Buyer LLC Term Loan B                                                  | CUSIP: 96350TAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    199460 | PA      | $186245.94    | 0.21%             | 2027-10-19      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Voyager OPTONE Delaware Trust                     | Voyager OPTONE Delaware Trust                                                    | CUSIP: 92911BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3475750 | PA      | $967371.51    | 1.10%             | 2038-02-25      | Variable      | 10.19%                | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                          | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $162787.50    | 0.18%             | 2027-01-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                     | HTA Group Ltd/Mauritius                                                          | CUSIP: 40435WAB6<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $174162.50    | 0.20%             | 2025-12-18      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                          | Saudi Government International Bond                                              | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $148000.00    | 0.17%             | 2055-01-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                       | SWP: OIS 3.710000 10-JAN-2027                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   2365700 | OU      | $-14296.44    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SREIT Trust                                       | SREIT Trust 2021-MFP2                                                            | CUSIP: 85236WCU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $92112.78     | 0.10%             | 2036-11-15      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TENET HEALT                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -292655 | PA      | $-292655.00   | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                          | Permian Resources Operating LLC                                                  | CUSIP: 15138AAC4<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     51000 | PA      | $49340.21     | 0.06%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PCE4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $65922.70     | 0.07%             | 2052-04-22      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                           | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              |  | US        |    164000 | PA      | $134056.22    | 0.15%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                          | Neuberger Berman Loan Advisers CLO 32 Ltd                                        | CUSIP: 64132EAL0<br>LEI: 5493007YBEOXQIHH3C54 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $342449.08    | 0.39%             | 2032-01-20      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                          | Permian Resources Operating LLC                                                  | CUSIP: 15138AAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    834000 | PA      | $761025.00    | 0.86%             | 2026-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INTERPUBLIC GROUP COS                             | Interpublic Group of Cos Inc/The                                                 | CUSIP: 460690BS8<br>LEI: 5493008IUOJ5VWTRC333 | Long             | DBT              | CORP              | US        |     73000 | PA      | $48288.09     | 0.05%             | 2041-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP PERU (REPUB                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -117088 | PA      | $-117087.50   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F                          | CrownRock LP / CrownRock Finance Inc                                             | CUSIP: 228701AF5<br>LEI: WFBCP6PB6JZR80B7U482 | Long             | DBT              | CORP              | US        |     42000 | PA      | $40209.54     | 0.05%             | 2025-10-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP SUNOCO LP                                                                    | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -113305 | PA      | $-113305.00   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PBV7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5618.57      | 0.01%             | 2041-11-19      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| KENBOURNE INVEST SA                               | Kenbourne Invest SA                                                              | CUSIP: 48855KAA8<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |    234000 | PA      | $217225.13    | 0.25%             | 2024-11-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE SECURITIES (USA) LLC                | RRP COLOMBIA (R                                                                  | CUSIP: 000000000<br>LEI: 1V8Y6QCX6YMJ2OELII46 | Short            | RA               | CORP              | US        |   -198900 | PA      | $-198900.00   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| NORTONLIFELOCK INC                                | NortonLifeLock Inc                                                               | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     48000 | PA      | $46057.44     | 0.05%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                      | Calpine Corp                                                                     | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    578000 | PA      | $496424.85    | 0.56%             | 2028-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                       | Equinix Inc                                                                      | CUSIP: 29444UBM7<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     85000 | PA      | $50912.81     | 0.06%             | 2051-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $5254.21      | 0.01%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                           | Veolia Environnement SA                                                          | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $224498.12    | 0.25%             | 2029-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                       | SWP: OIS 1.560000 07-MAR-2027                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   2933159 | OU      | $-269301.81   | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| PENINSULA PACIFIC ENTERT                          | Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In | CUSIP: 70715XAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    344000 | PA      | $370230.00    | 0.42%             | 2027-11-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO1, LTD           | GoldentTree Loan Management US CLO 1 Ltd                                         | CUSIP: 38138RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $202395.03    | 0.23%             | 2034-10-20      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    200000 | PA      | $41500.00     | 0.05%             | 2026-02-01      | Fixed         | 8.99%                 | No            |                  2 | On Loan: No      |
| YANGO JUSTICE INTL                                | Yango Justice International Ltd                                                  | CUSIP: 000000000<br>LEI: 3003007ELD2HAYCXPT77 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $10000.00     | 0.01%             | 2023-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GARFUNKELUX HOLDCO 3 SA                           | Garfunkelux Holdco 3 SA                                                          | CUSIP: 000000000<br>LEI: 2221007QVSNJV7EWBX69 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $87090.90     | 0.10%             | 2025-11-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Connect Finco Sarl                                | Connect Finco Sarl 2021 Term Loan B                                              | CUSIP: 000000000<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |    350750 | PA      | $325541.17    | 0.37%             | 2026-12-11      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| MODERN LAND CHINA CO LTD                          | Modern Land China Co Ltd                                                         | CUSIP: 000000000<br>LEI: 549300PDOU6AR9Z9IN08 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $31000.00     | 0.04%             | 2022-11-13      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                          | Lloyds Banking Group PLC                                                         | CUSIP: 539439AG4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $185646.00    | 0.21%             | 2024-06-27      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cold Storage Trust                                | Cold Storage Trust 2020-ICE5                                                     | CUSIP: 193051AS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126806 | PA      | $119826.80    | 0.14%             | 2037-11-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP CVS HEALTH                                                                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -77562 | PA      | $-77562.50    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP LENNAR CORP                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -11740 | PA      | $-11740.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-JR1 Trust                                                              | CUSIP: 12657XAP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    744385 | PA      | $243786.15    | 0.28%             | 2060-07-26      | Variable      | 8.94%                 | No            |                  3 | On Loan: No      |
| Caesars Entertainment Inc                         | Caesars Entertainment Inc                                                        | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      1350 | NS      | $43551.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                       | SWP: OIS 4.180000 21-JUN-2024                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   2108100 | OU      | $10048.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freedom Mortgage Corp                             | Freedom Mortgage Corp                                                            | CUSIP: 35640YAB3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    144000 | PA      | $118978.12    | 0.13%             | 2025-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                            | Marriott International Inc/MD                                                    | CUSIP: 571903BF9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    232000 | PA      | $186579.57    | 0.21%             | 2032-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                              | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAA0<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    270000 | PA      | $251437.50    | 0.28%             | 2027-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION                               | Moody's Corp                                                                     | CUSIP: 615369AU9<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1086.07      | 0.00%             | 2060-08-18      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | STXE 600 CHEMICALS EUR                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -1 | NC      | $-960.45      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                       | RRP VERIZON COM                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |    -50700 | PA      | $-50700.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                  | MGM Resorts International                                                        | CUSIP: 552953CE9<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11468.04     | 0.01%             | 2025-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TICP CLO LTD                                      | TICP CLO XII Ltd                                                                 | CUSIP: 87250GAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $213038.08    | 0.24%             | 2034-07-15      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                  | Crown Castle Inc                                                                 | CUSIP: 22822VAX9<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     85000 | PA      | $55186.18     | 0.06%             | 2041-04-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp                               | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $88791.36     | 0.10%             | 2025-07-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP FORESTAR GR                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -225294 | PA      | $-225293.75   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                               | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    419000 | PA      | $335908.11    | 0.38%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                  | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $73808.36     | 0.08%             | 2031-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CDI ESCROW ISSUER INC                             | CDI Escrow Issuer Inc                                                            | CUSIP: 12511VAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3000 | PA      | $2619.95      | 0.00%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                | Panama Government International Bond                                             | CUSIP: 698299BH6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $138287.50    | 0.16%             | 2050-04-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LA FINAC ATALIAN SA                               | La Financiere Atalian SASU                                                       | CUSIP: 000000000<br>LEI: 969500ICOLJMB33J0L87 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $106295.56    | 0.12%             | 2025-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                           | HCA Inc                                                                          | CUSIP: 404121AH8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16469.65     | 0.02%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                              | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    279000 | PA      | $233634.60    | 0.26%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    245000 | PA      | $171108.00    | 0.19%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                           | United Rentals North America Inc                                                 | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     13000 | PA      | $11765.39     | 0.01%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2020-NET                                                                    | CUSIP: 126438AL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $653304.53    | 0.74%             | 2037-08-15      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP TENET HEALT                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |     -7338 | PA      | $-7337.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                          | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 000000000<br>LEI: 549300SO59UL53O4D221 | Long             | DBT              | CORP              | XX        |    100000 | PA      | $72324.31     | 0.08%             | 2027-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Gulf Stream Meridian 1 Ltd.                       | Gulf Stream Meridian 1 Ltd                                                       | CUSIP: 402564AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $223826.63    | 0.25%             | 2033-04-15      | Floating      | 8.96%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP AMERICAN IN                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -83750 | PA      | $-83750.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP TENET HEALT                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -503626 | PA      | $-503626.25   | -0.57%            |  |  |  | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                      | ARES LI CLO Ltd                                                                  | CUSIP: 04019MAE2<br>LEI: 5493003FNA8PT0CMDE92 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $262676.19    | 0.30%             | 2034-07-15      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                          | iHeartCommunications Inc                                                         | CUSIP: 45174HBE6<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     13000 | PA      | $11105.24     | 0.01%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP COMCAST COR                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |    -63656 | PA      | $-63656.25    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    306000 | PA      | $258489.57    | 0.29%             | 2027-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY LEVANTE                          | Continuum Energy Levanter Pte Ltd                                                | CUSIP: 21218MAB1<br>LEI: 254900MFSMO37F3WJ232 | Long             | DBT              | CORP              | SG        |    193500 | PA      | $156976.88    | 0.18%             | 2027-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                               | Buckeye Partners LP                                                              | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8721.80      | 0.01%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| California Resources Corp                         | California Resources Corp                                                        | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      7618 | NS      | $292759.74    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                            | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $26545.60     | 0.03%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NWD FINANCE (BVI) LTD                             | NWD Finance BVI Ltd                                                              | CUSIP: 000000000<br>LEI: 25490076V8K09HMNCT88 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $151000.00    | 0.17%             | 2028-03-10      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2020-SDAL                                  | CUSIP: 95002GAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $139752.45    | 0.16%             | 2037-02-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| DANAHER CORP                                      | Danaher Corp                                                                     | CUSIP: 235851AW2<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5790.07      | 0.01%             | 2051-12-10      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    177000 | PA      | $132519.38    | 0.15%             | 2029-03-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 49, Ltd.              | Octagon Investment Partners 49 Ltd                                               | CUSIP: 67578DAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $436797.00    | 0.49%             | 2033-01-15      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              |  | US        |     13000 | PA      | $11386.18     | 0.01%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                       | Oracle Corp                                                                      | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    294000 | PA      | $183956.51    | 0.21%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| VALLOUREC SA                                      | Vallourec SA                                                                     | CUSIP: 000000000<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |     17000 | PA      | $15533.91     | 0.02%             | 2026-06-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ARABIAN CENTRES SUKUK II                          | Arabian Centres Sukuk II Ltd                                                     | CUSIP: 03847QAA1<br>LEI: 549300X92PKHJD8UYG94 | Long             | DBT              | CORP              | KY        |    270000 | PA      | $240772.50    | 0.27%             | 2026-10-07      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    654000 | PA      | $607742.58    | 0.69%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                          | Corp Financiera de Desarrollo SA                                                 | CUSIP: 000000000<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $192412.50    | 0.22%             | 2025-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE GMBH                                   | ZF Finance GmbH                                                                  | CUSIP: 000000000<br>LEI: 5493001N9T6QDCCXB426 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $76223.98     | 0.09%             | 2028-09-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDG2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     23000 | PA      | $20101.23     | 0.02%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ENDEAVOR ENERGY RESOURCE                          | Endeavor Energy Resources LP / EER Finance Inc                                   | CUSIP: 29260FAE0<br>LEI: 549300WY5QI80P9WHD46 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16169.04     | 0.02%             | 2028-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                      | Alphabet Inc                                                                     | CUSIP: 02079KAG2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5059.74      | 0.01%             | 2060-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| eG Global Finance PLC                             | eG Global Finance PLC                                                            | CUSIP: 000000000<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $168568.62    | 0.19%             | 2025-02-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Corp Trust 2021-DM                                        | CUSIP: 36265AAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $109521.78    | 0.12%             | 2036-11-15      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| APTIV PLC                                         | Aptiv PLC                                                                        | CUSIP: 03835VAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    109000 | PA      | $61039.14     | 0.07%             | 2051-12-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP PANAMA REPU                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -144000 | PA      | $-144000.00   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP ARABIAN CEN                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -234225 | PA      | $-234225.00   | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAF2<br>LEI: N/A                  | Long             | DBT              |  | US        |    450000 | PA      | $442237.50    | 0.50%             | 2024-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| OCEANA AUSTRALIAN FIXINC TRUST                    | OCEANA AUSTRALIAN FIXINC TRUST                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    966000 | PA      | $620249.91    | 0.70%             | 2023-08-31      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| China Aoyuan Group Ltd                            | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $12725.00     | 0.01%             | 2023-02-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX 2021-MFM1                                                                     | CUSIP: 05608VAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $90754.01     | 0.10%             | 2034-01-15      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| SOLVAY SA                                         | Solvay SA                                                                        | CUSIP: 000000000<br>LEI: 549300MMVL80RTBP3O28 | Long             | DBT              | CORP              | BE        |    300000 | PA      | $246032.37    | 0.28%             | 2025-12-02      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                    | Lowe's Cos Inc                                                                   | CUSIP: 548661DZ7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    169000 | PA      | $103486.83    | 0.12%             | 2050-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                                         | CUSIP: 81761LAA0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     33000 | PA      | $30855.00     | 0.03%             | 2025-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                               | Suzano Austria GmbH                                                              | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    150000 | PA      | $107343.75    | 0.12%             | 2032-01-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                    | CarVal CLO II Ltd                                                                | CUSIP: 14686AAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1772242.20   | 2.01%             | 2032-04-20      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                      | Comcast Corp                                                                     | CUSIP: 20030NDP3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5102.33      | 0.01%             | 2052-08-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| CAB                                               | CAB SELAS                                                                        | CUSIP: 000000000<br>LEI: 9695008EGX5O9K1MS743 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $149320.43    | 0.17%             | 2028-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP MGM RESORTS                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |     -8925 | PA      | $-8925.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                 | Cedar Funding XIV CLO Ltd                                                        | CUSIP: 15034AAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $439985.75    | 0.50%             | 2033-07-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP WILLIAM LYO                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -384710 | PA      | $-384710.00   | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| CALPINE CORP                                      | Calpine Corp                                                                     | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    652000 | PA      | $574405.48    | 0.65%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                               | Churchill Downs Inc                                                              | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7785.69      | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| THYSSENKRUPP AG                                   | thyssenkrupp AG                                                                  | CUSIP: 000000000<br>LEI: 549300UDG16DOYUPR330 | Long             | DBT              | CORP              | DE        |     43000 | PA      | $41307.74     | 0.05%             | 2023-03-06      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                 | Cedar Funding XIV CLO Ltd                                                        | CUSIP: 15033GAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    375000 | PA      | $321889.05    | 0.36%             | 2033-07-15      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06051GKB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5519.88      | 0.01%             | 2052-07-21      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                          | Bellis Acquisition Co PLC                                                        | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $84022.39     | 0.10%             | 2026-02-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP PETROLEOS M                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -121932 | PA      | $-121932.43   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                           | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              |  | US        |     16000 | PA      | $12873.12     | 0.01%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                     | TransDigm Inc                                                                    | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    870000 | PA      | $843900.00    | 0.96%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc                                 | Newell Brands Inc                                                                | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32200.00     | 0.04%             | 2026-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                          | California Resources Corp                                                        | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    142000 | PA      | $133480.00    | 0.15%             | 2026-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ECL Entertainment, LLC                            | ECL Entertainment, LLC Term Loan                                                 | CUSIP: 000000000<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    108625 | PA      | $106995.63    | 0.12%             | 2028-05-01      | Floating      | 10.62%                | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $4401.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP SCIENTIFIC                                                                   | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -158110 | PA      | $-158110.00   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| IRB HOLDING CORP                                  | IRB Holding Corp                                                                 | CUSIP: 44988MAC9<br>LEI: 549300HVW4WNWYBXN830 | Long             | DBT              | CORP              | US        |     72000 | PA      | $71544.24     | 0.08%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OIL & GAS HOLDING                                 | Oil and Gas Holding Co BSCC/The                                                  | CUSIP: 000000000<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |    200000 | PA      | $198040.00    | 0.22%             | 2024-11-07      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                    | Merck & Co Inc                                                                   | CUSIP: 58933YBB0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5538.28      | 0.01%             | 2050-06-24      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP LOWES COMPA                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -103400 | PA      | $-103400.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CAESARS RESORT / FINCO                            | Caesars Resort Collection LLC / CRC Finco Inc                                    | CUSIP: 12770RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     68000 | PA      | $65613.20     | 0.07%             | 2025-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands, Inc.                 | Cornerstone Building Brands, Inc. 2021 Term Loan B                               | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |    612028 | PA      | $501097.96    | 0.57%             | 2028-04-12      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                           | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                      | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     63000 | PA      | $56778.27     | 0.06%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | BNP Paribas SA                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $128039.02    | 0.15%             | 2031-02-25      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | STXE 600 AUTO+PARTS EUR                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         1 | NC      | $1484.78      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| iHeartCommunications Inc                          | iHeartCommunications Inc                                                         | CUSIP: 45174HBC0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     13910 | PA      | $12904.86     | 0.01%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP ANTHEM INC                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |    -55100 | PA      | $-55100.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Interface Security Systems, LLC                   | Interface Security Systems, LLC Term Loan                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    462827 | PA      | $447784.65    | 0.51%             | 2023-08-07      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| UNITED RENTALS NORTH AM                           | United Rentals North America Inc                                                 | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    479000 | PA      | $439166.36    | 0.50%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WILLIAM LYON INC                                  | William Lyon Homes Inc                                                           | CUSIP: 96926DAV2<br>LEI: 5493001MTHCP4IWKJU06 | Long             | DBT              | CORP              | US        |    527000 | PA      | $495380.00    | 0.56%             | 2027-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION                               | Moody's Corp                                                                     | CUSIP: 615369AX3<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |      7000 | PA      | $4265.22      | 0.00%             | 2061-11-29      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                       | PUERTO RICO CMWLTH                                                               | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    226173 | PA      | $82958.90     | 0.09%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                          | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              |  | US        |     12000 | PA      | $10440.00     | 0.01%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP SHERWIN WIL                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -47900 | PA      | $-47900.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| GETLINK SE                                        | Getlink SE                                                                       | CUSIP: 000000000<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $89184.56     | 0.10%             | 2025-10-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ELP 2021-ELP                                      | ELP Commercial Mortgage Trust 2021-ELP                                           | CUSIP: 26863LAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $114877.59    | 0.13%             | 2038-11-15      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                          | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     13000 | PA      | $11312.73     | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                 | Cedar Funding XIV CLO Ltd                                                        | CUSIP: 15033GAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $144500.00    | 0.16%             | 2033-07-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                          | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    213000 | PA      | $172146.60    | 0.20%             | 2029-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                 | Generate CLO 3 Ltd                                                               | CUSIP: 98625UBA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $452354.00    | 0.51%             | 2029-10-20      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                           | Dell International LLC / EMC Corp                                                | CUSIP: 24703DBG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $5116.61      | 0.01%             | 2051-12-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                | Ukraine Government International Bond                                            | CUSIP: 903724BY7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    400000 | PA      | $73000.00     | 0.08%             | 2035-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| United Mexican States                             | Mexico Government International Bond                                             | CUSIP: 91087BAB6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $140912.50    | 0.16%             | 2047-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-BHAR                                                                   | CUSIP: 12659VAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $238363.11    | 0.27%             | 2038-11-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                            | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              |  | US        |     37000 | PA      | $29970.00     | 0.03%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                            | TK Elevator Midco GmbH                                                           | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $91043.91     | 0.10%             | 2027-07-15      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP ANHEUSER BU                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -88542 | PA      | $-88542.50    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141EC31<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     85000 | PA      | $70402.45     | 0.08%             | 2044-07-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                    | Cascade Funding Mortgage Trust 2019-RM3                                          | CUSIP: 147271AC4<br>LEI: 549300HU3WTU5KNK1B36 | Long             | ABS-MBS          | CORP              | US        |   1047148 | PA      | $988067.97    | 1.12%             | 2069-06-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| XHR LP                                            | XHR LP                                                                           | CUSIP: 98372MAA3<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |     68000 | PA      | $65260.96     | 0.07%             | 2025-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP SELECT MEDI                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -292050 | PA      | $-292050.00   | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| NGPL PipeCo LLC                                   | NGPL PipeCo LLC                                                                  | CUSIP: 62912XAC8<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |    346000 | PA      | $349696.99    | 0.40%             | 2037-12-15      | Fixed         | 7.77%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp                               | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $77178.95     | 0.09%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                           | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAG9<br>LEI: N/A                  | Long             | DBT              |  | US        |      9000 | PA      | $8241.05      | 0.01%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ashford Hospitality Trust                         | Ashford Hospitality Trust 2018-ASHF                                              | CUSIP: 04410RAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $114338.49    | 0.13%             | 2035-04-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                            | Verizon Communications Inc                                                       | CUSIP: 92343VFW9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5349.80      | 0.01%             | 2056-10-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                          | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     16000 | PA      | $12285.68     | 0.01%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                              | IHO Verwaltungs GmbH                                                             | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $80609.12     | 0.09%             | 2026-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE SECURITIES (USA) LLC                | RRP LEVIATHAN B                                                                  | CUSIP: 000000000<br>LEI: 1V8Y6QCX6YMJ2OELII46 | Short            | RA               | CORP              | US        |    -86670 | PA      | $-86670.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                              | FREMF 2017-KGS1 Mortgage Trust                                                   | CUSIP: 30305QAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    130000 | PA      | $115274.02    | 0.13%             | 2027-10-25      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON AND CO                           | Becton Dickinson and Co                                                          | CUSIP: 075887CK3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     38000 | PA      | $28421.73     | 0.03%             | 2050-05-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                  | Lamar Media Corp                                                                 | CUSIP: 513075BR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $8735.15      | 0.01%             | 2028-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DEMIRE REAL ESTATE AG                             | DEMIRE Deutsche Mittelstand Real Estate AG                                       | CUSIP: 000000000<br>LEI: 391200FHEFGXUKL2BO93 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $70926.23     | 0.08%             | 2024-10-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-JR1 Trust                                                              | CUSIP: 12657XAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    506884 | PA      | $456010.59    | 0.52%             | 2066-09-27      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP EGYPT (ARAB                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -133835 | PA      | $-133835.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECH                           | International Game Technology PLC                                                | CUSIP: 460599AC7<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    582000 | PA      | $580545.00    | 0.66%             | 2025-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                   | United Group BV                                                                  | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $80609.12     | 0.09%             | 2029-02-01      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                | Morocco Government International Bond                                            | CUSIP: 617726AK0<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    202000 | PA      | $165299.13    | 0.19%             | 2027-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                    | Merck & Co Inc                                                                   | CUSIP: 58933YBF1<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     38000 | PA      | $24748.88     | 0.03%             | 2051-12-10      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TRAVEL + LE                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -71100 | PA      | $-71100.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                          | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $12848.39     | 0.01%             | 2027-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP HTA GROUP L                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -167750 | PA      | $-167750.00   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP FEDEX CORP                                                                   | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -60000 | PA      | $-60000.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Transocean Guardian Ltd                           | Transocean Guardian Ltd                                                          | CUSIP: 893800AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     52651 | PA      | $49576.69     | 0.06%             | 2024-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP                  | CUSIP: 466317AQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $91489.59     | 0.10%             | 2037-04-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | SWAP/CDSWAP/ICE: (CDX.NA.HY.34.V9)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   5278000 | OU      | $30387.88     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| VISA INC                                          | Visa Inc                                                                         | CUSIP: 92826CAQ5<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5151.38      | 0.01%             | 2050-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                          | Neuberger Berman Loan Advisers CLO 37 Ltd                                        | CUSIP: 64133HAL2<br>LEI: 5493006JG853WBZS5J73 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $215597.20    | 0.24%             | 2031-07-20      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| UBS AG                                            | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | ZA        |         1 | NC      | $-2266.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                | Forestar Group Inc                                                               | CUSIP: 346232AF8<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    244000 | PA      | $200692.68    | 0.23%             | 2026-05-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GOLDSTORY SAS                                     | Goldstory SASU                                                                   | CUSIP: 000000000<br>LEI: 969500NWR67ONUJD4A26 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $83304.26     | 0.09%             | 2026-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $111727.90    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $89216.43     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARY                                           | Hungary Government International Bond                                            | CUSIP: 445545AL0<br>LEI: 5299008DH62LEB10JK83 | Long             | DBT              | NUSS              | HU        |    142000 | PA      | $139408.50    | 0.16%             | 2024-03-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OCI NV                                            | OCI NV                                                                           | CUSIP: 000000000<br>LEI: 549300NCMRGIBJYUOE57 | Long             | DBT              | CORP              | NL        |     90000 | PA      | $85889.14     | 0.10%             | 2025-10-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                    | Amazon.com Inc                                                                   | CUSIP: 023135BU9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5309.49      | 0.01%             | 2060-06-03      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC              | Sofi Professional Loan Program 2016-B LLC                                        | CUSIP: 83402J108<br>LEI: 549300WT845S0N68C331 | Long             | ABS-O            | CORP              | US        |       100 | PA      | $56000.00     | 0.06%             | 2037-04-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BNP PARIBAS                                       | RRP BARCLAYS PL                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -157500 | PA      | $-157500.00   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP TENET HEALT                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -20572 | PA      | $-20572.50    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                              | SWAP/CDSWAP/SCDS: (CMACG)                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | XX        |      1871 | OU      | $-63.53       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                                         | CUSIP: 44106MAZ5<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     10000 | PA      | $8852.60      | 0.01%             | 2024-10-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                               | American Tower Corp                                                              | CUSIP: 03027XBD1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     89000 | PA      | $55418.26     | 0.06%             | 2050-06-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                         | TEGNA Inc                                                                        | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     19000 | PA      | $17490.26     | 0.02%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR NOTE (CBT)DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        67 | NC      | $-370613.05   | -0.42%            |  |  |  | No            |                  1 | On Loan: No      |
| IVORY COAST                                       | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $177350.00    | 0.20%             | 2028-03-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO III Ltd                              | Whitebox CLO III Ltd                                                             | CUSIP: 96467JAA0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $220738.80    | 0.25%             | 2034-10-15      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP AMERICAN TO                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -51500 | PA      | $-51500.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                            | Millicom International Cellular SA                                               | CUSIP: 000000000<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    242100 | PA      | $200458.80    | 0.23%             | 2028-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORP                              | Covanta Holding Corp                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7274.34      | 0.01%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                             | Caesars Entertainment Inc                                                        | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    228000 | PA      | $219735.00    | 0.25%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ASG FINANCE DESIGNATED                            | ASG Finance Designated Activity Co                                               | CUSIP: 00217AAA4<br>LEI: 5493005UOB0OMEJ4WK10 | Long             | DBT              | CORP              | IE        |    214000 | PA      | $199555.00    | 0.23%             | 2024-12-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17000 | PA      | $14382.17     | 0.02%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALPEK SA DE CV                                    | Alpek SAB de CV                                                                  | CUSIP: 020564AE0<br>LEI: 549300PWKJTP62D4IQ66 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $147350.00    | 0.17%             | 2031-02-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Aimco                                             | AIMCO CLO 10 Ltd                                                                 | CUSIP: 00900UAC8<br>LEI: 5493004I93856WYBB035 | Long             | ABS-CBDO         | CORP              | KY        |    772500 | PA      | $494554.50    | 0.56%             | 2032-07-22      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP VICI PROPER                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -12750 | PA      | $-12750.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM                                 | MC Brazil Downstream Trading SARL                                                | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $148000.00    | 0.17%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL           | MTN Commercial Mortgage Trust 2022-LPFL                                          | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $94490.95     | 0.11%             | 2039-03-15      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC                                 | General Mills Inc                                                                | CUSIP: 370334CP7<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    125000 | PA      | $81093.81     | 0.09%             | 2051-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SASOL Financing USA LLC                           | Sasol Financing USA LLC                                                          | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    287000 | PA      | $253959.13    | 0.29%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP GEOPARK LTD                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -155500 | PA      | $-155500.00   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Under Armour Inc                                  | Under Armour Inc                                                                 | CUSIP: 904311AA5<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8650.00      | 0.01%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP AMGEN INC                                                                    | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -102400 | PA      | $-102400.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                       | OCP CLO 2014-7 Ltd                                                               | CUSIP: 67107KBD7<br>LEI: 254900NUK1R46EK6YF62 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $472959.75    | 0.54%             | 2029-07-20      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                   | CVS Health Corp                                                                  | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     85000 | PA      | $74856.30     | 0.08%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $107278.13    | 0.12%             | 2049-06-05      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                          | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $12025.45     | 0.01%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                       | OCP CLO 2013-4 Ltd                                                               | CUSIP: 67105HBE4<br>LEI: 254900OVGEI8FTD7PT85 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $282033.45    | 0.32%             | 2029-04-24      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                    | Mariner Finance Issuance Trust 2019-A                                            | CUSIP: 56847MAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $831102.57    | 0.94%             | 2032-07-20      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                    | Mariner Finance Issuance Trust 2020-A                                            | CUSIP: 56848MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $180216.66    | 0.20%             | 2034-08-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                            | Oman Government International Bond                                               | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    306000 | PA      | $237532.50    | 0.27%             | 2047-03-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                            | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $158119.32    | 0.18%             | 2029-06-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                                   | AstraZeneca PLC                                                                  | CUSIP: 046353AZ1<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $86643.48     | 0.10%             | 2051-05-28      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Saxon Asset Securities Trust                      | Saxon Asset Securities Trust 2007-1                                              | CUSIP: 80556BAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2766471 | PA      | $2357638.27   | 2.67%             | 2047-01-25      | Floating      | 3.37%                 | No            |                  2 | On Loan: No      |
