# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001752724-25-157907
**Filing Date:** 2025-6
**Character Count:** 832311
**Document Hash:** 785c94b2fa34657cd4b8b6683b71c460
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157907.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157907

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251076989

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

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

## Series and Classes Contracts Data

### iShares Total Return Active ETF (Series ID: S000083073)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000246586 | iShares Total Return Active ETF |  |

## Nport-Ex

April 30, 2025

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

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

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares Total Return Active ETF \| BRTR \| NASDAQ |

---

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

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

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp; ACREC LLC, 5.63%, 08/18/42, <br> (1-mo. CME Term SOFR + 1.310%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; $100 | $99031 |
| Affirm Master Trust, 5.19%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 133 | 133674 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 2 Ltd., 5.73%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250249 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 17 Ltd., 5.49%, 02/15/38, <br> (3-mo. CME Term SOFR + 1.230%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248250 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXIV, 5.68%, 01/20/35, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249504 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 05/17/41, <br> (1-mo. CME Term SOFR + 1.686%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 196 | 195533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 12/17/29, <br> (1-mo. CME Term SOFR + 1.388%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 323 | 319755 |
| &nbsp;&nbsp;&nbsp; Argent Securities Trust, 5.02%, 03/25/36, <br> (1-mo. CME Term SOFR + 0.694%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 263 | 142220 |
| &nbsp;&nbsp;&nbsp; BBAM U.S. CLO I Ltd., 5.46%, 03/30/38, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 246728 |
| &nbsp;&nbsp;&nbsp; BDS LLC, 5.90%, 09/19/39, <br> (1-mo. CME Term SOFR + 1.576%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 138 | 137738 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities I Trust, <br> 4.82%, 06/25/47, <br> (1-mo. CME Term SOFR + 0.494%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 90 | 75764 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Structured Products Trust, 6.44%, <br> 03/25/37, <br> (1-mo. CME Term SOFR + 2.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 97 | 95735 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO IV Ltd., 6.17%, <br> 04/20/34, <br> (3-mo. CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249375 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIX, 5.46%, <br> 01/25/38, <br> (3-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248130 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVII Ltd., 5.64%, <br> 10/20/37, <br> (3-mo. CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250000 |
| BlueMountain CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 10/25/30, <br> (3-mo. CME Term SOFR + 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 141 | 141139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 11/15/30, <br> (3-mo. CME Term SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 143 | 142488 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 5.55%, <br> 09/25/54<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 138 | 138734 |
| &nbsp;&nbsp;&nbsp; Buckhorn Park CLO Ltd., 5.87%, 07/18/34, <br> (3-mo. CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 247375 |
| &nbsp;&nbsp;&nbsp; BXMT Ltd., 5.96%, 10/18/42, <br> (1-mo. CME Term SOFR + 1.639%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 173 | 170991 |
| &nbsp;&nbsp;&nbsp; CBAM Ltd., 5.65%, 04/20/32, <br> (3-mo. CME Term SOFR + 1.382%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 297 | 297425 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/18/31, <br> (3-mo. CME Term SOFR + 3.112%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 07/16/37, <br> (3-mo. CME Term SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 04/15/38, <br> (3-mo. CME Term SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 07/15/36, <br> (3-mo. CME Term SOFR + 1.962%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249200 |
| &nbsp;&nbsp;&nbsp; CIT Mortgage Loan Trust, 7.07%, 10/25/37, <br> (1-mo. CME Term SOFR + 2.739%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 160 | 152255 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust Inc., 8.19%, <br> 07/25/37, <br> (1-mo. CME Term SOFR + 3.864%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 134 | 116652 |
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, 5.35%, 01/25/35, <br> (3-mo. CME Term SOFR + 1.070%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| College Ave Student Loans LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.33%, 05/25/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $73 | $73859 |
| &nbsp;&nbsp;&nbsp; 2.32%, 07/26/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 183 | 165463 |
| Creeksource Dunes Creek CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.08%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 246953 |
| CWABS Asset-Backed Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.30%, 12/25/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 57 | 55531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 04/25/46, <br> (1-mo. CME Term SOFR + 0.534%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 287 | 209261 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 3 Ltd., 5.59%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249848 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 8 Ltd., 5.67%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 350 | 350054 |
| &nbsp;&nbsp;&nbsp; ELFI Graduate Loan Program LLC, 5.56%, <br> 08/25/49<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 166 | 168598 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/17/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 184 | 178139 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/19/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 170 | 167589 |
| FNA 8 LLC, 5.62%, 03/15/45<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 98 | 98323 |
| Foundation Finance Trust, 4.93%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 99389 |
| &nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, 5.95%, 10/19/39, <br> (1-mo. CME Term SOFR + 1.631%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 99807 |
| &nbsp;&nbsp;&nbsp; Galaxy XV CLO Ltd. Series 2013-15A, <br> Class ARR, 5.49%, 10/15/30, <br> (3-mo. CME Term SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 4 | 4464 |
| &nbsp;&nbsp;&nbsp; Galaxy XX CLO Ltd., 5.88%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.612%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249377 |
| Generate CLO 20 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.99%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248850 |
| &nbsp;&nbsp;&nbsp; Goldman Home Improvement Trust Issuer Trust, <br> 4.50%, 06/25/52<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 20 | 19853 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 10/20/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 105 | 105514 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/20/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 103 | 103644 |
| GreenSky Home Improvement Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.26%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 183 | 183285 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 237 | 237345 |
| &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Trust, 5.67%, <br> 06/25/59<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 82 | 82907 |
| &nbsp;&nbsp;&nbsp; GSAMP Trust, 4.89%, 06/25/36, <br> (1-mo. CME Term SOFR + 0.564%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 50 | 41328 |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Acquisition Trust, 4.49%, <br> 11/25/36<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 203155 |
| Lendmark Funding Trust, 2.00%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 130 | 122890 |
| &nbsp;&nbsp;&nbsp; LoanCore, 5.71%, 08/17/42, <br> (1-mo. CME Term SOFR + 1.385%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 116 | 114668 |
| &nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, 4.80%, <br> 03/25/46, <br> (1-mo. CME Term SOFR + 0.474%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 348 | 266480 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LXXI Ltd., 5.41%, <br> 04/23/38, <br> (3-mo. CME Term SOFR + 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248375 |
| &nbsp;&nbsp;&nbsp; Mariner Finance issuance Trust, 4.91%, <br> 11/20/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 101026 |
| MFA Trust, 6.33%, 09/25/54<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 95 | 95435 |
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO XI Ltd., 5.48%, 01/18/36, <br> (3-mo. CME Term SOFR + 1.210%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 247908 |
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO XII Ltd., 5.61%, 04/18/36, <br> (3-mo. CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250000 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Milford Park CLO Ltd., 5.43%, 01/20/38, <br> (3-mo. CME Term SOFR + 1.160%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; $250 | $248125 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust, 6.51%, <br> 10/25/36<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 11 | 2379 |
| Navient Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.16%, 11/15/68<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 89757 |
| &nbsp;&nbsp;&nbsp; 2.46%, 11/15/68<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 102 | 98153 |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/15/68<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 57 | 56139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 11/15/68, <br> (1-mo. CME Term SOFR + 1.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 119 | 119778 |
| &nbsp;&nbsp;&nbsp; 5.66%, 10/15/72<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78 | 79763 |
| &nbsp;&nbsp;&nbsp; 3.90%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 129 | 124321 |
| Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 04/20/62, <br> (1-mo. CME Term SOFR + 1.144%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 190 | 188046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43%, 03/15/57, <br> (30-day Avg SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 275 | 272363 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 40 Ltd., <br> 5.58%, 04/16/33, <br> (3-mo. CME Term SOFR + 1.322%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 234 | 233995 |
| &nbsp;&nbsp;&nbsp; New Mountain CLO 3 Ltd., 6.63%, 10/20/34, <br> (3-mo. CME Term SOFR + 2.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249649 |
| NYMT Trust, 7.38%, 05/25/64<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 131 | 129404 |
| OCP CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 01/21/38, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/17/37, <br> (3-mo. CME Term SOFR + 1.080%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 247441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 04/16/38, <br> (3-mo. CME Term SOFR + 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 410 | 404182 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 5 Ltd., 5.62%, 10/18/37, <br> (3-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250000 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 6 Ltd., 5.60%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250095 |
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., 5.73%, 07/20/37, <br> (3-mo. CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250207 |
| &nbsp;&nbsp;&nbsp; Onemain Financial Issuance Trust, 6.03%, <br> 05/14/41<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 148 | 152341 |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.17%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 103278 |
| &nbsp;&nbsp;&nbsp; 5.79%, 05/14/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 103132 |
| &nbsp;&nbsp;&nbsp; Option One Mortgage Loan Trust, 5.86%, <br> 01/25/37<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 35 | 34595 |
| &nbsp;&nbsp;&nbsp; Orchard Park CLO Ltd., 5.63%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249922 |
| &nbsp;&nbsp;&nbsp; Owl Rock CLO VII LLC, 5.72%, 04/20/38, <br> (3-mo. CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250000 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 5.73%, 11/14/34, <br> (3-mo. CME Term SOFR + 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249687 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 5.36%, <br> 04/15/31, <br> (3-mo. CME Term SOFR + 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 68 | 67601 |
| Park Blue CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.340%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 04/25/38, <br> (3-mo. CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 246504 |
| PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 07/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 93 | 92838 |
| &nbsp;&nbsp;&nbsp; 5.96%, 09/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 142 | 141084 |
| &nbsp;&nbsp;&nbsp; RAMP Series Trust, 5.00%, 02/25/37, <br> (1-mo. CME Term SOFR + 0.674%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 111 | 24414 |
| Ready Capital Mortgage Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/25/39, <br> (1-mo. CME Term SOFR + 2.552%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 15 | 14904 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.79%, 06/25/37, <br> (1-mo. CME Term SOFR + 2.467%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; $33 | $32895 |
| &nbsp;&nbsp;&nbsp; Regatta IX Funding Ltd., 6.28%, 04/17/37, <br> (3-mo. CME Term SOFR + 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249150 |
| &nbsp;&nbsp;&nbsp; Regatta XVIII Funding Ltd., 5.42%, 04/15/38, <br> (3-mo. CME Term SOFR + 1.160%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248750 |
| &nbsp;&nbsp;&nbsp; Regatta XX Funding Ltd., 5.44%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 247915 |
| Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 94724 |
| &nbsp;&nbsp;&nbsp; 5.53%, 04/17/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 100987 |
| Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.91%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 115 | 116841 |
| &nbsp;&nbsp;&nbsp; 5.42%, 11/20/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 114 | 115374 |