| TRI POINTE HOMES INC                              | Tri Pointe Homes Inc                                                             | CUSIP: 87265HAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $15311.80     | 0.02%             | 2028-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                               | Elevance Health Inc                                                              | CUSIP: 036752AM5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     80000 | PA      | $52915.71     | 0.06%             | 2050-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                     | TransDigm Inc                                                                    | CUSIP: 893647BB2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    142000 | PA      | $134156.28    | 0.15%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                        | Allianz SE                                                                       | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $129070.12    | 0.15%             | 2027-10-30      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Kingdom of Bahrain                                | Bahrain Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    200000 | PA      | $185225.00    | 0.21%             | 2029-09-20      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2021-VIEW                                                               | CUSIP: 05606GAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130000 | PA      | $119535.20    | 0.14%             | 2036-06-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                                            | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    175000 | PA      | $149876.56    | 0.17%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDN7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     44000 | PA      | $36726.80     | 0.04%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                                | Analog Devices Inc                                                               | CUSIP: 032654AX3<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |     42000 | PA      | $27965.14     | 0.03%             | 2051-10-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CPUK FINANCE LTD                                  | CPUK Finance Ltd                                                                 | CUSIP: 000000000<br>LEI: 6354003CVDDPNXREIR29 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $101262.15    | 0.11%             | 2026-08-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                            | Mosaic Solar Loan Trust 2018-2-GS                                                | CUSIP: 61946LAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    237152 | PA      | $218857.97    | 0.25%             | 2044-02-22      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                | Howard Hughes Corp/The                                                           | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |    451000 | PA      | $374330.00    | 0.42%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    165000 | PA      | $107497.28    | 0.12%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                       | SWP: OIS 3.500000 28-MAY-2031                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     76400 | OU      | $3320.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                            | Marriott International Inc/MD                                                    | CUSIP: 571903BE2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45184.01     | 0.05%             | 2030-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                      | Broadcom Inc                                                                     | CUSIP: 11135FBG5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    165000 | PA      | $108205.31    | 0.12%             | 2051-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298BN2<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     17000 | PA      | $14068.86     | 0.02%             | 2027-09-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                               | Churchill Downs Inc                                                              | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9253.40      | 0.01%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SRS DISTRIBUTION INC                              | SRS Distribution Inc                                                             | CUSIP: 78471RAB2<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |     11000 | PA      | $9448.89      | 0.01%             | 2028-07-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    108310 | PA      | $106570.27    | 0.12%             | 2023-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                           | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $22650.77     | 0.03%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                          | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAG1<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    133000 | PA      | $130045.59    | 0.15%             | 2025-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                    | NRG Energy Inc                                                                   | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     14000 | PA      | $12920.33     | 0.01%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI                                | Braskem Idesa SAPI                                                               | CUSIP: 10554NAB4<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $132500.00    | 0.15%             | 2032-02-20      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| SM Energy Co                                      | SM Energy Co                                                                     | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    139000 | PA      | $133787.50    | 0.15%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SURA ASSET MANAGEMENT                             | SURA Asset Management SA                                                         | CUSIP: 000000000<br>LEI: 549300013ETMS1C0EA22 | Long             | DBT              | CORP              | CO        |    171000 | PA      | $166169.25    | 0.19%             | 2024-04-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP BWAY HOLDIN                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -319088 | PA      | $-319087.50   | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    187000 | PA      | $130842.87    | 0.15%             | 2030-02-08      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                       | Chemours Co/The                                                                  | CUSIP: 000000000<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84651.83     | 0.10%             | 2026-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP IHS HOLDING                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -145500 | PA      | $-145500.00   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                              | Freeport-McMoRan Inc                                                             | CUSIP: 35671DCD5<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9293.40      | 0.01%             | 2029-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PDC Energy Inc                                    | PDC Energy Inc                                                                   | CUSIP: 69327RAJ0<br>LEI: 5493008W8H2T511J5Y59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9251.40      | 0.01%             | 2026-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust 2019-XL              | BX Commercial Mortgage Trust 2019-XL                                             | CUSIP: 056054AL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1445000 | PA      | $1379873.56   | 1.56%             | 2036-10-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                           | Standard Industries Inc/NJ                                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29570.80     | 0.03%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                            | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    172000 | PA      | $140610.00    | 0.16%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                      | Ares LV CLO Ltd                                                                  | CUSIP: 04018BAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $657415.80    | 0.74%             | 2034-07-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US LONG BOND(CBT) DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        11 | NC      | $-102817.75   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP T MOBILE US                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -106219 | PA      | $-106218.75   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CEDAR FAIR/CAN/MAGNUM/MI                          | Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op  | CUSIP: 150190AF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $98116.86     | 0.11%             | 2025-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION AUTOMOTIVE                          | Constellation Automotive Financing PLC                                           | CUSIP: 000000000<br>LEI: 254900HVTSU7VICDRM89 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $75646.26     | 0.09%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP LIQUID TELE                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -135250 | PA      | $-135250.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Bausch Health Cos Inc                             | Bausch Health Cos Inc                                                            | CUSIP: 91911KAN2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $23831.92     | 0.03%             | 2025-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AFFINITY GAMING                                   | Affinity Gaming                                                                  | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $122280.00    | 0.14%             | 2027-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                           | Talen Energy Supply LLC                                                          | CUSIP: 87422VAG3<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    274000 | PA      | $277425.00    | 0.31%             | 2028-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                            | Rockford Tower CLO 2017-3 Ltd                                                    | CUSIP: 77341DAJ6<br>LEI: 549300V5ZF7112UGSH89 | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $380873.96    | 0.43%             | 2030-10-20      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                              | CUSIP: 71654QDJ8<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    176000 | PA      | $149263.84    | 0.17%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO STOXX 50 PR                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         3 | NC      | $3845.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                            | US 2YR NOTE (CBT) DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        81 | NC      | $-254461.29   | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2018-MP                                           | CUSIP: 61691DAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    372000 | PA      | $270625.13    | 0.31%             | 2040-07-11      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2021-R01                                     | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    137014 | PA      | $117711.60    | 0.13%             | 2041-10-25      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $16803.32     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                          | Nidda Healthcare Holding GmbH                                                    | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $88694.53     | 0.10%             | 2024-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP CROWN CASTL                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |    -57269 | PA      | $-57268.75    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                           | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $17000.00     | 0.02%             | 2022-04-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $2217.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC                                   | AstraZeneca PLC                                                                  | CUSIP: 046353AX6<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |      9000 | PA      | $5181.43      | 0.01%             | 2050-08-06      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                    | Home Depot Inc/The                                                               | CUSIP: 437076CK6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    130000 | PA      | $82659.46     | 0.09%             | 2051-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TRI POINTE                                                                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -504956 | PA      | $-504956.25   | -0.57%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP VERTICAL US                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -147250 | PA      | $-147250.00   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                          | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18250.70     | 0.02%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA                          | Embraer Netherlands Finance BV                                                   | CUSIP: 29082HAC6<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $234656.25    | 0.27%             | 2028-01-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                          | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     17000 | PA      | $14790.00     | 0.02%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CENTURION BIDCO SPA                               | Centurion Bidco SpA                                                              | CUSIP: 000000000<br>LEI: 815600440B4998FCA515 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $85773.99     | 0.10%             | 2026-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                  | Altice France SA/France                                                          | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $85622.08     | 0.10%             | 2025-02-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| AEROPUERTOS DOMINICANOS                           | Aeropuertos Dominicanos Siglo XXI SA                                             | CUSIP: 007866AC0<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |    200000 | PA      | $184600.00    | 0.21%             | 2029-03-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CEDAR FAIR LP                                     | Cedar Fair LP                                                                    | CUSIP: 150190AE6<br>LEI: 549300TUVLNQQ6BVKH61 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7722.86      | 0.01%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                          | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216000 | PA      | $181018.17    | 0.21%             | 2028-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                | Ford Motor Co                                                                    | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     76000 | PA      | $67001.60     | 0.08%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                       | Rad CLO 6 Ltd                                                                    | CUSIP: 48661KAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $224887.28    | 0.25%             | 2033-01-20      | Floating      | 10.24%                | No            |                  2 | On Loan: No      |
| Credito Real Sab DE CV Sofom ENR                  | Credito Real Sab DE CV Sofom ENR Term Loan B                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | MX        |     42000 | PA      | $714.00       | 0.00%             | 2023-02-17      | Floating      | 6.73%                 | No            |                  3 | On Loan: No      |