| &nbsp;&nbsp;&nbsp; Rockford Tower CLO Ltd., 5.68%, 05/20/31, <br> (3-mo. CME Term SOFR + 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 106 | 106516 |
| &nbsp;&nbsp;&nbsp; Romark WM-R Ltd. Series 2018-1A, Class A1, <br> 5.56%, 04/20/31, <br> (3-mo. CME Term SOFR + 1.292%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 113 | 113104 |
| &nbsp;&nbsp;&nbsp; RR 16 Ltd., 6.17%, 07/15/36, <br> (3-mo. CME Term SOFR + 1.912%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249800 |
| &nbsp;&nbsp;&nbsp; RR 18 Ltd., 6.12%, 10/15/34, <br> (3-mo. CME Term SOFR + 1.862%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250050 |
| &nbsp;&nbsp;&nbsp; RR 32 Ltd., 5.62%, 10/15/39, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249908 |
| &nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 8 Ltd., 5.70%, 01/30/38, <br> (3-mo. CME Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248570 |
| Saxon Asset Securities Trust, 2.77%, 08/25/35<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 167 | 125555 |
| Sesac Finance LLC, 5.22%, 07/25/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104 | 102662 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 5 Ltd., 5.67%, 10/20/37, <br> (3-mo. CME Term SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250042 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 7 Ltd., 5.64%, 01/15/38, <br> (3-mo. CME Term SOFR + 1.360%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249928 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 8 Ltd., 5.43%, 04/15/38, <br> (3-mo. CME Term SOFR + 1.210%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248434 |
| &nbsp;&nbsp;&nbsp; SLM Private Education Loan Trust, 9.19%, <br> 10/15/41, <br> (1-mo. CME Term SOFR + 4.864%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 57 | 60174 |
| SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.31%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 199 | 192570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 10/16/56, <br> (30-day Avg SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 127 | 129047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 10/15/35, <br> (1-mo. CME Term SOFR + 0.864%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 73 | 72629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 03/15/56, <br> (30-day Avg SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 87 | 87467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 02/15/36, <br> (1-mo. CME Term SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 68 | 67771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 03/17/53, <br> (1-mo. CME Term SOFR + 0.714%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 108 | 106862 |
| &nbsp;&nbsp;&nbsp; 1.29%, 07/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 136 | 128303 |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust, 4.80%, <br> 02/27/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 234 | 233974 |
| &nbsp;&nbsp;&nbsp; Sofi Professional Loan Program LLC, 3.09%, <br> 08/17/48<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 88 | 86013 |
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program LLC, 2.37%, <br> 11/16/48<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 77 | 74362 |
| Soundview Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 11/25/35, <br> (1-mo. CME Term SOFR + 1.134%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 46 | 35649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 01/25/37, <br> (1-mo. CME Term SOFR + 0.639%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 149 | 138761 |
| &nbsp;&nbsp;&nbsp; STAR Trust, 6.77%, 02/17/42, <br> (1-mo. CME Term SOFR + 2.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 350 | 353743 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan <br> Trust, 4.60%, 01/25/37, <br> (1-mo. CME Term SOFR + 0.274%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; $37 | $34710 |
| Subway Funding LLC, 6.27%, 07/30/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30 | 30351 |
| &nbsp;&nbsp;&nbsp; Symphony CLO 39 Ltd., 5.61%, 01/25/38, <br> (3-mo. CME Term SOFR + 1.330%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249866 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXVI Ltd., 5.61%, 04/20/33, <br> (3-mo. CME Term SOFR + 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 206 | 206203 |
| &nbsp;&nbsp;&nbsp; Terwin Mortgage Trust, 5.46%, 06/25/36, <br> (1-mo. CME Term SOFR + 1.134%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 21552 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 5.51%, 04/25/31, <br> (3-mo. CME Term SOFR + 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 293 | 292654 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO III Ltd., 5.53%, 10/15/35, <br> (3-mo. CME Term SOFR + 1.270%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 249500 |
| **Total Asset-Backed Securities — 11.7%** <br>**(Cost: $22,908,137)** | **Total Asset-Backed Securities — 11.7%** <br>**(Cost: $22,908,137)** | 22959955 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** |
| FIGRE Trust, 5.75%, 07/25/53<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD129 | 130125 |
| **Mortgage-Backed Securities — 13.2%** | **Mortgage-Backed Securities — 13.2%** | **Mortgage-Backed Securities — 13.2%** |
| 2023-MIC Trust (The), 8.73%, 12/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10872 |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/25/69<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD94 | 94333 |
| &nbsp;&nbsp;&nbsp; 6.52%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100908 |
| ACRA Trust, 5.61%, 10/25/64<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD143 | 143528 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 11/25/35, <br> (1-mo. CME Term SOFR + 0.464%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD16 | 11711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/20/46, <br> (1-mo. CME Term SOFR + 0.574%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD207 | 178689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/25/36, <br> (1-mo. CME Term SOFR + 0.574%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD99 | 82908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 07/25/46, <br> (1-mo. CME Term SOFR + 0.614%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD196 | 165964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 11/20/35, <br> (1-mo. CME Term SOFR + 0.774%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3 | 2454 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/25/35 | &nbsp;&nbsp;&nbsp; USD9 | 5107 |
| &nbsp;&nbsp;&nbsp; American Home Mortgage Investment Trust, <br> 6.06%, 05/25/36, <br> (1-mo. CME Term SOFR + 1.739%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD483 | 40083 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/26/67<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD82 | 80930 |
| &nbsp;&nbsp;&nbsp; 5.21%, 08/25/68<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD172 | 171630 |
| &nbsp;&nbsp;&nbsp; 5.35%, 10/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD46 | 46019 |
| &nbsp;&nbsp;&nbsp; 5.64%, 02/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD193 | 193204 |
| &nbsp;&nbsp;&nbsp; 5.69%, 01/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD355 | 356472 |
| &nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, <br> 3.39%, 02/15/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD170 | 155945 |
| &nbsp;&nbsp;&nbsp; ARES Commercial Mortgage Trust, 6.01%, <br> 07/15/41, <br> (1-mo. CME Term SOFR + 1.692%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD293 | 293000 |
| &nbsp;&nbsp;&nbsp; ARES1, 5.76%, 10/15/34, <br> (1-mo. CME Term SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD80 | 79950 |
| Atrium Hotel Portfolio Trust, 9.52%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10043 |
| BAHA Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.17%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD210 | 216791 |
| &nbsp;&nbsp;&nbsp; 7.07%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10221 |
| &nbsp;&nbsp;&nbsp; 7.77%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD14 | 14348 |
| BAMLL Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 02/15/42, <br> (1-mo. CME Term SOFR + 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD86 | 84094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%, 08/15/39, <br> (1-mo. CME Term SOFR + 2.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD20 | 20006 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.57%, 02/15/42, <br> (1-mo. CME Term SOFR + 5.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD51 | $49819 |
| Banc of America Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/25/33 | &nbsp;&nbsp;&nbsp; USD96 | 95767 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/25/36<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD7 | 1905 |
| Banc of America Funding Trust, 5.75%, 01/25/37 | &nbsp;&nbsp;&nbsp; USD0 | 56 |
| &nbsp;&nbsp;&nbsp; Bank of America Merrill Lynch Commercial <br> Mortgage Trust, Series 2017-BNK33.88%, <br> 02/15/50<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD90 | 86866 |
| &nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, 5.66%, <br> 01/25/65<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD247 | 248391 |
| &nbsp;&nbsp;&nbsp; BAY Mortgage Trust, 6.00%, 05/15/35, <br> (1-mo. CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD161 | 161000 |
| BBCMS Mortgage Trust, 5.66%, 05/15/58 | &nbsp;&nbsp;&nbsp; USD12 | 12464 |
| Bear Stearns Asset Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 03/25/36, <br> (1-mo. CME Term SOFR + 0.464%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD14 | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/25/36, <br> (1-mo. CME Term SOFR + 0.674%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD116 | 107197 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Mortgage Funding Trust, 4.78%, <br> 03/25/37, <br> (1-mo. CME Term SOFR + 0.454%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD75 | 69695 |
| BFLD Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 11/15/41, <br> (1-mo. CME Term SOFR + 1.493%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD20 | 19994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.96%, 11/15/41, <br> (1-mo. CME Term SOFR + 3.640%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD13 | 12882 |
| &nbsp;&nbsp;&nbsp; BFLD Mortgage Trust, 6.21%, 07/15/41, <br> (1-mo. CME Term SOFR + 1.890%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD16 | 15980 |
| BHMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 07/15/35, <br> (1-mo. CME Term SOFR + 1.547%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 07/15/35, <br> (1-mo. CME Term SOFR + 1.797%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99694 |
| &nbsp;&nbsp;&nbsp; BMP, 7.71%, 06/15/41, <br> (1-mo. CME Term SOFR + 3.389%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11 | 10869 |
| &nbsp;&nbsp;&nbsp; BMP Trust, 6.71%, 06/15/41, <br> (1-mo. CME Term SOFR + 2.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99250 |
| BPR Mortgage Trust, 7.50%, 12/05/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 104774 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.68%, 11/25/64<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD143 | 143510 |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100277 |
| BWAY Trust, 6.31%, 05/05/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 18404 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.84%, 03/09/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 90626 |
| &nbsp;&nbsp;&nbsp; 4.67%, 11/15/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; CAD8 | 5832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 04/15/40, <br> (1-mo. CME Term SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD190 | 189448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 10/15/41, <br> (1-mo. CME Term SOFR + 1.492%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD96 | 95918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 05/15/34, <br> (1-mo. CME Term SOFR + 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD197 | 197278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 12/15/39, <br> (1-mo. CME Term SOFR + 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD171 | 169171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 05/15/41, <br> (1-mo. CME Term SOFR + 1.641%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD272 | 272288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 08/15/39, <br> (1-mo. CME Term SOFR + 1.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD97 | 97072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.08%, 12/09/40, <br> (1-mo. CME Term SOFR + 1.761%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD107 | 107468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 03/15/41, <br> (1-mo. CME Term SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD88 | 87042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 10/15/41, <br> (1-mo. CME Term SOFR + 2.880%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD51 | 50745 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.46%, 06/15/27, <br> (1-mo. CME Term SOFR + 3.141%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | $100188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/15/41, <br> (1-mo. CME Term SOFR + 3.927%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD12 | 11880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.51%, 02/15/39, <br> (1-mo. CME Term SOFR + 4.188%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD97 | 94451 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 01/15/39, <br> (1-mo. CME Term SOFR + 0.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD150 | 149250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 02/15/36, <br> (1-mo. CME Term SOFR + 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 198250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 01/15/39, <br> (1-mo. CME Term SOFR + 1.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD150 | 149250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.013%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD28 | 27790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 05/15/35, <br> (1-mo. CME Term SOFR + 1.317%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD168 | 167229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 03/15/42, <br> (1-mo. CME Term SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD281 | 278190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 07/15/29, <br> (1-mo. CME Term SOFR + 1.491%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD249 | 247132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 06/15/37, <br> (1-mo. CME Term SOFR + 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD173 | 172590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.41%, 03/15/41, <br> (1-mo. CME Term SOFR + 2.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10 | 10027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.46%, 07/15/29, <br> (1-mo. CME Term SOFR + 2.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 98750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 05/15/38, <br> (1-mo. CME Term SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD141 | 141352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 04/15/41, <br> (1-mo. CME Term SOFR + 2.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD85 | 83894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.21%, 07/15/29, <br> (1-mo. CME Term SOFR + 2.889%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD20 | 19199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.26%, 03/15/30, <br> (1-mo. CME Term SOFR + 2.941%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD96 | 92164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.66%, 05/15/38, <br> (1-mo. CME Term SOFR + 3.339%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.01%, 04/15/41, <br> (1-mo. CME Term SOFR + 3.689%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD85 | 83316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.26%, 07/15/29, <br> (1-mo. CME Term SOFR + 3.938%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD30 | 28723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.37%, 06/15/36, <br> (1-mo. CME Term SOFR + 4.044%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10 | 9420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.76%, 03/15/41, <br> (1-mo. CME Term SOFR + 4.439%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD34 | 33542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.71%, 03/15/41, <br> (1-mo. CME Term SOFR + 5.389%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD16 | 15708 |