| OI EUROPEAN GROUP BV                              | OI European Group BV                                                             | CUSIP: 000000000<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $87714.48     | 0.10%             | 2025-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SCC POWER PLC                                     | SCC Power PLC                                                                    | CUSIP: 78397YAC6<br>LEI: 529900IYGYC6VSDSDF37 | Long             | DBT              | CORP              | GB        |    268359 | PA      | $19607.13     | 0.02%             | 2032-05-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAC9<br>LEI: N/A                  | Long             | DBT              |  | US        |     13000 | PA      | $12016.68     | 0.01%             | 2025-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP PETROLEOS M                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -85618 | PA      | $-85618.06    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| OP SERVICIOS MEGA                                 | Operadora de Servicios Mega SA de CV Sofom ER                                    | CUSIP: 68373NAA3<br>LEI: 4469000001BP4DCM0P31 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $234575.00    | 0.27%             | 2025-02-11      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP GLP CAPITAL                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -117465 | PA      | $-117465.00   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                             | Universal Health Services Inc                                                    | CUSIP: 913903AV2<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     63000 | PA      | $46609.65     | 0.05%             | 2030-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDC1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    384000 | PA      | $371650.56    | 0.42%             | 2024-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Republic of Paraguay                              | Paraguay Government International Bond                                           | CUSIP: 699149AH3<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    300000 | PA      | $220368.75    | 0.25%             | 2050-03-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS LLC/CORP                           | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp                                 | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $16723.80     | 0.02%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                                | AMN Healthcare Inc                                                               | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |     99000 | PA      | $88811.16     | 0.10%             | 2027-10-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                               | Gilead Sciences Inc                                                              | CUSIP: 375558BT9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    164000 | PA      | $101280.82    | 0.11%             | 2050-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                 | Stonegate Pub Co Financing 2019 PLC                                              | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $97418.98     | 0.11%             | 2025-07-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Matador Resources Co                              | Matador Resources Co                                                             | CUSIP: 576485AE6<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17364.06     | 0.02%             | 2026-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                            | UnitedHealth Group Inc                                                           | CUSIP: 91324PDZ2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5911.17      | 0.01%             | 2050-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP MEXICO (UNI                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -138284 | PA      | $-138284.43   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| IBERDROLA INTL BV                                 | Iberdrola International BV                                                       | CUSIP: 000000000<br>LEI: 549300ZMLFJKWC63XN87 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $69965.78     | 0.08%             | 2029-08-09      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                      | Ecopetrol SA                                                                     | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     40000 | PA      | $27850.00     | 0.03%             | 2031-11-02      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                             | Playtika Holding Corp                                                            | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |    182000 | PA      | $145552.68    | 0.16%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                               | Buckeye Partners LP                                                              | CUSIP: 118230AT8<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     87000 | PA      | $79626.75     | 0.09%             | 2025-03-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                 | Johnson & Johnson                                                                | CUSIP: 478160CS1<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5549.03      | 0.01%             | 2050-09-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                  | MGM Resorts International                                                        | CUSIP: 552953CD1<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    152000 | PA      | $134431.84    | 0.15%             | 2026-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDA5<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     26000 | PA      | $23329.48     | 0.03%             | 2027-11-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $248.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                               | Altice Financing SA                                                              | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $75716.71     | 0.09%             | 2029-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                              | Signal Peak CLO 7 Ltd                                                            | CUSIP: 56844CAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1043432.00   | 1.18%             | 2032-04-30      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| YUZHOU GROUP                                      | Yuzhou Group Holdings Co Ltd                                                     | CUSIP: 000000000<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $12500.00     | 0.01%             | 2026-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                             | Guatemala Government Bond                                                        | CUSIP: 401494AS8<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $174412.50    | 0.20%             | 2032-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              |  | US        |     17000 | PA      | $14198.74     | 0.02%             | 2030-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Allegiant Travel Company                          | Allegiant Travel Company 2020 Term Loan                                          | CUSIP: 01748LAE8<br>LEI: 549300JM9OZXOHWL2K18 | Long             | LON              | CORP              | US        |         0 | PA      | $0.04         | 0.00%             | 2024-02-05      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Eurex Deutschland                                 | STXE 600 CHEMICALS EUR                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         1 | NC      | $2464.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                     | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    220000 | PA      | $171325.00    | 0.19%             | 2027-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solut                            | Mauser Packaging Solutions Holding Co                                            | CUSIP: 12429TAD6<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    402000 | PA      | $381900.00    | 0.43%             | 2024-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EMPRESAS PUBLIC MEDELLIN                          | Empresas Publicas de Medellin ESP                                                | CUSIP: 29246BAE8<br>LEI: 549300SU25TO8EMXB434 | Long             | DBT              | CORP              | CO        |    253000 | PA      | $181211.25    | 0.21%             | 2029-07-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                    | Eli Lilly & Co                                                                   | CUSIP: 532457BY3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    184000 | PA      | $113822.13    | 0.13%             | 2050-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                          | British Telecommunications PLC                                                   | CUSIP: 11102AAF8<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $168723.74    | 0.19%             | 2081-11-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Group, LLC                         | Diamond Sports Group, LLC Term Loan                                              | CUSIP: 25277BAB4<br>LEI: 5493002K6DHWNZH8YA34 | Long             | LON              | CORP              | US        |    601075 | PA      | $115706.85    | 0.13%             | 2026-08-24      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US ULTRA BOND CBT DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -4 | NC      | $29501.43     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                                       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    343000 | PA      | $309814.75    | 0.35%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RED SUN PROPERTIES GRP                            | Redsun Properties Group Ltd                                                      | CUSIP: 000000000<br>LEI: 549300TYWIIKAOK07L47 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $14000.00     | 0.02%             | 2022-10-03      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                          | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $124150.00    | 0.14%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                       | PUERTO RICO CMWLTH                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     21000 | PA      | $10346.15     | 0.01%             | 2043-11-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              |  | US        |     22000 | PA      | $19857.07     | 0.02%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                            | Verizon Communications Inc                                                       | CUSIP: 92343VFU3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     80000 | PA      | $48920.70     | 0.06%             | 2050-11-20      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE GMBH                                   | ZF Finance GmbH                                                                  | CUSIP: 000000000<br>LEI: 5493001N9T6QDCCXB426 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $151401.28    | 0.17%             | 2027-05-06      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corporation           | Structured Asset Securities Corp Mortgage Loan Trust Series 2006-RF3             | CUSIP: 863592AB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1901486 | PA      | $1140414.61   | 1.29%             | 2036-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP MARRIOTT IN                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -185600 | PA      | $-185600.00   | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| LOUIS DREYFUS FINANCE BV                          | Louis Dreyfus Co Finance BV                                                      | CUSIP: 000000000<br>LEI: 5493001HHX62PQCEEH95 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $79352.30     | 0.09%             | 2028-04-28      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                          | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     56000 | PA      | $40591.82     | 0.05%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                           | Talen Energy Supply LLC                                                          | CUSIP: 87422VAF5<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    501000 | PA      | $512272.50    | 0.58%             | 2027-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GCX6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     26000 | PA      | $24261.90     | 0.03%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP VICI PROPER                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -137250 | PA      | $-137250.00   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| CMA CGM SA                                        | CMA CGM SA                                                                       | CUSIP: 000000000<br>LEI: 969500BZJ49IICIBZZ08 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $99548.59     | 0.11%             | 2026-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MED Trust                                         | Med Trust 2021-MDLN                                                              | CUSIP: 58403YBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $112800.00    | 0.13%             | 2038-11-15      | Floating      | 8.07%                 | No            |                  3 | On Loan: No      |
| CENTURY COMMUNITIES                               | Century Communities Inc                                                          | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |     44000 | PA      | $41114.25     | 0.05%             | 2027-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                            | GSAA Home Equity Trust 2005-14                                                   | CUSIP: 362341B32<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3370965 | PA      | $1524471.09   | 1.73%             | 2035-12-25      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| MAF SUKUK LTD                                     | MAF Sukuk Ltd                                                                    | CUSIP: 000000000<br>LEI: 549300IS9H0W5N2N4K34 | Long             | DBT              | CORP              | KY        |    267000 | PA      | $254951.63    | 0.29%             | 2029-05-14      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| TPGI Trust                                        | TPGI Trust 2021-DGWD                                                             | CUSIP: 87267HAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130000 | PA      | $120425.62    | 0.14%             | 2026-06-15      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| LOXAM SAS                                         | Loxam SAS                                                                        | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $82707.02     | 0.09%             | 2026-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | STXE 600 AUTO+PARTS EUR                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -1 | NC      | $-558.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                            | Chesapeake Energy Corp                                                           | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     19000 | PA      | $17619.90     | 0.02%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP GOL FINANCE                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -84000 | PA      | $-84000.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                               | Klabin Austria GmbH                                                              | CUSIP: 49836AAC8<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $145500.00    | 0.16%             | 2031-01-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| TRI POINTE HOMES INC                              | Tri Pointe Homes Inc                                                             | CUSIP: 87265HAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    705000 | PA      | $609613.50    | 0.69%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS LLC/CORP                           | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp                                 | CUSIP: 983130AV7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $177887.50    | 0.20%             | 2025-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                          | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 035240AT7<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    107000 | PA      | $88171.16     | 0.10%             | 2050-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                         | Amgen Inc                                                                        | CUSIP: 031162DC1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    160000 | PA      | $100018.64    | 0.11%             | 2052-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP AEROPUERTO                                                                   | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -129250 | PA      | $-129250.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp                               | NOVA Chemicals Corp                                                              | CUSIP: 66977WAQ2<br>LEI: 5493007M1XGU5E55ZJ25 | Long             | DBT              | CORP              | CA        |    621000 | PA      | $583504.02    | 0.66%             | 2024-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HONO 2021-LULU Mortgage Trust                     | HONO 2021-LULU Mortgage Trust                                                    | CUSIP: 40390MAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $116542.35    | 0.13%             | 2036-10-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Darling Ingredients Inc                           | Darling Ingredients Inc                                                          | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8488.42      | 0.01%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cemex SAB de CV                                   | Cemex SAB de CV                                                                  | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    100000 | PA      | $88376.02     | 0.10%             | 2026-03-19      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA                          | SeaWorld Parks & Entertainment Inc                                               | CUSIP: 81282UAC6<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    310000 | PA      | $316200.00    | 0.36%             | 2025-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                             | Norfolk Southern Corp                                                            | CUSIP: 655844CL0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    135000 | PA      | $85501.51     | 0.10%             | 2051-08-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                               | Intesa Sanpaolo SpA                                                              | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    250000 | PA      | $173958.89    | 0.20%             | 2031-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                         | Anchorage Capital CLO 7 Ltd                                                      | CUSIP: 03328TBG9<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $225680.38    | 0.26%             | 2031-01-28      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                      | AGL CLO 9 LTD                                                                    | CUSIP: 001208AA5<br>LEI: 549300U1G1VA46DEO184 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $224663.13    | 0.25%             | 2034-01-20      | Floating      | 9.97%                 | No            |                  2 | On Loan: No      |