| CFK Trust, 2.79%, 03/15/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 91105 |
| CFMT LLC, 4.00%, 10/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD130 | 127211 |
| Chase Mortgage Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.98%, 02/25/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD103 | 100395 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/25/37 | &nbsp;&nbsp;&nbsp; USD121 | 52862 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/25/36 | &nbsp;&nbsp;&nbsp; USD7 | 3268 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/25/37 | &nbsp;&nbsp;&nbsp; USD798 | 288297 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.66%, 10/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD140 | 141777 |
| &nbsp;&nbsp;&nbsp; 6.44%, 10/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD150 | 151739 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, 6.17%, <br> 09/25/62<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD78 | 78127 |
| &nbsp;&nbsp;&nbsp; COAST Commercial Mortgage Trust, 6.91%, <br> 08/15/36, <br> (1-mo. CME Term SOFR + 2.591%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD210 | 209398 |
| COLT Mortgage Loan Trust, 4.21%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 81497 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Commission Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16%, 06/15/41, <br> (1-mo. CME Term SOFR + 1.841%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD41 | $40871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.91%, 06/15/41, <br> (1-mo. CME Term SOFR + 2.590%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11 | 10856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.81%, 06/15/41, <br> (1-mo. CME Term SOFR + 4.487%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD14 | 13748 |
| CONE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 08/15/41, <br> (1-mo. CME Term SOFR + 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD30 | 29850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.21%, 08/15/41, <br> (1-mo. CME Term SOFR + 3.888%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD45 | 44327 |
| &nbsp;&nbsp;&nbsp; Countrywide Alternative Loan Trust, 6.00%, <br> 05/25/36<br>| &nbsp;&nbsp;&nbsp; USD94 | 35364 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.74%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD695 | 699041 |
| &nbsp;&nbsp;&nbsp; 6.48%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD350 | 351325 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 11/15/38, <br> (1-mo. CME Term SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD80 | 79680 |
| &nbsp;&nbsp;&nbsp; 8.62%, 12/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD86 | 85505 |
| &nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust, 4.92%, <br> 11/10/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD40 | 39794 |
| &nbsp;&nbsp;&nbsp; DBGS, 6.20%, 08/15/34, <br> (1-mo. CME Term SOFR + 1.882%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 248906 |
| DC Trust, 5.93%, 04/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10089 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, 5.74%, <br> 07/25/69<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD89 | 88832 |
| DK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 03/15/34, <br> (1-mo. CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD20 | 19975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32%, 03/15/34, <br> (1-mo. CME Term SOFR + 4.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD58 | 57767 |
| EFMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/25/70<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD180 | 180637 |
| &nbsp;&nbsp;&nbsp; 6.59%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD350 | 355190 |
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 5.71%, <br> 11/25/69<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD136 | 136303 |
| ELM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 11063 |
| &nbsp;&nbsp;&nbsp; 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 11153 |
| &nbsp;&nbsp;&nbsp; 8.05%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD29 | 29157 |
| EQT Trust, 5.33%, 07/05/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD71 | 72516 |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, 6.69%, 07/15/38, <br> (1-mo. CME Term SOFR + 2.364%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD86 | 85572 |
| Fashion Show Mall LLC, 5.27%, 10/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD19 | 19558 |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multiclass <br> Certificates, 4.45%, 11/25/32<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD14 | 13650 |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/25/55, <br> (30-day Avg SOFR + 1.350%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD514 | 513677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/25/55, <br> (30-day Avg SOFR + 1.400%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,216 | 1214229 |
| &nbsp;&nbsp;&nbsp; First Horizon Alternative Mortgage Securities <br> Trust, 5.04%, 01/25/37<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD113 | 88787 |
| &nbsp;&nbsp;&nbsp; Fontainebleau Miami Beach Mortgage Trust, <br> 5.77%, 12/15/39, <br> (1-mo. CME Term SOFR + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD385 | 381872 |
| FREMF Mortgage Trust, 4.38%, 08/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD95 | 92918 |
| Gaea Mortgage Loan Trust, 6.75%, 02/25/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD220 | 215344 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.89%, 12/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD169 | 157151 |
| &nbsp;&nbsp;&nbsp; 3.93%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD180 | 132719 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD89 | 84429 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 04/16/65 | &nbsp;&nbsp;&nbsp; USD10 | $7999 |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/16/63<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD5 | 4440 |
| GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD153 | 151570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.41%, 03/15/28, <br> (1-mo. CME Term SOFR + 2.091%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.97%, 11/25/41, <br> (1-mo. CME Term SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD162 | 161381 |
| &nbsp;&nbsp;&nbsp; 7.68%, 09/10/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10069 |
| &nbsp;&nbsp;&nbsp; 7.72%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD43 | 42871 |
| &nbsp;&nbsp;&nbsp; GSMPS Mortgage Loan Trust, 4.84%, 06/25/34, <br> (1-mo. CME Term SOFR + 0.514%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD307 | 272003 |
| &nbsp;&nbsp;&nbsp; GWT, 6.01%, 05/15/41, <br> (1-mo. CME Term SOFR + 1.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99969 |
| HIH Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16%, 10/15/41, <br> (1-mo. CME Term SOFR + 1.842%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10 | 9975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.16%, 10/15/41, <br> (1-mo. CME Term SOFR + 2.841%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.96%, 10/15/41, <br> (1-mo. CME Term SOFR + 3.640%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10 | 9862 |
| &nbsp;&nbsp;&nbsp; HILT Commercial Mortgage Trust, 5.86%, <br> 05/15/37, <br> (1-mo. CME Term SOFR + 1.541%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99563 |
| &nbsp;&nbsp;&nbsp; HLTN Commercial Mortgage Trust, 5.96%, <br> 06/15/41, <br> (1-mo. CME Term SOFR + 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD263 | 261356 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.39%, 01/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 200317 |
| &nbsp;&nbsp;&nbsp; 6.52%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100608 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund I Trust, 5.45%, <br> 05/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD310 | 314733 |
| &nbsp;&nbsp;&nbsp; HONO Mortgage Trust, 5.59%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD227 | 224293 |
| &nbsp;&nbsp;&nbsp; HTL Commercial Mortgage Trust, 8.47%, <br> 05/10/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 101723 |
| &nbsp;&nbsp;&nbsp; Impac Secured Assets Trust, 4.78%, 11/25/36, <br> (1-mo. CME Term SOFR + 0.454%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD26 | 23467 |
| &nbsp;&nbsp;&nbsp; INV Mortgage Trust, 6.06%, 11/15/41, <br> (1-mo. CME Term SOFR + 1.742%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD168 | 167580 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase Commercial Mortgage <br> Securities Trust, 5.99%, 10/05/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD130 | 131986 |
| &nbsp;&nbsp;&nbsp; JP Morgan Alternative Loan Trust, 5.07%, <br> 03/25/36<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD216 | 159549 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/06/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD130 | 126369 |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 50465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 03/15/40, <br> (1-mo. CME Term SOFR + 1.693%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD99 | 98010 |
| &nbsp;&nbsp;&nbsp; 6.70%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 04/15/38, <br> (1-mo. CME Term SOFR + 2.814%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD90 | 89381 |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD39 | 39022 |
| &nbsp;&nbsp;&nbsp; 8.49%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD34 | 33663 |
| JP Morgan Mortgage Trust, 6.41%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD253 | 253332 |
| &nbsp;&nbsp;&nbsp; JP Morgan Resecuritization Trust Series, 0.00% <br> 05/27/36<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD300 | 50749 |
| JW Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 06/15/39, <br> (1-mo. CME Term SOFR + 1.621%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD113 | 112364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.51%, 06/15/39, <br> (1-mo. CME Term SOFR + 3.189%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10 | 9834 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; JW Trust, 5.91%, 11/15/39, <br> (1-mo. CME Term SOFR + 1.593%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | $199000 |
| &nbsp;&nbsp;&nbsp; KSL Commercial Mortgage Trust, 5.86%, <br> 12/15/39, <br> (1-mo. CME Term SOFR + 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD325 | 321953 |
| LBA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 10/15/41, <br> (1-mo. CME Term SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD20 | 19988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 06/15/39, <br> (1-mo. CME Term SOFR + 1.591%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD170 | 170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.96%, 10/15/41, <br> (1-mo. CME Term SOFR + 2.641%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD23 | 22648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.76%, 06/15/39, <br> (1-mo. CME Term SOFR + 4.437%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10 | 9824 |
| LEX Mortgage Trust, 5.04%, 10/13/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD289 | 290196 |
| &nbsp;&nbsp;&nbsp; MASTR Reperforming Loan Trust, 7.00%, <br> 08/25/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD239 | 167192 |
| MCR Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD71 | 983 |
| &nbsp;&nbsp;&nbsp; 5.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 25263 |
| &nbsp;&nbsp;&nbsp; 7.40%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD30 | 30202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.43%, 02/15/37, <br> (1-mo. CME Term SOFR + 3.107%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD81 | 80242 |
| &nbsp;&nbsp;&nbsp; 8.73%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD16 | 16134 |
| MFA Trust, 7.09%, 02/25/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD120 | 120564 |
| Morgan Stanley Capital I, 4.06%, 12/15/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD281 | 270856 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 09/24/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD88 | 85304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 11/15/34, <br> (1-mo. CME Term SOFR + 1.547%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 96750 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Resecuritization Trust, 4.25%, <br> 04/26/47, <br> (1-mo. CME Term SOFR + 0.374%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 76597 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.74%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD96 | 96327 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100418 |
| &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, 5.73%, <br> 03/15/39, <br> (1-mo. CME Term SOFR + 1.396%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99875 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 0.00% <br> 01/25/65<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD148 | 148515 |
| &nbsp;&nbsp;&nbsp; NYC Trust, 7.16%, 08/15/29, <br> (1-mo. CME Term SOFR + 2.840%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD110 | 108350 |
| NYMT Loan Trust, 5.38%, 06/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD96 | 96414 |
| OBX Trust, 5.65%, 12/01/64<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD98 | 98622 |
| &nbsp;&nbsp;&nbsp; One New York Plaza Trust, 5.39%, 01/15/36, <br> (1-mo. CME Term SOFR + 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD40 | 38600 |
| &nbsp;&nbsp;&nbsp; OPEN Trust, 7.41%, 11/15/40, <br> (1-mo. CME Term SOFR + 3.089%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD43 | 42500 |
| &nbsp;&nbsp;&nbsp; PGA Trust, 6.21%, 06/15/39, <br> (1-mo. CME Term SOFR + 1.891%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11 | 10955 |
| PRKCM Trust, 4.10%, 04/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD114 | 112946 |
| PRM5 Trust, 5.81%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD69 | 68844 |
| PRPM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/25/69<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD219 | 221174 |
| &nbsp;&nbsp;&nbsp; 6.65%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD172 | 174897 |
| Rain City Mortgage Trust, 6.53%, 11/25/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100925 |
| &nbsp;&nbsp;&nbsp; RALI Series Trust, 4.80%, 12/25/36, <br> (1-mo. CME Term SOFR + 0.474%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD195 | 168371 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, 6.04%, <br> 05/25/59<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 98202 |
| RFMSI Trust, 5.66%, 11/25/36<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1 | 947 |
| SAIF Securitization Trust, 5.97%, 07/25/54<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD84 | 84527 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/25/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD126 | 126181 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 7.76%, 04/25/30<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD100 | $100382 |
| &nbsp;&nbsp;&nbsp; SCG Mortgage Trust, 6.06%, 04/15/41, <br> (1-mo. CME Term SOFR + 1.741%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD142 | 141468 |
| &nbsp;&nbsp;&nbsp; SDAL Trust, 6.74%, 04/15/42, <br> (1-mo. CME Term SOFR + 2.441%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99875 |
| SELF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 11/15/34, <br> (1-mo. CME Term SOFR + 1.542%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD140 | 140272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.51%, 11/15/34, <br> (1-mo. CME Term SOFR + 4.188%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99065 |
| &nbsp;&nbsp;&nbsp; SHR Trust, 6.27%, 10/15/41, <br> (1-mo. CME Term SOFR + 1.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99594 |
| SLG Office Trust, 2.59%, 07/15/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD425 | 371088 |
| &nbsp;&nbsp;&nbsp; Spruce Hill Mortgage Loan Trust, 5.00%, <br> 06/25/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 97252 |
| Toorak Mortgage Trust, 6.33%, 10/25/31<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100149 |
| TRK Trust, 4.10%, 11/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD137 | 109127 |
| TTAN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 03/15/38, <br> (1-mo. CME Term SOFR + 1.464%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD138 | 137909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 03/15/38, <br> (1-mo. CME Term SOFR + 2.514%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD77 | 76520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 03/15/38, <br> (1-mo. CME Term SOFR + 3.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD98 | 96936 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, Series <br> 2018-C15, Class B, 4.92%, 12/15/51<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD71 | 68610 |
| VEGAS |  |  |
| &nbsp;&nbsp;&nbsp; 6.42%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 93560 |
| &nbsp;&nbsp;&nbsp; 6.42%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD40 | 39162 |
| VEGAS Trust, 5.52%, 11/10/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD20 | 20271 |
| Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.61%, 02/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD140 | 126395 |
| &nbsp;&nbsp;&nbsp; 6.55%, 01/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD74 | 74824 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.77%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 88663 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 97738 |
| Visio Trust, 6.01%, 08/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 84325 |
| &nbsp;&nbsp;&nbsp; Vista Point Securitization Trust, 5.16%, <br> 04/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 94748 |
| &nbsp;&nbsp;&nbsp; Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Series Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 12/25/36, <br> (1-mo. CME Term SOFR + 0.454%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD222 | 175605 |
| &nbsp;&nbsp;&nbsp; 5.29%, 12/25/46, (12-mo. MTA + 0.720%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD125 | 97996 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.31%, 07/15/43<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD153 | 1418 |
| &nbsp;&nbsp;&nbsp; 2.58%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD130 | 125952 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/15/59 | &nbsp;&nbsp;&nbsp; USD150 | 147618 |
| &nbsp;&nbsp;&nbsp; 6.22%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD219 | 225828 |
| &nbsp;&nbsp;&nbsp; 6.43%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | 12096 |
| &nbsp;&nbsp;&nbsp; 7.08%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | 17101 |
| &nbsp;&nbsp;&nbsp; Series 2015-C31, Class B, 4.48%, 11/15/48<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD80 | 78943 |
| WEST Trust, 5.45%, 04/10/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD108 | 108777 |
|  |  | 25862757 |
| **Total Collateralized Mortgage Obligations — 13.3%** <br>**(Cost: $25,943,385)** | **Total Collateralized Mortgage Obligations — 13.3%** <br>**(Cost: $25,943,385)** | 25992882 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., 5.13%, <br> 08/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $27 | 26252 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media <br> Capital Corp., 4.25%, 01/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 23219 |
|  |  | 49471 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Boeing Co. (The), 7.01%, 05/01/64 | &nbsp;&nbsp;&nbsp; $55 | $58797 |
| Bombardier Inc., 7.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16 | 16382 |
| General Dynamics Corp., 4.95%, 08/15/35 | &nbsp;&nbsp;&nbsp; 30 | 30099 |
| L3Harris Technologies Inc., 4.85%, 04/27/35 | &nbsp;&nbsp;&nbsp; 22 | 21276 |
| Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 | &nbsp;&nbsp;&nbsp; 109 | 85416 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/53 | &nbsp;&nbsp;&nbsp; 16 | 14124 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/54 | &nbsp;&nbsp;&nbsp; 107 | 98539 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/50 | &nbsp;&nbsp;&nbsp; 11 | 10178 |
| RTX Corp., 6.70%, 08/01/28 | &nbsp;&nbsp;&nbsp; 9 | 9605 |
| TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 | &nbsp;&nbsp;&nbsp; 23 | 22122 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25609 |
|  |  | 392147 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 | &nbsp;&nbsp;&nbsp; 191 | 137443 |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 | &nbsp;&nbsp;&nbsp; 16 | 11458 |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/09/42 | &nbsp;&nbsp;&nbsp; 45 | 35618 |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/06/35 | &nbsp;&nbsp;&nbsp; 95 | 96114 |
| &nbsp;&nbsp;&nbsp; 5.80%, 02/14/39 | &nbsp;&nbsp;&nbsp; 18 | 17841 |
| &nbsp;&nbsp;&nbsp; 6.20%, 02/14/59 | &nbsp;&nbsp;&nbsp; 28 | 27052 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/15/47 | &nbsp;&nbsp;&nbsp; 189 | 148733 |
| &nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 | &nbsp;&nbsp;&nbsp; 159 | 127306 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/16/52 | &nbsp;&nbsp;&nbsp; 157 | 141353 |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/15/55 | &nbsp;&nbsp;&nbsp; 20 | 19535 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/43 | &nbsp;&nbsp;&nbsp; 32 | 34318 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/53 | &nbsp;&nbsp;&nbsp; 232 | 252096 |
| Reynolds American Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 08/15/45 | &nbsp;&nbsp;&nbsp; 208 | 194865 |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/04/41 | &nbsp;&nbsp;&nbsp; 17 | 17720 |
|  |  | 1261452 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 23 | 22308 |
| AS Mileage Plan IP Ltd., 5.31%, 10/20/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5 | 4790 |
| &nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC/Mileage Plus <br> Intellectual Property Assets Ltd., 6.50%, <br> 06/20/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 31 | 31474 |
| United Airlines Inc., 4.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22 | 20665 |
|  |  | 79237 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Hanesbrands Inc., 9.00%, 02/15/31<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; 23 | 23828 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/26 | &nbsp;&nbsp;&nbsp; 200 | 200409 |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/07/35<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 12 | 11909 |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/04/34 | &nbsp;&nbsp;&nbsp; 28 | 27872 |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/07/34 | &nbsp;&nbsp;&nbsp; 22 | 22107 |
|  |  | 262297 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., 5.00%, <br> 10/01/29<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 26 | 22802 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios U.S. Finance Co., <br> 6.75%, 02/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 50 | 50865 |
| Dana Inc., 5.63%, 06/15/28 | &nbsp;&nbsp;&nbsp; 50 | 49582 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), 5.00%, <br> 07/15/29<br>| &nbsp;&nbsp;&nbsp; 12 | 11414 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 23883 |
|  |  | 158546 |
| **Banks — 6.2%** | **Banks — 6.2%** | **Banks — 6.2%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 07/23/31, (1-day SOFR + 1.530%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 269 | 233279 |
| &nbsp;&nbsp;&nbsp; 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 96 | 58552 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp; 2.97%, 02/04/33, (1-day SOFR + 1.330%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $303 | $266381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/23/30, <br> (3-mo. CME Term SOFR + 1.442%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 92 | 86795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/21/28, <br> (3-mo. CME Term SOFR + 1.632%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 24 | 23557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/24/28, <br> (3-mo. CME Term SOFR + 1.774%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 255 | 251337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 03/05/29, <br> (3-mo. CME Term SOFR + 1.332%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 40 | 39437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51, <br> (3-mo. CME Term SOFR + 3.412%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 26 | 20057 |
| &nbsp;&nbsp;&nbsp; 4.57%, 04/27/33, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 90 | 87196 |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/44 | &nbsp;&nbsp;&nbsp; 24 | 21831 |
| &nbsp;&nbsp;&nbsp; 5.16%, 01/24/31, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 434 | 442088 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 75 | 76609 |
| &nbsp;&nbsp;&nbsp; 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 90 | 93743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.65%, 03/11/32, <br> (1-day SOFR + 1.220%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 41 | 36370 |
| Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.52%, 11/03/32, (1-day SOFR + 1.177%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8 | 6895 |
| &nbsp;&nbsp;&nbsp; 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 105 | 94012 |
| &nbsp;&nbsp;&nbsp; 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11 | 9991 |
| &nbsp;&nbsp;&nbsp; 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 16 | 14056 |
| &nbsp;&nbsp;&nbsp; 3.07%, 02/24/28, (1-day SOFR + 1.280%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 131 | 127783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/28, <br> (3-mo. CME Term SOFR + 1.413%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 38 | 37065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/24/28, <br> (3-mo. CME Term SOFR + 1.652%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 43 | 42202 |
| &nbsp;&nbsp;&nbsp; 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 210 | 193026 |
| &nbsp;&nbsp;&nbsp; 4.79%, 03/04/29, (1-day SOFR + 0.870%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 112 | 112552 |
| &nbsp;&nbsp;&nbsp; 4.91%, 05/24/33, (1-day SOFR + 2.086%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 24 | 23583 |
| &nbsp;&nbsp;&nbsp; 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 148 | 150177 |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/11/35, (1-day SOFR + 1.447%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 204 | 204706 |
| &nbsp;&nbsp;&nbsp; 5.61%, 03/04/56, (1-day SOFR + 1.746%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 39 | 37267 |
| &nbsp;&nbsp;&nbsp; FNB Corp./PA, 5.72%, 12/11/30, <br> (1-day SOFR Index + 1.930%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 121 | 120728 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | 11003 |
| Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 1.54%, 09/10/27, (1-day SOFR + 0.818%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 54 | 51852 |
| &nbsp;&nbsp;&nbsp; 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 35 | 33713 |
| &nbsp;&nbsp;&nbsp; 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 351 | 299167 |
| &nbsp;&nbsp;&nbsp; 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10 | 9671 |
| &nbsp;&nbsp;&nbsp; 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 65 | 56405 |
| &nbsp;&nbsp;&nbsp; 4.69%, 10/23/30, (1-day SOFR + 1.135%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 60 | 59853 |
| &nbsp;&nbsp;&nbsp; 4.94%, 04/23/28, (1-day SOFR + 1.319%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 526 | 530793 |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/23/30, (1-day SOFR + 1.210%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25298 |
| &nbsp;&nbsp;&nbsp; 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 252 | 256649 |
| &nbsp;&nbsp;&nbsp; 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 387 | 384613 |
| &nbsp;&nbsp;&nbsp; 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25914 |
| &nbsp;&nbsp;&nbsp; 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 64 | 62331 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 1.95%, 02/04/32, (1-day SOFR + 1.065%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 364 | 312519 |
| &nbsp;&nbsp;&nbsp; 3.11%, 04/22/51, (1-day SOFR + 2.440%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 51 | 33686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/23/49, <br> (3-mo. CME Term SOFR + 1.482%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 15 | 11585 |