| RKPF OVERSEAS 2019 A LTD                          | RKPF Overseas 2019 A Ltd                                                         | CUSIP: 000000000<br>LEI: 254900P8BXRCW5458103 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $81000.00     | 0.09%             | 2025-09-04      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GILBERT PARK CLO LTD                              | Gilbert Park CLO Ltd                                                             | CUSIP: 375415AG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $684971.40    | 0.78%             | 2030-10-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| EIG PEARL HOLDINGS SARL                           | EIG Pearl Holdings Sarl                                                          | CUSIP: 28249NAA9<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $159000.00    | 0.18%             | 2036-08-31      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| KAR Auction Services Inc                          | KAR Auction Services Inc                                                         | CUSIP: 48238TAA7<br>LEI: 5493004HKD20LBSG7D03 | Long             | DBT              | CORP              | US        |     98000 | PA      | $94608.22     | 0.11%             | 2025-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                               | Select Medical Corp                                                              | CUSIP: 816196AT6<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |    360000 | PA      | $338731.20    | 0.38%             | 2026-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP INTERNATION                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -63750 | PA      | $-63750.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP CLEAR CHANN                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -224528 | PA      | $-224527.50   | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                          | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    151000 | PA      | $119336.15    | 0.14%             | 2029-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SUN COUNTRY 2019 1C                               | SUN COUNTRY 2019 1C                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    202472 | PA      | $196903.65    | 0.22%             | 2023-12-15      | Fixed         | 7.00%                 | No            |                  3 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP SIRIUS XM R                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -37560 | PA      | $-37560.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                          | Charles River Laboratories International Inc                                     | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7837.83      | 0.01%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                    | JPN 10Y BOND(OSE) DEC22                                                          | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |        -1 | NC      | $1310.39      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REKEEP SPA                                        | Rekeep SpA                                                                       | CUSIP: 000000000<br>LEI: 8156008737CA044FCB79 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $85754.38     | 0.10%             | 2026-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JERROLD FINCO PLC                                 | Jerrold Finco PLC                                                                | CUSIP: 000000000<br>LEI: 213800F7AYNHLL1BPR31 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $86532.62     | 0.10%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP TENET HEALT                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -374546 | PA      | $-374546.25   | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP PARAGUAY RE                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -187125 | PA      | $-187125.00   | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA CORP                                       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21533.75     | 0.02%             | 2027-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                          | iHeartCommunications Inc                                                         | CUSIP: 45174HBG1<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7501.50      | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 6174468Y8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5433.27      | 0.01%             | 2052-01-25      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAJ4<br>LEI: N/A                  | Long             | DBT              |  | US        |     13000 | PA      | $12249.64     | 0.01%             | 2027-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2014-150E                                         | CUSIP: 61764BAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $588272.93    | 0.67%             | 2032-09-09      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                               | Suzano Austria GmbH                                                              | CUSIP: 86964WAB8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $180050.00    | 0.20%             | 2047-03-16      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                | Credit Agricole SA                                                               | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $156808.02    | 0.18%             | 2027-12-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2017-H1                                           | CUSIP: 61691JAC8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | ABS-MBS          | CORP              | US        |    378000 | PA      | $282224.93    | 0.32%             | 2050-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    205000 | PA      | $137985.50    | 0.16%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| OQ SAOC                                           | OQ SAOC                                                                          | CUSIP: 67624L2A5<br>LEI: 549300YK417GKI6EQ392 | Long             | DBT              | CORP              | OM        |    200000 | PA      | $178850.00    | 0.20%             | 2028-05-06      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                           | Walt Disney Co/The                                                               | CUSIP: 254687FM3<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5710.11      | 0.01%             | 2049-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP GOLDEN ENTE                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -29622 | PA      | $-29622.50    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                          | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $132918.71    | 0.15%             | 2030-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                          | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    300000 | PA      | $275792.25    | 0.31%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC                            | Sherwood Financing PLC                                                           | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $83601.68     | 0.09%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAH8<br>LEI: N/A                  | Long             | DBT              |  | US        |      9000 | PA      | $8219.03      | 0.01%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oi SA                                             | Oi SA                                                                            | CUSIP: 000000000<br>LEI: 254900YEMWCRRAGD4978 | Long             | DBT              | CORP              | BR        |    200000 | PA      | $57375.00     | 0.06%             | 2025-07-27      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB                          | Svenska Handelsbanken AB                                                         | CUSIP: 000000000<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |    200000 | PA      | $162500.00    | 0.18%             | 2027-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                | Morocco Government International Bond                                            | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    261000 | PA      | $181933.31    | 0.21%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                            | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HAN8<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      9000 | PA      | $5377.40      | 0.01%             | 2051-11-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                               | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     90000 | PA      | $84306.73     | 0.10%             | 2026-07-31      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                      | Ecopetrol SA                                                                     | CUSIP: 279158AK5<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    181000 | PA      | $164857.06    | 0.19%             | 2025-01-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                          | Encore Capital Group Inc                                                         | CUSIP: 000000000<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91145.64     | 0.10%             | 2025-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                           | Bristol-Myers Squibb Co                                                          | CUSIP: 110122DS4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5545.25      | 0.01%             | 2050-11-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| United Group BV                                   | United Group BV                                                                  | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $91023.13     | 0.10%             | 2024-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO-BOBL FUTURE DEC22                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -1 | NC      | $3282.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP TRANSOCEAN                                                                   | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -284700 | PA      | $-284700.00   | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                 | Chile Government International Bond                                              | CUSIP: 168863DY1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $158700.00    | 0.18%             | 2042-03-07      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP MATADOR RES                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -11340 | PA      | $-11340.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                  | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $78995.91     | 0.09%             | 2031-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                         | BlackRock Liquidity Funds: T-Fund, Institutional Shares                          | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   3365035 | NS      | $3365035.26   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                 | EURO STOXX 50 PR                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -3 | NC      | $-1386.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MARKET BIDCO FINCO PLC                            | Market Bidco Finco PLC                                                           | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $86353.97     | 0.10%             | 2027-11-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                        | AbbVie Inc                                                                       | CUSIP: 00287YBD0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    120000 | PA      | $105512.06    | 0.12%             | 2048-11-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust               | Citigroup Commercial Mortgage Trust 2019-PRM                                     | CUSIP: 29429JAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $494554.45    | 0.56%             | 2036-05-10      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                             | Republic Services Inc                                                            | CUSIP: 760759AW0<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    135000 | PA      | $91085.91     | 0.10%             | 2050-03-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Select Medical Corporation                        | Select Medical Corporation 2017 Term Loan B                                      | CUSIP: 816194AV6<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |    101585 | PA      | $98029.25     | 0.11%             | 2025-03-06      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Luxembourg Life Fund                              | Luxembourg Life Fund 2021 Term Loan                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   2672135 | PA      | $2658774.34   | 3.01%             | 2023-04-01      | Floating      | 12.92%                | No            |                  3 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP WYNN RESORT                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -134750 | PA      | $-134750.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | STXE 600 AUTO+PARTS EUR                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         3 | NC      | $874.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                                       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     17000 | PA      | $15767.50     | 0.02%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    147000 | PA      | $131391.75    | 0.15%             | 2027-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                    | Microsoft Corp                                                                   | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    120000 | PA      | $84635.52     | 0.10%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP HILTON DOME                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -11730 | PA      | $-11730.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Aramark Services Inc                              | Aramark Services Inc                                                             | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17814.20     | 0.02%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    381000 | PA      | $282088.59    | 0.32%             | 2029-01-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                        | Intel Corp                                                                       | CUSIP: 458140BK5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1206.69      | 0.00%             | 2060-02-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                             | Indonesia Government International Bond                                          | CUSIP: 455780CH7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $192272.00    | 0.22%             | 2029-02-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                    | NRG Energy Inc                                                                   | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     13000 | PA      | $11375.00     | 0.01%             | 2029-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP FORD MOTOR                                                                   | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -496256 | PA      | $-496256.25   | -0.56%            |  |  |  | No            |                  2 | On Loan: No      |
| Elmwood CLO VII Ltd.                              | Elmwood CLO VII Ltd                                                              | CUSIP: 29002RAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $221276.20    | 0.25%             | 2034-01-17      | Floating      | 9.84%                 | No            |                  2 | On Loan: No      |
| OAFIT A NOTE UPSIZE (PT.2)                        | OAFIT A NOTE UPSIZE (PT.2)                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |    480000 | PA      | $301658.93    | 0.34%             | 2024-03-28      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| LOWE'S COS INC                                    | Lowe's Cos Inc                                                                   | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     41000 | PA      | $31393.74     | 0.04%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                       | OCP Clo 2019-17 Ltd                                                              | CUSIP: 67113MAE4<br>LEI: 2549003HLFPQ7ATPYA23 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1251064.35   | 1.42%             | 2032-07-20      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| ENI SPA                                           | Eni SpA                                                                          | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $137311.14    | 0.16%             | 2030-02-11      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                           | CUSIP: 77586RAN0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    174000 | PA      | $157470.00    | 0.18%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GENNEIA SA                                        | Genneia SA                                                                       | CUSIP: 372319AB9<br>LEI: 529900YZ70LX0XWS9P67 | Long             | DBT              | CORP              | AR        |     92909 | PA      | $86132.45     | 0.10%             | 2027-09-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                          | Service Properties Trust                                                         | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               |  | US        |      2000 | NS      | $10380.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                          | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |    200000 | PA      | $170042.00    | 0.19%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JGC VENTURES PTE LTD                              | JGC Ventures Pte Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008PR2UO2K6SYH32 | Long             | DBT              | CORP              | SG        |      3583 | PA      | $1560.84      | 0.00%             | 2025-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                            | FMG Resources August 2006 Pty Ltd                                                | CUSIP: 30251GBA4<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     10000 | PA      | $8800.00      | 0.01%             | 2027-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                          | Intercontinental Exchange Inc                                                    | CUSIP: 45866FAQ7<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5379.57      | 0.01%             | 2060-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                       | SWP: OIS 3.220000 28-MAY-2051                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     34000 | OU      | $2844.