| &nbsp;&nbsp;&nbsp; 4.51%, 10/22/28, (1-day SOFR + 0.860%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1276 | 1279607 |
| &nbsp;&nbsp;&nbsp; 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 14 | 13681 |
| &nbsp;&nbsp;&nbsp; 4.60%, 10/22/30, (1-day SOFR + 1.040%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 184 | 183875 |
| &nbsp;&nbsp;&nbsp; 4.98%, 07/22/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 226 | 228635 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 632 | 641138 |
| &nbsp;&nbsp;&nbsp; 5.01%, 01/23/30, (1-day SOFR + 1.310%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 43 | 43717 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/22/31, (1-day SOFR + 1.435%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 284 | 289144 |
| &nbsp;&nbsp;&nbsp; 5.14%, 01/24/31, (1-day SOFR + 1.010%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 74 | 75571 |
| &nbsp;&nbsp;&nbsp; 5.57%, 04/22/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 148 | 151354 |
| &nbsp;&nbsp;&nbsp; 5.58%, 04/22/30, (1-day SOFR +1.160%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 255 | 264245 |
| KeyBank NA, 5.00%, 01/26/33 | &nbsp;&nbsp;&nbsp; 250 | 240745 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $94 | $79281 |
| &nbsp;&nbsp;&nbsp; 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 471 | 430217 |
| &nbsp;&nbsp;&nbsp; 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 114 | 100135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 01/24/29, <br> (3-mo. CME Term SOFR + 1.402%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 239 | 234682 |
| &nbsp;&nbsp;&nbsp; 5.19%, 04/17/31, (1-day SOFR + 1.510%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 146 | 148647 |
| &nbsp;&nbsp;&nbsp; 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 115 | 117253 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 68 | 68000 |
| &nbsp;&nbsp;&nbsp; 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 296 | 300270 |
| &nbsp;&nbsp;&nbsp; 5.66%, 04/18/30, (1-day SOFR + 1.260%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 378 | 390975 |
| &nbsp;&nbsp;&nbsp; 6.41%, 11/01/29, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 58 | 61400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ., 4.99%, 04/12/29, <br> (1-day SOFR + 1.380%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 291 | 294970 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, 4.95%, 01/14/28, <br> (1-day SOFR + 1.080%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 270 | 272182 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/02/33, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11 | 9877 |
| &nbsp;&nbsp;&nbsp; 4.61%, 04/25/53, (1-day SOFR + 2.130%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 59 | 48850 |
| &nbsp;&nbsp;&nbsp; 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 41 | 40280 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/23/30, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 79 | 80583 |
| &nbsp;&nbsp;&nbsp; 5.24%, 01/24/31, (1-day SOFR + 1.110%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 152 | 155152 |
| &nbsp;&nbsp;&nbsp; 5.71%, 04/22/28, (1-day SOFR +1.070%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 505 | 516204 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp NA, 6.82%, 11/19/35, <br> (1-day SOFR + 2.830%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 246568 |
|  |  | 12083565 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Amgen Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 | &nbsp;&nbsp;&nbsp; 20 | 15213 |
| &nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 | &nbsp;&nbsp;&nbsp; 39 | 32691 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/63 | &nbsp;&nbsp;&nbsp; 95 | 90344 |
|  |  | 138248 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Builders FirstSource Inc., 5.00%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | 16311 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer Inc., <br> 6.63%, 12/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 50 | 50705 |
| Quikrete Holdings Inc., 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 50282 |
| &nbsp;&nbsp;&nbsp; Standard Industries Inc./New York, 4.75%, <br> 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 12 | 11744 |
|  |  | 129042 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| Chemours Co. (The), 5.75%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 20834 |
| NOVA Chemicals Corp., 4.25%, 05/15/29<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; 25 | 23625 |
| Olin Corp., 5.00%, 02/01/30 | &nbsp;&nbsp;&nbsp; 27 | 25356 |
|  |  | 69815 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24 | 24513 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget <br> Finance Inc., 4.75%, 04/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 12 | 11164 |
| Brink's Co. (The), 4.63%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11 | 10828 |
| EquipmentShare.com Inc., 9.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 50890 |
| Global Payments Inc., 5.95%, 08/15/52 | &nbsp;&nbsp;&nbsp; 10 | 9152 |
|  |  | 106547 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 50862 |
| Gartner Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 335 | 314184 |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11 | 10125 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 197 | 194180 |
| NCR Voyix Corp., 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | 16477 |
|  |  | 585828 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; AT&T Reign II Multi-Property Lease-Backed <br> Pass-Through Trust, 6.09%, 12/15/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 125 | 125255 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp; Flourishing Trade & Investment Ltd., 11.04%, <br> 04/02/30<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; $200 | $202000 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings Inc., 5.13%, <br> 12/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 27 | 26967 |
| Navient Corp., 5.50%, 03/15/29 | &nbsp;&nbsp;&nbsp; 22 | 20828 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services Inc., 5.38%, <br> 10/15/25<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 15 | 14911 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc., 2.88%, 10/15/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 28 | 27022 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 | &nbsp;&nbsp;&nbsp; 253 | 214364 |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 | &nbsp;&nbsp;&nbsp; 71 | 69116 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/19/29 | &nbsp;&nbsp;&nbsp; 79 | 78114 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/06/31, (1-day SOFR + 1.680%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 312 | 311139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 08/02/30, <br> (1-day SOFR Index + 2.130%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 236 | 239014 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/02/33 | &nbsp;&nbsp;&nbsp; 343 | 349769 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, 5.50%, <br> 04/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 24207 |
|  |  | 1702706 |
| **Electric — 3.4%** | **Electric — 3.4%** | **Electric — 3.4%** |
| AEP Texas Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 05/15/51 | &nbsp;&nbsp;&nbsp; 54 | 35542 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/33 | &nbsp;&nbsp;&nbsp; 14 | 13996 |
| &nbsp;&nbsp;&nbsp; Series G, 4.15%, 05/01/49 | &nbsp;&nbsp;&nbsp; 22 | 16388 |
| &nbsp;&nbsp;&nbsp; Series H, 3.45%, 01/15/50 | &nbsp;&nbsp;&nbsp; 22 | 14745 |
| AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 09/15/49 | &nbsp;&nbsp;&nbsp; 38 | 25008 |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 | &nbsp;&nbsp;&nbsp; 21 | 15545 |
| &nbsp;&nbsp;&nbsp; Series M, 3.65%, 04/01/50 | &nbsp;&nbsp;&nbsp; 30 | 21741 |
| &nbsp;&nbsp;&nbsp; Series N, 2.75%, 08/15/51 | &nbsp;&nbsp;&nbsp; 21 | 12498 |
| Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/01/45 | &nbsp;&nbsp;&nbsp; 8 | 6149 |
| &nbsp;&nbsp;&nbsp; 3.85%, 12/01/42 | &nbsp;&nbsp;&nbsp; 9 | 7128 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/41 | &nbsp;&nbsp;&nbsp; 15 | 14651 |
| &nbsp;&nbsp;&nbsp; Appalachian Power Co., Series Y, 4.50%, <br> 03/01/49<br>| &nbsp;&nbsp;&nbsp; 15 | 11899 |
| Baltimore Gas & Electric Co., 3.75%, 08/15/47 | &nbsp;&nbsp;&nbsp; 17 | 12652 |
| Calpine Corp., 4.63%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 22238 |
| Consumers Energy Co., 5.05%, 05/15/35 | &nbsp;&nbsp;&nbsp; 35 | 35099 |
| Dominion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/35 | &nbsp;&nbsp;&nbsp; 104 | 103494 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/55, (5-year CMT + 2.207%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 79 | 77672 |
| &nbsp;&nbsp;&nbsp; Series A, 4.60%, 03/15/49 | &nbsp;&nbsp;&nbsp; 24 | 19181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.00%, 06/01/54, <br> (5-year CMT + 2.511%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 60 | 62295 |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 | &nbsp;&nbsp;&nbsp; 64 | 42512 |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 | &nbsp;&nbsp;&nbsp; 34 | 23574 |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 | &nbsp;&nbsp;&nbsp; 29 | 20279 |
| &nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 | &nbsp;&nbsp;&nbsp; 27 | 19859 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/53 | &nbsp;&nbsp;&nbsp; 49 | 46031 |
| &nbsp;&nbsp;&nbsp; 5.40%, 01/15/54 | &nbsp;&nbsp;&nbsp; 28 | 26685 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 08/15/47 | &nbsp;&nbsp;&nbsp; 26 | 19038 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 | &nbsp;&nbsp;&nbsp; 23 | 19663 |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/54 | &nbsp;&nbsp;&nbsp; 205 | 196451 |
| Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/15/51 | &nbsp;&nbsp;&nbsp; 100 | 62687 |
| &nbsp;&nbsp;&nbsp; 5.95%, 11/15/52 | &nbsp;&nbsp;&nbsp; 21 | 21246 |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/15/53 | &nbsp;&nbsp;&nbsp; 6 | 6295 |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/50 | &nbsp;&nbsp;&nbsp; 174 | 99421 |
| &nbsp;&nbsp;&nbsp; 2.90%, 08/15/51 | &nbsp;&nbsp;&nbsp; 20 | 12323 |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 | &nbsp;&nbsp;&nbsp; 26 | 18825 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 | &nbsp;&nbsp;&nbsp; 9 | 6787 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/35 | &nbsp;&nbsp;&nbsp; $55 | $54828 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/53 | &nbsp;&nbsp;&nbsp; 61 | 56913 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/15/28<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3 | 2897 |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/29<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 6 | 5959 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/30 | &nbsp;&nbsp;&nbsp; 42 | 42564 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, , (5-year CMT + 3.901%)<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp; 13 | 11500 |
| Entergy Mississippi LLC, 5.80%, 04/15/55 | &nbsp;&nbsp;&nbsp; 17 | 16630 |
| FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 | &nbsp;&nbsp;&nbsp; 12 | 10882 |
| &nbsp;&nbsp;&nbsp; Series B, 3.90%, 07/15/27 | &nbsp;&nbsp;&nbsp; 194 | 191758 |
| &nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 | &nbsp;&nbsp;&nbsp; 375 | 246873 |
| &nbsp;&nbsp;&nbsp; Series C, 4.85%, 07/15/47 | &nbsp;&nbsp;&nbsp; 34 | 28304 |
| FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/01/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 214 | 179045 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/35 | &nbsp;&nbsp;&nbsp; 184 | 181370 |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/15/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75 | 71539 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 12/04/51<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 64 | 40233 |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 | &nbsp;&nbsp;&nbsp; 43 | 28826 |
| &nbsp;&nbsp;&nbsp; 3.99%, 03/01/49 | &nbsp;&nbsp;&nbsp; 64 | 50022 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/15/65 | &nbsp;&nbsp;&nbsp; 61 | 61400 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 | &nbsp;&nbsp;&nbsp; 67 | 66566 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/17/33 | &nbsp;&nbsp;&nbsp; 91 | 90769 |
| &nbsp;&nbsp;&nbsp; Series A, 3.25%, 03/15/51 | &nbsp;&nbsp;&nbsp; 101 | 67015 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 04/15/50 | &nbsp;&nbsp;&nbsp; 41 | 27260 |
| &nbsp;&nbsp;&nbsp; 3.65%, 08/01/48 | &nbsp;&nbsp;&nbsp; 5 | 3713 |
| NRG Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24 | 21571 |
| &nbsp;&nbsp;&nbsp; 4.45%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 52 | 50636 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31 | 30675 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 119 | 118817 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 355 | 382486 |
| Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 | &nbsp;&nbsp;&nbsp; 21 | 15605 |
| &nbsp;&nbsp;&nbsp; Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp;&nbsp; 59 | 49519 |
| &nbsp;&nbsp;&nbsp; Series R, 2.90%, 10/01/51 | &nbsp;&nbsp;&nbsp; 54 | 32489 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/42 | &nbsp;&nbsp;&nbsp; 13 | 9290 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 | &nbsp;&nbsp;&nbsp; 33 | 27360 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 | &nbsp;&nbsp;&nbsp; 53 | 42693 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/52 | &nbsp;&nbsp;&nbsp; 52 | 43257 |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/01/35 | &nbsp;&nbsp;&nbsp; 49 | 48323 |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/15/34 | &nbsp;&nbsp;&nbsp; 190 | 189649 |
| &nbsp;&nbsp;&nbsp; 5.90%, 10/01/54 | &nbsp;&nbsp;&nbsp; 113 | 103418 |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/15/33 | &nbsp;&nbsp;&nbsp; 51 | 52010 |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/15/33 | &nbsp;&nbsp;&nbsp; 50 | 51699 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/53 | &nbsp;&nbsp;&nbsp; 336 | 338244 |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/34 | &nbsp;&nbsp;&nbsp; 94 | 100806 |
| PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 09/15/51 | &nbsp;&nbsp;&nbsp; 16 | 9812 |
| &nbsp;&nbsp;&nbsp; 3.05%, 03/15/51 | &nbsp;&nbsp;&nbsp; 68 | 43539 |
| &nbsp;&nbsp;&nbsp; 3.70%, 09/15/47 | &nbsp;&nbsp;&nbsp; 17 | 12675 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/52 | &nbsp;&nbsp;&nbsp; 9 | 7577 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/30 | &nbsp;&nbsp;&nbsp; 484 | 466325 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/15/55, (5-year CMT + 3.883%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 274 | 265996 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., Series RRR, <br> 3.75%, 06/01/47<br>| &nbsp;&nbsp;&nbsp; 15 | 10935 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 | &nbsp;&nbsp;&nbsp; 16 | 14010 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/30 | &nbsp;&nbsp;&nbsp; 191 | 192806 |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/31 | &nbsp;&nbsp;&nbsp; 18 | 18203 |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/01/36 | &nbsp;&nbsp;&nbsp; 50 | 49049 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp; 5.65%, 10/01/28 | &nbsp;&nbsp;&nbsp; $57 | $58570 |
| &nbsp;&nbsp;&nbsp; Series 06-E, 5.55%, 01/15/37 | &nbsp;&nbsp;&nbsp; 33 | 31813 |
| Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/36 | &nbsp;&nbsp;&nbsp; 79 | 71569 |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/35 | &nbsp;&nbsp;&nbsp; 13 | 12598 |
| &nbsp;&nbsp;&nbsp; 5.70%, 10/15/32 | &nbsp;&nbsp;&nbsp; 72 | 74820 |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/15/34 | &nbsp;&nbsp;&nbsp; 10 | 10339 |
| Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 12/15/50 | &nbsp;&nbsp;&nbsp; 77 | 42381 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/54 | &nbsp;&nbsp;&nbsp; 7 | 6690 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16 | 15861 |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 100431 |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/30/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 426 | 424001 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 146 | 147293 |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 92 | 98789 |
|  |  | 6601092 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Energizer Holdings Inc., 4.38%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 18 | 16794 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Sensata Technologies Inc., 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 23053 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services Inc., 10.38%, <br> 08/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 38 | 36097 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| Caesars Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11 | 10155 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7 | 7021 |
| Churchill Downs Inc., 6.75%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24 | 24239 |
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., 7.00%, <br> 05/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 50 | 50011 |
| Live Nation Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 23899 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/27<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; 12 | 11746 |
| Warnermedia Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 | &nbsp;&nbsp;&nbsp; 975 | 948819 |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 | &nbsp;&nbsp;&nbsp; 26 | 17775 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital <br> Corp., 5.13%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 16 | 15426 |
|  |  | 1109091 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| GFL Environmental Inc., 4.00%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 47628 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 21491 |
|  |  | 69119 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| &nbsp;&nbsp;&nbsp; Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC, 3.50%, <br> 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 50 | 46636 |
| Pilgrim's Pride Corp., 4.25%, 04/15/31 | &nbsp;&nbsp;&nbsp; 18 | 17017 |
| Post Holdings Inc., 4.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6 | 5656 |
|  |  | 69309 |
| **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.38%, 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 6 | 5963 |
| Piedmont Natural Gas Co. Inc., 2.50%, 03/15/31 | &nbsp;&nbsp;&nbsp; 24 | 21191 |
|  |  | 27154 |
| **Health Care - Products — 0.0%** | **Health Care - Products — 0.0%** | **Health Care - Products — 0.0%** |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19 | 19737 |
| Hologic Inc., 3.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12 | 11206 |
| Medline Borrower LP, 3.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27 | 25186 |
|  |  | 56129 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services — 0.5%** | **Health Care - Services — 0.5%** | **Health Care - Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International Inc., <br> 3.75%, 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $6 | $5493 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., 5.63%, <br> 03/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 22 | 21455 |
| Elevance Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/50 | &nbsp;&nbsp;&nbsp; 42 | 26949 |
| &nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 | &nbsp;&nbsp;&nbsp; 48 | 33549 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/53 | &nbsp;&nbsp;&nbsp; 27 | 23801 |
| Encompass Health Corp., 4.75%, 02/01/30 | &nbsp;&nbsp;&nbsp; 25 | 24292 |
| Fortrea Holdings Inc., 7.50%, 07/01/30<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; 24 | 20827 |
| HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/31 | &nbsp;&nbsp;&nbsp; 357 | 363834 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/35 | &nbsp;&nbsp;&nbsp; 140 | 141241 |
| &nbsp;&nbsp;&nbsp; 6.10%, 04/01/64 | &nbsp;&nbsp;&nbsp; 112 | 107001 |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/01/55 | &nbsp;&nbsp;&nbsp; 135 | 132270 |
| Molina Healthcare Inc., 4.38%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16 | 15379 |
| Tenet Healthcare Corp., 4.63%, 06/15/28 | &nbsp;&nbsp;&nbsp; 16 | 15582 |
| UnitedHealth Group Inc., 5.63%, 07/15/54 | &nbsp;&nbsp;&nbsp; 10 | 9616 |
|  |  | 941289 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| Blue Owl Capital Corp., 5.95%, 03/15/29 | &nbsp;&nbsp;&nbsp; 218 | 216360 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC, 4.88%, 02/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 12 | 10447 |
| DR Horton Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/34 | &nbsp;&nbsp;&nbsp; 86 | 83480 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/35 | &nbsp;&nbsp;&nbsp; 10 | 10010 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities Inc., 5.75%, <br> 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 15 | 15007 |
|  |  | 118944 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Newell Brands Inc., 6.63%, 09/15/29 | &nbsp;&nbsp;&nbsp; 25 | 23452 |
| Scotts Miracle-Gro Co. (The), 4.38%, 02/01/32 | &nbsp;&nbsp;&nbsp; 25 | 21781 |
|  |  | 45233 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer, 7.00%, 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 50 | 50745 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| Alphabet Inc., 5.30%, 05/15/65 | &nbsp;&nbsp;&nbsp; 45 | 44459 |
| Expedia Group Inc., 5.40%, 02/15/35 | &nbsp;&nbsp;&nbsp; 55 | 54141 |
| Match Group Holdings II LLC, 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26 | 25020 |
| Meta Platforms Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 | &nbsp;&nbsp;&nbsp; 130 | 108646 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/64 | &nbsp;&nbsp;&nbsp; 103 | 99080 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/63 | &nbsp;&nbsp;&nbsp; 46 | 45989 |
| VeriSign Inc., 5.25%, 06/01/32 | &nbsp;&nbsp;&nbsp; 35 | 35286 |
|  |  | 412621 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| Cleveland-Cliffs Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/32<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; 50 | 46974 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 22258 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16 | 15196 |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 21751 |
|  |  | 106179 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| NCL Corp. Ltd., 5.88%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24 | 23888 |
| Viking Cruises Ltd., 7.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24 | 24086 |
|  |  | 47974 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Boyd Gaming Corp., 4.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 21442 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co. Inc., 3.63%, <br> 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 22115 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations Borrower <br> Esc, 4.88%, 07/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $18 | $15664 |
| MGM Resorts International, 4.75%, 10/15/28 | &nbsp;&nbsp;&nbsp; 16 | 15428 |
| Station Casinos LLC, 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 24122 |
|  |  | 98771 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Caterpillar Inc., 3.25%, 09/19/49 | &nbsp;&nbsp;&nbsp; 42 | 29132 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| AMC Networks Inc., 4.25%, 02/15/29 | &nbsp;&nbsp;&nbsp; 27 | 19879 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35 | 31623 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 | &nbsp;&nbsp;&nbsp; 50 | 44424 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | 16586 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 | &nbsp;&nbsp;&nbsp; 134 | 82571 |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 | &nbsp;&nbsp;&nbsp; 154 | 91146 |
| &nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 | &nbsp;&nbsp;&nbsp; 55 | 34836 |
| &nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 | &nbsp;&nbsp;&nbsp; 28 | 16720 |
| &nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 | &nbsp;&nbsp;&nbsp; 143 | 92856 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 | &nbsp;&nbsp;&nbsp; 19 | 14153 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 | &nbsp;&nbsp;&nbsp; 36 | 29208 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 | &nbsp;&nbsp;&nbsp; 13 | 11098 |
| Comcast Corp., 2.99%, 11/01/63 | &nbsp;&nbsp;&nbsp; 126 | 70762 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor Inc., 5.88%, 08/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 30 | 28994 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC, 4.90%, <br> 03/11/26<br>| &nbsp;&nbsp;&nbsp; 13 | 12990 |
| Gray Television Inc., 10.50%, 07/15/29<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25662 |
| Nexstar Media Inc., 4.75%, 11/01/28<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; 26 | 24483 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 01/15/27 | &nbsp;&nbsp;&nbsp; 64 | 62174 |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/28 | &nbsp;&nbsp;&nbsp; 141 | 136385 |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/04/26 | &nbsp;&nbsp;&nbsp; 66 | 64515 |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/45 | &nbsp;&nbsp;&nbsp; 5 | 3628 |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/15/44 | &nbsp;&nbsp;&nbsp; 5 | 3764 |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 | &nbsp;&nbsp;&nbsp; 63 | 53405 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/30/62, (5-year CMT + 3.999%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8 | 7695 |
| Sirius XM Radio Inc., 4.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26 | 24459 |
| TEGNA Inc., 4.63%, 03/15/28 | &nbsp;&nbsp;&nbsp; 26 | 24842 |
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., 7.38%, <br> 06/30/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 22771 |
|  |  | 1051629 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| Anglo American Capital PLC, 5.50%, 05/02/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 230 | 229641 |
| &nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty. Ltd., 4.50%, <br> 09/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 16 | 15608 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 04/27/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 180 | 160054 |
| &nbsp;&nbsp;&nbsp; 5.19%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 212 | 214649 |
|  |  | 619952 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Xerox Holdings Corp., 5.50%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 16015 |
| **Oil & Gas — 3.7%** | **Oil & Gas — 3.7%** | **Oil & Gas — 3.7%** |
| Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 347 | 335775 |
| &nbsp;&nbsp;&nbsp; 7.63%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 20435 |
| APA Corp., 5.25%, 02/01/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8 | 6366 |
| Chevron Corp., 3.08%, 05/11/50 | &nbsp;&nbsp;&nbsp; 15 | 9851 |
| Civitas Resources Inc., 8.38%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22 | 21614 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 72 | 71959 |
| Comstock Resources Inc. 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 40 | 38032 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $50 | $44251 |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 23245 |
| Devon Energy Corp., 5.25%, 10/15/27 | &nbsp;&nbsp;&nbsp; 378 | 379592 |
| Diamondback Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 | &nbsp;&nbsp;&nbsp; 387 | 349854 |
| &nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 | &nbsp;&nbsp;&nbsp; 379 | 372512 |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 | &nbsp;&nbsp;&nbsp; 271 | 257330 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 | &nbsp;&nbsp;&nbsp; 136 | 99618 |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/24/51 | &nbsp;&nbsp;&nbsp; 36 | 26773 |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/30/30 | &nbsp;&nbsp;&nbsp; 76 | 77123 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/18/27 | &nbsp;&nbsp;&nbsp; 84 | 85181 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/18/54 | &nbsp;&nbsp;&nbsp; 3 | 2681 |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/18/64 | &nbsp;&nbsp;&nbsp; 154 | 136553 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 | &nbsp;&nbsp;&nbsp; 44 | 45938 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31 | 30399 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 446 | 408436 |
| &nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 | &nbsp;&nbsp;&nbsp; 147 | 144202 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 195 | 189149 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 390 | 376644 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 | &nbsp;&nbsp;&nbsp; 184 | 184057 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 278 | 285737 |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/28 | &nbsp;&nbsp;&nbsp; 75 | 77003 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/34 | &nbsp;&nbsp;&nbsp; 307 | 306920 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 170 | 173949 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 80 | 81342 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 | &nbsp;&nbsp;&nbsp; 557 | 594015 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 77 | 78174 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 96 | 103226 |
| Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 | &nbsp;&nbsp;&nbsp; 299 | 280529 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 | &nbsp;&nbsp;&nbsp; 172 | 171222 |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 | &nbsp;&nbsp;&nbsp; 105 | 104240 |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/15/35 | &nbsp;&nbsp;&nbsp; 409 | 403483 |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38 | 37856 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 143 | 144039 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, <br> 02/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 16 | 14361 |
| Matador Resources Co., 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 48161 |
| Northern Oil & Gas Inc., 8.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 24018 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, 8.00%, <br> 04/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 20 | 20351 |