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Inkia Energy Ltd                                  | Inkia Energy Ltd                                                                 | CUSIP: 45721RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    200000 | PA      | $184000.00    | 0.21%             | 2027-11-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ADLER GROUP SA                                    | ADLER Group SA                                                                   | CUSIP: 000000000<br>LEI: 391200OYYFJ3DWAMEC69 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $53902.76     | 0.06%             | 2025-08-05      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                               | Nigeria Government International Bond                                            | CUSIP: 65412JAU7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $142000.00    | 0.16%             | 2029-03-24      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                         | Apple Inc                                                                        | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     80000 | PA      | $52522.64     | 0.06%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2019-NUGS                                         | CUSIP: 61692AAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $374007.00    | 0.42%             | 2036-12-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 5YR NOTE (CBT) DEC22                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -155 | NC      | $437484.28    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LIQUID TELECOM FINANCE                            | Liquid Telecommunications Financing Plc                                          | CUSIP: 536333AB3<br>LEI: 635400MXAVJRJJCWVI87 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $158000.00    | 0.18%             | 2026-09-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Golden Entertainment Inc                          | Golden Entertainment Inc                                                         | CUSIP: 381013AA9<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33529.10     | 0.04%             | 2026-04-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $7282.84      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                           | Standard Industries Inc/NJ                                                       | CUSIP: 853496AC1<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7964.19      | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2019-H7                                           | CUSIP: 61771MAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $539438.25    | 0.61%             | 2052-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                               | LBM Acquisition LLC Term Loan B                                                  | CUSIP: 50179JAB4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |     47027 | PA      | $40936.66     | 0.05%             | 2027-12-17      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |         1 | NC      | $-50743.03    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP APTIV PLC                                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |    -58125 | PA      | $-58125.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP MGM RESORTS                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |     -8580 | PA      | $-8580.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                    | Commerzbank AG                                                                   | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $164893.43    | 0.19%             | 2025-10-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP ASTRAZENECA                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -79219 | PA      | $-79218.75    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CSX CORP                                          | CSX Corp                                                                         | CUSIP: 126408HT3<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5386.79      | 0.01%             | 2051-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SES SA                                            | SES SA                                                                           | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $93967.20     | 0.11%             | 2024-01-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                          | International Business Machines Corp                                             | CUSIP: 459200KL4<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    109000 | PA      | $68698.11     | 0.08%             | 2050-05-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP                               | American International Group Inc                                                 | CUSIP: 026874DP9<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80022.37     | 0.09%             | 2050-06-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FERROVIAL NL BV                                   | Ferrovial Netherlands BV                                                         | CUSIP: 000000000<br>LEI: 72450048UYBX1IY3XM22 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $80373.91     | 0.09%             | 2023-02-14      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| CEDAR FAIR/CAN/MAGNUM/MI                          | Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op  | CUSIP: 150190AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $8360.06      | 0.01%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING                                    | Axalta Coating Systems Dutch Holding B BV                                        | CUSIP: 000000000<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $89674.58     | 0.10%             | 2025-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP SUZANO AUST                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -104438 | PA      | $-104437.50   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP BRASKEM IDE                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -110718 | PA      | $-110718.40   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP KENBOURNE I                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -205920 | PA      | $-205920.00   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP MIDWEST GAM                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |    -76628 | PA      | $-76627.50    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| SCC POWER PLC                                     | SCC Power PLC                                                                    | CUSIP: 78397YAB8<br>LEI: 529900IYGYC6VSDSDF37 | Long             | DBT              | CORP              | GB        |    495433 | PA      | $184349.82    | 0.21%             | 2028-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ATENTO LUXCO 1 SA                                 | Atento Luxco 1 SA                                                                | CUSIP: 04684LAC2<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $83000.00     | 0.09%             | 2026-02-10      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                              | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     41000 | PA      | $22755.00     | 0.03%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                          | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp                        | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $84025.05     | 0.10%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC                          | Elanco Animal Health Inc                                                         | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |     13000 | PA      | $11476.27     | 0.01%             | 2028-08-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                    | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DE               |  | US        |   1863314 | OU      | $-61022.75    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                             | Guatemala Government Bond                                                        | CUSIP: 401494AV1<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $179600.00    | 0.20%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP OQ SAOC                                                                      | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -173500 | PA      | $-173500.00   | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                            | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |         1 | NC      | $-4985.60     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP WYNN LAS VE                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -10460 | PA      | $-10460.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                      | UBS Group AG                                                                     | CUSIP: 90352JAF0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     50000 | PA      | $47310.00     | 0.05%             | 2024-01-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Nexa Resources SA                                 | Nexa Resources SA                                                                | CUSIP: 91832CAA4<br>LEI: 549300QRMRHM7GAU7L47 | Long             | DBT              | CORP              | LU        |         0 | PA      | $0.00         | 0.00%             | 2027-05-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe BV                              | Telefonica Europe BV                                                             | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $92415.78     | 0.10%             | 2024-12-14      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP MPT OPERATI                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -10020 | PA      | $-10020.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                          | Republic of South Africa Government International Bond                           | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $164475.00    | 0.19%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNA                          | Scientific Games International Inc                                               | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    194000 | PA      | $182912.90    | 0.21%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                      | Barclays PLC                                                                     | CUSIP: 06738EBG9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $185530.00    | 0.21%             | 2024-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                          | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 000000000<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $63462.95     | 0.07%             | 2028-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                    | Wynn Macau Ltd                                                                   | CUSIP: 000000000<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $150380.00    | 0.17%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BK PHOENIX AZ                    | WESTERN ALLIANCE BK PHOENIX AZ                                                   | CUSIP: 95763PEH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3510000 | PA      | $3507331.07   | 3.97%             | 2024-12-30      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                            | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    201000 | PA      | $164007.96    | 0.19%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | SWAP/CDSWAP/ICE: (CDX.NA.HY.39.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   2335236 | OU      | $-95769.18    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP TENET HEALT                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -30201 | PA      | $-30201.25    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                       | PUERTO RICO CMWLTH                                                               | CUSIP: 74514L4F1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     94598 | PA      | $30942.53     | 0.04%             | 2051-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                         | Amgen Inc                                                                        | CUSIP: 031162CY4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5243.85      | 0.01%             | 2053-09-01      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                               | Elmwood CLO II Ltd                                                               | CUSIP: 29001RAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $225864.83    | 0.26%             | 2034-04-20      | Floating      | 9.51%                 | No            |                  2 | On Loan: No      |
| CHINA EVERGRANDE GROUP                            | China Evergrande Group                                                           | CUSIP: 000000000<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $12787.50     | 0.01%             | 2024-04-11      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Kestrel Bidco Inc.                                | Kestrel Bidco Inc. Term Loan B                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |       193 | PA      | $169.15       | 0.00%             | 2026-12-11      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP COLOMBIA (R                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -89750 | PA      | $-89750.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust       | MF1 2021-W10X                                                                    | CUSIP: 55284DAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $114939.61    | 0.13%             | 2034-12-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Transocean Phoenix 2 Ltd                          | Transocean Phoenix 2 Ltd                                                         | CUSIP: 893828AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    328500 | PA      | $318645.00    | 0.36%             | 2024-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                 | Generate CLO 4 Ltd                                                               | CUSIP: 98625WAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $221306.15    | 0.25%             | 2032-04-20      | Floating      | 9.46%                 | No            |                  2 | On Loan: No      |
| Sirius XM Radio Inc                               | Sirius XM Radio Inc                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     54000 | PA      | $49545.00     | 0.06%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                                     | M/I Homes Inc                                                                    | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    225000 | PA      | $187363.13    | 0.21%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                  | ABN AMRO Bank NV                                                                 | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $151353.06    | 0.17%             | 2027-09-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                          | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    228000 | PA      | $175480.20    | 0.20%             | 2029-03-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP ALPEK SAB D                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -153137 | PA      | $-153136.69   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP VISTRA OPER                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -12325 | PA      | $-12325.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                          | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    165000 | PA      | $145264.35    | 0.16%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                              | Freeport-McMoRan Inc                                                             | CUSIP: 35671DCC7<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9679.10      | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                  | MGM Resorts International                                                        | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    157000 | PA      | $141066.07    | 0.16%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                          | Cheplapharm Arzneimittel GmbH                                                    | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $80338.23     | 0.09%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP SEAWORLD PA                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -279775 | PA      | $-279775.00   | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP APPLE INC                                                                    | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |    -53800 | PA      | $-53800.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                          | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    308000 | PA      | $254321.76    | 0.29%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP VERIZON COM                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -59220 | PA      | $-59220.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| XHR LP                                            | XHR LP                                                                           | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |     11000 | PA      | $9069.67      | 0.01%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    431000 | PA      | $336184.31    | 0.38%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                          | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    153000 | PA      | $121237.61    | 0.14%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                  | Trestles CLO II LTD                                                              | CUSIP: 89531VAA0<br>LEI: 6354005OLPZ8XONXGL10 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $207776.25    | 0.24%             | 2031-07-25      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                          | Republic of South Africa Government International Bond                           | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $165000.00    | 0.19%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AEROPUERTO INTL TOCUMEN                           | Aeropuerto Internacional de Tocumen SA                                           | CUSIP: 00787CAE2<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | CORP              | PA        |    200000 | PA      | $142475.00    | 0.16%             | 2061-08-11      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2020-FACT                                                                   | CUSIP: 126395AQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $280138.71    | 0.32%             | 2037-10-15      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| VERISURE MIDHOLDING AB                            | Verisure Midholding AB                                                           | CUSIP: 000000000<br>LEI: 549300496LYEZ55X1M49 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $72033.68     | 0.08%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 LTD                               | Avianca Midco 2 Ltd                                                              | CUSIP: 05368PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    263308 | PA      | $199291.24    | 0.23%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                    | CarVal CLO I Ltd                                                                 | CUSIP: 146865AG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $221225.88    | 0.25%             | 2031-07-16      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| GEOPARK LTD                                       | Geopark Ltd                                                                      | CUSIP: 37255BAB5<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $156725.00    | 0.18%             | 2027-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                | CDS: (CMBX.NA.9.BBB-)                                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | US        |   5000000 | OU      | $-972033.32   | -1.10%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP FORESTAR GR                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -67620 | PA      | $-67620.