| Petroleos Mexicanos, 7.50%, 03/20/26 | &nbsp;&nbsp;&nbsp; 200 | 196000 |
| SM Energy Co., 6.63%, 01/15/27 | &nbsp;&nbsp;&nbsp; 15 | 14738 |
| Viper Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 288 | 286491 |
| &nbsp;&nbsp;&nbsp; 7.38%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 39 | 40487 |
| Vital Energy Inc., 9.75%, 10/15/30 | &nbsp;&nbsp;&nbsp; 25 | 21179 |
|  |  | 7245091 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners Finance <br> Corp., 6.25%, 04/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 11 | 10981 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Ball Corp., 2.88%, 08/15/30 | &nbsp;&nbsp;&nbsp; 6 | 5312 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., 7.88%, <br> 04/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 25066 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container Inc., 7.25%, <br> 05/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 24 | 23833 |
|  |  | 54211 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 | &nbsp;&nbsp;&nbsp; 45 | 39024 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/44 | &nbsp;&nbsp;&nbsp; 26 | 25183 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 05/28/50 | &nbsp;&nbsp;&nbsp; $64 | $38866 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/36 | &nbsp;&nbsp;&nbsp; 11 | 9951 |
|  |  | 113024 |
| **Pipelines — 1.9%** | **Pipelines — 1.9%** | **Pipelines — 1.9%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 5.38%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 6 | 5855 |
| Cameron LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104 | 87344 |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 134 | 111986 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.74%, 12/31/39 | &nbsp;&nbsp;&nbsp; 175 | 138198 |
| &nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 | &nbsp;&nbsp;&nbsp; 156 | 149096 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 | &nbsp;&nbsp;&nbsp; 68 | 68756 |
| Cheniere Energy Inc., 5.65%, 04/15/34 | &nbsp;&nbsp;&nbsp; 388 | 386434 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 | &nbsp;&nbsp;&nbsp; 120 | 105354 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 | &nbsp;&nbsp;&nbsp; 183 | 171056 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/34 | &nbsp;&nbsp;&nbsp; 136 | 136379 |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/30/33 | &nbsp;&nbsp;&nbsp; 198 | 202116 |
| DT Midstream Inc., 4.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | 15955 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/28 | &nbsp;&nbsp;&nbsp; 103 | 103933 |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/15/54 | &nbsp;&nbsp;&nbsp; 116 | 105457 |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/54 | &nbsp;&nbsp;&nbsp; 62 | 56631 |
| &nbsp;&nbsp;&nbsp; 6.20%, 04/01/55 | &nbsp;&nbsp;&nbsp; 10 | 9382 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 137 | 143388 |
| EnLink Midstream LLC, 6.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | 17961 |
| EQM Midstream Partners LP, 6.50%, 07/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110 | 111846 |
| &nbsp;&nbsp;&nbsp; Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 25450 |
| Kinder Morgan Inc., 5.85%, 06/01/35 | &nbsp;&nbsp;&nbsp; 20 | 20250 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy Finance <br> Corp., 8.38%, 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 23 | 20970 |
| NuStar Logistics LP, 6.38%, 10/01/30 | &nbsp;&nbsp;&nbsp; 50 | 50765 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, 4.95%, <br> 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 6 | 5736 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 | &nbsp;&nbsp;&nbsp; 315 | 310668 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 | &nbsp;&nbsp;&nbsp; 296 | 298069 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 | &nbsp;&nbsp;&nbsp; 69 | 69599 |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/15/37 | &nbsp;&nbsp;&nbsp; 88 | 89304 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16 | 15794 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 24909 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 | &nbsp;&nbsp;&nbsp; 88 | 80362 |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 | &nbsp;&nbsp;&nbsp; 90 | 72476 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/35 | &nbsp;&nbsp;&nbsp; 86 | 83999 |
| &nbsp;&nbsp;&nbsp; 6.15%, 03/01/29 | &nbsp;&nbsp;&nbsp; 29 | 30232 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/32 | &nbsp;&nbsp;&nbsp; 242 | 221667 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 | &nbsp;&nbsp;&nbsp; 91 | 88503 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, 3.88%, <br> 08/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 17 | 15569 |
| Venture Global LNG Inc., 8.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 22841 |
|  |  | 3674290 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| Howard Hughes Corp. (The), 5.38%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 24087 |
| **Real Estate Investment Trusts — 1.9%** | **Real Estate Investment Trusts — 1.9%** | **Real Estate Investment Trusts — 1.9%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 | &nbsp;&nbsp;&nbsp; 88 | 77522 |
| &nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 | &nbsp;&nbsp;&nbsp; 12 | 10670 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 | &nbsp;&nbsp;&nbsp; $112 | $103730 |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/34 | &nbsp;&nbsp;&nbsp; 192 | 195033 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/33 | &nbsp;&nbsp;&nbsp; 54 | 55792 |
| Crown Castle Inc., 4.90%, 09/01/29 | &nbsp;&nbsp;&nbsp; 211 | 211510 |
| Equinix Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 | &nbsp;&nbsp;&nbsp; 291 | 254800 |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/15/51 | &nbsp;&nbsp;&nbsp; 57 | 34168 |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/15/52 | &nbsp;&nbsp;&nbsp; 19 | 12438 |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 | &nbsp;&nbsp;&nbsp; 93 | 87047 |
| Extra Space Storage LP, 5.90%, 01/15/31 | &nbsp;&nbsp;&nbsp; 208 | 217158 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 | &nbsp;&nbsp;&nbsp; 297 | 255904 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/30 | &nbsp;&nbsp;&nbsp; 80 | 75410 |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 | &nbsp;&nbsp;&nbsp; 167 | 166837 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/28 | &nbsp;&nbsp;&nbsp; 134 | 136117 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/54 | &nbsp;&nbsp;&nbsp; 159 | 149948 |
| Iron Mountain Inc., 4.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | 15749 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/26 | &nbsp;&nbsp;&nbsp; 16 | 15491 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 | &nbsp;&nbsp;&nbsp; 17 | 16195 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/29 | &nbsp;&nbsp;&nbsp; 25 | 24448 |
| Starwood Property Trust Inc., 7.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25926 |
| Store Capital LLC, 5.40%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 95 | 94753 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/28 | &nbsp;&nbsp;&nbsp; 25 | 24999 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 | &nbsp;&nbsp;&nbsp; 119 | 118160 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/15/31 | &nbsp;&nbsp;&nbsp; 218 | 215662 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 | &nbsp;&nbsp;&nbsp; 153 | 149735 |
| VICI Properties LP/VICI Note Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 53 | 50753 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 173 | 163198 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 248 | 245420 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 402 | 390445 |
|  |  | 3595018 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| 1011778 BC ULC/New Red Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 23369 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 45502 |
| Bath & Body Works Inc., 6.63%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | 17299 |
| &nbsp;&nbsp;&nbsp; Ferrellgas LP/Ferrellgas Finance Corp., 5.88%, <br> 04/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 24 | 20843 |
| FirstCash Inc., 5.63%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | 16715 |
| Home Depot Inc. (The), 2.75%, 09/15/51 | &nbsp;&nbsp;&nbsp; 38 | 23020 |
| Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/44 | &nbsp;&nbsp;&nbsp; 20 | 15588 |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/15/45 | &nbsp;&nbsp;&nbsp; 41 | 33021 |
| Macy's Retail Holdings LLC, 5.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6 | 5690 |
| Nordstrom Inc., 4.25%, 08/01/31 | &nbsp;&nbsp;&nbsp; 25 | 21270 |
| Yum! Brands Inc., 4.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29 | 28146 |
|  |  | 250463 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78 | 65774 |
| &nbsp;&nbsp;&nbsp; 3.19%, 11/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12 | 9793 |
| &nbsp;&nbsp;&nbsp; 3.42%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 282 | 251489 |
| &nbsp;&nbsp;&nbsp; 3.47%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 153 | 134423 |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 | &nbsp;&nbsp;&nbsp; 37 | 36062 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/15/34 | &nbsp;&nbsp;&nbsp; 316 | 307618 |
| &nbsp;&nbsp;&nbsp; 4.93%, 05/15/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | 16282 |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/31 | &nbsp;&nbsp;&nbsp; 52 | 53007 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/32 | &nbsp;&nbsp;&nbsp; 130 | 132088 |
| &nbsp;&nbsp;&nbsp; Series ., 4.55%, 02/15/32 | &nbsp;&nbsp;&nbsp; 10 | 9801 |
| Entegris Inc., 4.38%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12 | 11597 |
| Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/25/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 225 | 229474 |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/25/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 207767 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/11/31 | &nbsp;&nbsp;&nbsp; $30 | $25827 |
| &nbsp;&nbsp;&nbsp; 2.65%, 02/15/32 | &nbsp;&nbsp;&nbsp; 59 | 49639 |
| Texas Instruments Inc., 4.10%, 08/16/52 | &nbsp;&nbsp;&nbsp; 44 | 34296 |
|  |  | 1574937 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| AppLovin Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/29 | &nbsp;&nbsp;&nbsp; 159 | 160306 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/31 | &nbsp;&nbsp;&nbsp; 346 | 349166 |
| &nbsp;&nbsp;&nbsp; 5.95%, 12/01/54 | &nbsp;&nbsp;&nbsp; 239 | 228230 |
| &nbsp;&nbsp;&nbsp; Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 21439 |
| Cloud Software Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 59 | 59021 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 26078 |
| Open Text Corp., 3.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 23896 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 | &nbsp;&nbsp;&nbsp; 70 | 46842 |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/55 | &nbsp;&nbsp;&nbsp; 28 | 21251 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/03/55 | &nbsp;&nbsp;&nbsp; 254 | 247068 |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/03/65 | &nbsp;&nbsp;&nbsp; 576 | 561903 |
| &nbsp;&nbsp;&nbsp; 6.90%, 11/09/52 | &nbsp;&nbsp;&nbsp; 53 | 57016 |
|  |  | 1802216 |
| **Telecommunications — 0.9%** | **Telecommunications — 0.9%** | **Telecommunications — 0.9%** |
| AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 | &nbsp;&nbsp;&nbsp; 106 | 70949 |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 | &nbsp;&nbsp;&nbsp; 491 | 324762 |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 | &nbsp;&nbsp;&nbsp; 45 | 30976 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/47 | &nbsp;&nbsp;&nbsp; 36 | 33369 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81 | 80164 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23 | 22974 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 | &nbsp;&nbsp;&nbsp; 52 | 52026 |
| Juniper Networks Inc., 5.95%, 03/15/41 | &nbsp;&nbsp;&nbsp; 5 | 4928 |
| Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | 22145 |
| &nbsp;&nbsp;&nbsp; 11.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 27937 |
| T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 | &nbsp;&nbsp;&nbsp; 52 | 45191 |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 | &nbsp;&nbsp;&nbsp; 44 | 28782 |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 | &nbsp;&nbsp;&nbsp; 384 | 370524 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 | &nbsp;&nbsp;&nbsp; 63 | 63697 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/33 | &nbsp;&nbsp;&nbsp; 27 | 27151 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 | &nbsp;&nbsp;&nbsp; 176 | 169626 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/15/55 | &nbsp;&nbsp;&nbsp; 10 | 9854 |
| Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 | &nbsp;&nbsp;&nbsp; 156 | 133530 |
| &nbsp;&nbsp;&nbsp; 1.68%, 10/30/30 | &nbsp;&nbsp;&nbsp; 17 | 14593 |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 | &nbsp;&nbsp;&nbsp; 87 | 74260 |
| &nbsp;&nbsp;&nbsp; 4.40%, 11/01/34 | &nbsp;&nbsp;&nbsp; 150 | 141522 |
|  |  | 1748960 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.97%, 09/16/62 | &nbsp;&nbsp;&nbsp; 59 | 33726 |
| &nbsp;&nbsp;&nbsp; 3.55%, 05/20/61 | &nbsp;&nbsp;&nbsp; 10 | 6610 |
| &nbsp;&nbsp;&nbsp; 3.80%, 04/06/71 | &nbsp;&nbsp;&nbsp; 21 | 14205 |
| &nbsp;&nbsp;&nbsp; 3.85%, 02/14/72 | &nbsp;&nbsp;&nbsp; 22 | 15074 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/65 | &nbsp;&nbsp;&nbsp; 10 | 7556 |
|  |  | 77171 |
| **Total Corporate Bonds & Notes — 25.1%** <br>**(Cost: $49,101,635)** | **Total Corporate Bonds & Notes — 25.1%** <br>**(Cost: $49,101,635)** | 48975860 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Belgium Government Bond, 3.30%, <br> 06/22/54<sup>(a)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR401 | $415754 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Brazil Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp; 10.00%, 01/01/35 | &nbsp;&nbsp;&nbsp; BRL1,698 | 238931 |
| &nbsp;&nbsp;&nbsp; Series F, 10.00%, 01/01/29 | &nbsp;&nbsp;&nbsp; BRL2,000 | 318144 |
|  |  | 557075 |
| **Free of Tax — 0.1%** | **Free of Tax — 0.1%** | **Free of Tax — 0.1%** |
| European Union, 2.50%, 10/04/52<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; EUR197 | 177087 |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| &nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland Bundesanleihe, <br> 2.50%, 08/15/54<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR305 | 319480 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| &nbsp;&nbsp;&nbsp; Indonesia Government International Bond, 2.85%, <br> 02/14/30<br>| &nbsp;&nbsp;&nbsp; USD400 | 369200 |
| **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** |
| &nbsp;&nbsp;&nbsp; Japan Government Thirty Year Bond, 2.30%, <br> 12/20/54<br>| &nbsp;&nbsp;&nbsp; JPY77,050 | 500706 |
| &nbsp;&nbsp;&nbsp; Japan Government Thirty Year Bonds, 2.40%, <br> 03/20/55<br>| &nbsp;&nbsp;&nbsp; JPY25,350 | 168371 |
|  |  | 669077 |