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings Inc.                           | SCIH Salt Holdings Inc. 2021 Incremental Term Loan B                             | CUSIP: 78397GAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    106360 | PA      | $98560.39     | 0.11%             | 2027-03-16      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    130000 | PA      | $98056.60     | 0.11%             | 2051-03-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP ABBVIE INC                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -106800 | PA      | $-106800.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-JR1 Trust                                                              | CUSIP: 12657XAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    875971 | PA      | $757370.84    | 0.86%             | 2066-09-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP KLABIN AUST                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -130000 | PA      | $-130000.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP HCA INC                                                                      | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -213290 | PA      | $-213290.00   | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| SABLE INTL FINANCE LTD                            | Sable International Finance Ltd                                                  | CUSIP: 000000000<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |    226000 | PA      | $197467.50    | 0.22%             | 2027-09-07      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Aimbridge Acquisition Co., Inc.                   | Aimbridge Acquisition Co., Inc. 2019 Term Loan B                                 | CUSIP: 00900YAD8<br>LEI: 549300SPGKLVE9WYCQ20 | Long             | LON              | CORP              | US        |    168748 | PA      | $148076.80    | 0.17%             | 2026-02-02      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| PHOENIX PIB DUTCH FINANC                          | Phoenix PIB Dutch Finance BV                                                     | CUSIP: 000000000<br>LEI: 529900UUYBCBB7HMVI56 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $91634.68     | 0.10%             | 2025-08-05      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                            | TK Elevator Midco GmbH                                                           | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $82079.20     | 0.09%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                          | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5572.53      | 0.01%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                | SWAP/CDSWAP/CDS: (CMBX.NA.15.BBB-)                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | US        |   1000000 | OU      | $-210753.12   | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS INC                                | Roche Holdings Inc                                                               | CUSIP: 771196BY7<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5868.04      | 0.01%             | 2051-12-13      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                  | Trinitas CLO XV Ltd                                                              | CUSIP: 89642BAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $217658.45    | 0.25%             | 2034-04-22      | Floating      | 10.21%                | No            |                  2 | On Loan: No      |
| BAYER AG                                          | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $234491.69    | 0.27%             | 2079-11-12      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Foundation Building Materials Holding Company LLC | Foundation Building Materials Holding Company LLC 2021 Term Loan                 | CUSIP: 35039KAB2<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |     30155 | PA      | $27094.59     | 0.03%             | 2028-01-31      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| DANA INC                                          | Dana Inc                                                                         | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    144000 | PA      | $118821.75    | 0.13%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP BECTON DICK                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |    -29402 | PA      | $-29402.50    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP FIVE POINT                                                                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -327484 | PA      | $-327483.75   | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| CIFI HOLDINGS GROUP                               | CIFI Holdings Group Co Ltd                                                       | CUSIP: 000000000<br>LEI: 549300WGKSV867C0JF48 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $43000.00     | 0.05%             | 2025-10-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                           | Hungary Government International Bond                                            | CUSIP: 445545AP1<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $180350.00    | 0.20%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                               | Sirius XM Radio Inc                                                              | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     48000 | PA      | $43175.16     | 0.05%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                            | Verizon Communications Inc                                                       | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     84000 | PA      | $59065.60     | 0.07%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAG0<br>LEI: N/A                  | Long             | DBT              |  | US        |     59000 | PA      | $55520.64     | 0.06%             | 2025-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                      | Barclays PLC                                                                     | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $168520.00    | 0.19%             | 2025-12-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                                         | CUSIP: 44106MAR3<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |    386000 | PA      | $376832.50    | 0.43%             | 2023-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                               | Cheniere Energy Inc                                                              | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45866.50     | 0.05%             | 2028-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP UBS GROUP A                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -163350 | PA      | $-163350.00   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                          | OHA Credit Funding 11 Ltd                                                        | CUSIP: 67116BAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |    250000 | PA      | $221623.03    | 0.25%             | 2033-07-19      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | SWAP/CDSWAP/ICE: (CDX.NA.HY.33.V12)                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   6380000 | OU      | $96271.26     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    110000 | PA      | $22000.00     | 0.02%             | 2027-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                  | TRESTLES CLO 2017-1 Ltd                                                          | CUSIP: 89531FAU1<br>LEI: 254900QSBDX181YYBH38 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $874296.60    | 0.99%             | 2032-04-25      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 FNC LTD                                | NBK Tier 1 Ltd                                                                   | CUSIP: 62879NAA5<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |    277000 | PA      | $235848.19    | 0.27%             | 2026-08-24      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                    | Home Depot Inc/The                                                               | CUSIP: 437076CG5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5266.23      | 0.01%             | 2051-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP NGPL PIPECO                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -342540 | PA      | $-342540.00   | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| JGC VENTURES PTE LTD                              | JGC Ventures Pte Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008PR2UO2K6SYH32 | Long             | DBT              | CORP              | SG        |       263 | PA      | $114.57       | 0.00%             | 2025-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JGC Ventures Pte Ltd                              | JGC Ventures Pte Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008PR2UO2K6SYH32 | Long             | DBT              | CORP              | SG        |    238876 | PA      | $106643.20    | 0.12%             | 2025-06-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DOBANK SPA                                        | doValue SpA                                                                      | CUSIP: 000000000<br>LEI: 8156007AF7DB5FE05555 | Long             | DBT              | CORP              | IT        |    102000 | PA      | $81366.60     | 0.09%             | 2026-07-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP TAYLOR MORR                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -199339 | PA      | $-199338.75   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Lennar Corp                                       | Lennar Corp                                                                      | CUSIP: 526057CD4<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |     16000 | PA      | $14772.80     | 0.02%             | 2027-11-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDL1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    507000 | PA      | $419922.75    | 0.48%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                              | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |     14256 | OU      | $21.75        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AVIS BUDGET FINANCE PLC                           | Avis Budget Finance Plc                                                          | CUSIP: 000000000<br>LEI: 549300W3BJJPGKCIOI13 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $93364.47     | 0.11%             | 2024-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP M/I HOMES I                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -189281 | PA      | $-189281.25   | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                            | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |     13000 | PA      | $11701.69     | 0.01%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                 | NatWest Group PLC                                                                | CUSIP: 639057AD0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $125000.00    | 0.14%             | 2031-06-28      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS                            | Mid-America Apartments LP                                                        | CUSIP: 59523UAU1<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              |  | US        |     12000 | PA      | $7495.66      | 0.01%             | 2051-09-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                              | SWAP/CDSWAP/SCDS: (CMACG)                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | XX        |      4191 | OU      | $-142.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PICARD MIDCO INC                                  | Picard Midco Inc                                                                 | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $80246.50     | 0.09%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITGO HOLDING INC                                 | Citgo Holding Inc                                                                | CUSIP: 17302WAB4<br>LEI: 549300NYHOALWZ2BSL72 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37705.88     | 0.04%             | 2024-08-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                    | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $119548.74    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP PETROLEOS M                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -203991 | PA      | $-203991.03   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                    | Microsoft Corp                                                                   | CUSIP: 594918CD4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5659.25      | 0.01%             | 2060-06-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP MOZART DEBT                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -179438 | PA      | $-179437.50   | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| MUTHOOT FINANCE LTD                               | Muthoot Finance Ltd                                                              | CUSIP: 62828L2A0<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |    250000 | PA      | $248328.13    | 0.28%             | 2022-10-31      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                       | Walmart Inc                                                                      | CUSIP: 931142EV1<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |      9000 | PA      | $6038.30      | 0.01%             | 2051-09-22      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SES SA                                            | SES SA                                                                           | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $72785.97     | 0.08%             | 2026-05-27      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                | CDS: (CMBX.NA.9.BBB-)                                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | US        |   4000000 | OU      | $-777626.65   | -0.88%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP PETROLEOS M                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -137821 | PA      | $-137820.80   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP INDONESIA (                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -184750 | PA      | $-184750.00   | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                   | Nigeria Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $127000.00    | 0.14%             | 2032-02-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OAFIT A NOTE UPSIZE                               | OAFIT A NOTE UPSIZE                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   1740000 | PA      | $1093513.63   | 1.24%             | 2024-01-21      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYK4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5786.52      | 0.01%             | 2042-07-21      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                | Panama Government International Bond                                             | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $181225.00    | 0.21%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AIR FRANCE-KLM                                    | Air France-KLM                                                                   | CUSIP: 000000000<br>LEI: 969500AQW31GYO8JZD66 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $79598.89     | 0.09%             | 2026-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC                              | RRP GUATEMALA R                                                                  | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | Short            | RA               | CORP              | US        |   -179750 | PA      | $-179750.00   | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                            | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $20024.55     | 0.02%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                            | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    284000 | PA      | $157265.00    | 0.18%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | RRP ORACLE CORP                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Short            | RA               | CORP              | US        |   -178838 | PA      | $-178837.50   | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                              | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    185000 | PA      | $101842.50    | 0.12%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                           | RRP BANK OF AME                                                                  | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |   -104812 | PA      | $-104812.50   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Ann Frechette

**Name of Signer:** Ann Frechette

**Title:** Assistant Treasurer