| **Mexico — 0.8%** | **Mexico — 0.8%** | **Mexico — 0.8%** |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.66%, 05/24/31 | &nbsp;&nbsp;&nbsp; USD820 | 695975 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/12/34 | &nbsp;&nbsp;&nbsp; USD200 | 163876 |
| &nbsp;&nbsp;&nbsp; 6.35%, 02/09/35 | &nbsp;&nbsp;&nbsp; USD463 | 459527 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/13/37 | &nbsp;&nbsp;&nbsp; USD240 | 243120 |
|  |  | 1562498 |
| **Panama — 0.2%** | **Panama — 0.2%** | **Panama — 0.2%** |
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, 3.88%, <br> 03/17/28<br>| &nbsp;&nbsp;&nbsp; USD400 | 382200 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |
| &nbsp;&nbsp;&nbsp; Peru Government International Bond, 3.55%, <br> 03/10/51<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD146 | 98732 |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| &nbsp;&nbsp;&nbsp; Philippines Government International Bond, <br> 3.00%, 02/01/28<br>| &nbsp;&nbsp;&nbsp; USD600 | 578250 |
| **Supranational — 0.7%** | **Supranational — 0.7%** | **Supranational — 0.7%** |
| European Union, 3.00%, 03/04/53<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; EUR1,286 | 1279199 |
| **United Kingdom — 0.3%** | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** |
| United Kingdom Gilt, 4.38%, 07/31/54<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; GBP425 | 495081 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Uruguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/27/27 | &nbsp;&nbsp;&nbsp; USD186 | 186272 |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/18/50 | &nbsp;&nbsp;&nbsp; USD79 | 72013 |
|  |  | 258285 |
| **Total Foreign Government Obligations — 3.7%** <br>**(Cost: $7,126,176)** | **Total Foreign Government Obligations — 3.7%** <br>**(Cost: $7,126,176)** | 7161918 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority RB BAB, Series S-1, <br> 7.04%, 04/01/50<br>| &nbsp;&nbsp;&nbsp; $70 | 80642 |
| State of California GO, 4.60%, 04/01/38 | &nbsp;&nbsp;&nbsp; 140 | 142339 |
| State of California GO BAB, 7.55%, 04/01/39 | &nbsp;&nbsp;&nbsp; 35 | 42253 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; University of California RB, Series AD, 4.86%, <br> 12/31/99<br>| &nbsp;&nbsp;&nbsp; $23 | $19050 |
|  |  | 284284 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia RB BAB, <br> Project J, Series 2010-A, 6.64%, 04/01/57<br>| &nbsp;&nbsp;&nbsp; 50 | 54363 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| State of Illinois GO, 5.10%, 06/01/33 | &nbsp;&nbsp;&nbsp; 188 | 188155 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental <br> Facilities & Community Development Authority <br> RB, 4.15%, 02/01/33<br>| &nbsp;&nbsp;&nbsp; 80 | 79226 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** | **New Jersey — 0.0%** |
| &nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority RB BAB, <br> Series F, 7.41%, 01/01/40<br>| &nbsp;&nbsp;&nbsp; 63 | 75820 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority <br> RB, 5.88%, 06/15/44<br>| &nbsp;&nbsp;&nbsp; 20 | 20432 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority <br> RB BAB, 6.01%, 06/15/42<br>| &nbsp;&nbsp;&nbsp; 10 | 10397 |
| Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 168, 4.93%, 10/01/51 | &nbsp;&nbsp;&nbsp; 30 | 27742 |
| &nbsp;&nbsp;&nbsp; Series 181, 4.96%, 08/01/46 | &nbsp;&nbsp;&nbsp; 50 | 46970 |
|  |  | 105541 |
| **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power Inc. RB, Series B, <br> 8.08%, 02/15/50<br>| &nbsp;&nbsp;&nbsp; 45 | 56458 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue RB BAB, 5.81%, 02/01/41<br>| &nbsp;&nbsp;&nbsp; 20 | 20329 |
| State of Texas GO BAB, 5.52%, 04/01/39 | &nbsp;&nbsp;&nbsp; 70 | 71676 |
|  |  | 92005 |
| **Total Municipal Debt Obligations — 0.5%** <br>**(Cost: $940,501)** | **Total Municipal Debt Obligations — 0.5%** <br>**(Cost: $940,501)** | 935852 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 52.5%** | **Mortgage-Backed Securities — 52.5%** | **Mortgage-Backed Securities — 52.5%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., 4.50%, <br> 07/01/47<br>| &nbsp;&nbsp;&nbsp; 139 | 135336 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, 5.81%, <br> 06/01/31<br>| &nbsp;&nbsp;&nbsp; 20 | 21097 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/20/51 | &nbsp;&nbsp;&nbsp; 269 | 219489 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/54<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1889 | 1540698 |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/20/51 | &nbsp;&nbsp;&nbsp; 189 | 161412 |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/20/52 | &nbsp;&nbsp;&nbsp; 230 | 196158 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/20/52 | &nbsp;&nbsp;&nbsp; 129 | 109772 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/20/55<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1628 | 1387232 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/20/50 | &nbsp;&nbsp;&nbsp; 62 | 54702 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/20/51 | &nbsp;&nbsp;&nbsp; 142 | 126175 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/20/55<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1369 | 1211842 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/20/44 | &nbsp;&nbsp;&nbsp; 118 | 109888 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/20/47 | &nbsp;&nbsp;&nbsp; 37 | 34113 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/20/52<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1016 | 922858 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/20/52 | &nbsp;&nbsp;&nbsp; 347 | 315790 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/20/52 | &nbsp;&nbsp;&nbsp; 267 | 242794 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/20/52 | &nbsp;&nbsp;&nbsp; 403 | 367266 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/20/43 | &nbsp;&nbsp;&nbsp; 27 | 25819 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/20/48 | &nbsp;&nbsp;&nbsp; 74 | 69778 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/20/52 | &nbsp;&nbsp;&nbsp; 136 | 126514 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/20/55<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 599 | 557456 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/20/41 | &nbsp;&nbsp;&nbsp; $26 | $25546 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/20/48 | &nbsp;&nbsp;&nbsp; 59 | 57675 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/20/55<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 834 | 798228 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/54<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1120 | 1098550 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/54<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1237 | 1236338 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/15/54<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 825 | 834378 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/54<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 431 | 440578 |
| Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 05/15/39<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 630 | 555941 |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/01/51 | &nbsp;&nbsp;&nbsp; 65 | 49149 |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/01/51 | &nbsp;&nbsp;&nbsp; 56 | 42042 |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/01/51 | &nbsp;&nbsp;&nbsp; 37 | 27718 |
| &nbsp;&nbsp;&nbsp; 1.50%, 05/01/51 | &nbsp;&nbsp;&nbsp; 23 | 17532 |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/01/51 | &nbsp;&nbsp;&nbsp; 39 | 29200 |
| &nbsp;&nbsp;&nbsp; 1.50%, 04/01/52 | &nbsp;&nbsp;&nbsp; 411 | 310100 |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/01/35 | &nbsp;&nbsp;&nbsp; 174 | 159039 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/01/36 | &nbsp;&nbsp;&nbsp; 128 | 117074 |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/01/36 | &nbsp;&nbsp;&nbsp; 206 | 189188 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/37 | &nbsp;&nbsp;&nbsp; 134 | 122703 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/39<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1481 | 1345085 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/41 | &nbsp;&nbsp;&nbsp; 62 | 52976 |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/01/42 | &nbsp;&nbsp;&nbsp; 153 | 131091 |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/01/42 | &nbsp;&nbsp;&nbsp; 153 | 130631 |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/01/50 | &nbsp;&nbsp;&nbsp; 711 | 570430 |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/01/50 | &nbsp;&nbsp;&nbsp; 482 | 387027 |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/01/51 | &nbsp;&nbsp;&nbsp; 805 | 644448 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/01/51 | &nbsp;&nbsp;&nbsp; 842 | 672161 |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/51 | &nbsp;&nbsp;&nbsp; 662 | 526205 |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/01/52 | &nbsp;&nbsp;&nbsp; 320 | 254394 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/52 | &nbsp;&nbsp;&nbsp; 1695 | 1345905 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/01/52 | &nbsp;&nbsp;&nbsp; 539 | 434295 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/13/55<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 3815 | 3025140 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/35 | &nbsp;&nbsp;&nbsp; 82 | 78845 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/01/35 | &nbsp;&nbsp;&nbsp; 65 | 60928 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/36 | &nbsp;&nbsp;&nbsp; 34 | 32144 |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/01/36 | &nbsp;&nbsp;&nbsp; 34 | 31628 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/39<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 461 | 428268 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/01/51 | &nbsp;&nbsp;&nbsp; 70 | 58959 |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/01/51 | &nbsp;&nbsp;&nbsp; 46 | 38566 |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/01/51 | &nbsp;&nbsp;&nbsp; 826 | 696939 |
| &nbsp;&nbsp;&nbsp; 2.50%, 12/01/51 | &nbsp;&nbsp;&nbsp; 98 | 82317 |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/01/52 | &nbsp;&nbsp;&nbsp; 833 | 700827 |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/52 | &nbsp;&nbsp;&nbsp; 1463 | 1224052 |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/01/52 | &nbsp;&nbsp;&nbsp; 500 | 416643 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/01/52 | &nbsp;&nbsp;&nbsp; 1492 | 1248526 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/01/52 | &nbsp;&nbsp;&nbsp; 146 | 121483 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/54<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 2346 | 1949927 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/29 | &nbsp;&nbsp;&nbsp; 21 | 20907 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/34 | &nbsp;&nbsp;&nbsp; 23 | 22740 |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/25/37<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 280 | 265814 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/37 | &nbsp;&nbsp;&nbsp; 29 | 27825 |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/37 | &nbsp;&nbsp;&nbsp; 29 | 27586 |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/46 | &nbsp;&nbsp;&nbsp; 268 | 239460 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/50 | &nbsp;&nbsp;&nbsp; 229 | 200416 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/50 | &nbsp;&nbsp;&nbsp; 209 | 185453 |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/50 | &nbsp;&nbsp;&nbsp; 337 | 298794 |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/51 | &nbsp;&nbsp;&nbsp; 285 | 251444 |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/52 | &nbsp;&nbsp;&nbsp; 283 | 248165 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/25/52<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1251 | 1085495 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/52 | &nbsp;&nbsp;&nbsp; 910 | 793342 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/34 | &nbsp;&nbsp;&nbsp; 21 | 20595 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/37 | &nbsp;&nbsp;&nbsp; 12 | 11603 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/37 | &nbsp;&nbsp;&nbsp; 6 | 5430 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/15/39<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 94 | 90555 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/45 | &nbsp;&nbsp;&nbsp; 114 | 105822 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/47 | &nbsp;&nbsp;&nbsp; 41 | 38506 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/01/47 | &nbsp;&nbsp;&nbsp; $10 | $9025 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/47 | &nbsp;&nbsp;&nbsp; 65 | 59225 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/50 | &nbsp;&nbsp;&nbsp; 223 | 204665 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/50 | &nbsp;&nbsp;&nbsp; 502 | 456369 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/51 | &nbsp;&nbsp;&nbsp; 35 | 32593 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/25/52<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 3502 | 3160162 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/01/52 | &nbsp;&nbsp;&nbsp; 43 | 38899 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/39<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 83 | 81061 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/47 | &nbsp;&nbsp;&nbsp; 172 | 161614 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/48 | &nbsp;&nbsp;&nbsp; 94 | 89002 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/50 | &nbsp;&nbsp;&nbsp; 500 | 472440 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/50 | &nbsp;&nbsp;&nbsp; 81 | 76743 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/25/52<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1464 | 1364220 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/53 | &nbsp;&nbsp;&nbsp; 13 | 12340 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/39<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 283 | 280887 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/48 | &nbsp;&nbsp;&nbsp; 117 | 113624 |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/48 | &nbsp;&nbsp;&nbsp; 150 | 145768 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/49 | &nbsp;&nbsp;&nbsp; 58 | 56839 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/50 | &nbsp;&nbsp;&nbsp; 117 | 113649 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/52 | &nbsp;&nbsp;&nbsp; 359 | 343998 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/53 | &nbsp;&nbsp;&nbsp; 36 | 34451 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/13/55<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 7528 | 7198652 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/47 | &nbsp;&nbsp;&nbsp; 41 | 41632 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/50 | &nbsp;&nbsp;&nbsp; 62 | 61480 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/53 | &nbsp;&nbsp;&nbsp; 136 | 133174 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/53 | &nbsp;&nbsp;&nbsp; 535 | 524467 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/53 | &nbsp;&nbsp;&nbsp; 230 | 226295 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/53 | &nbsp;&nbsp;&nbsp; 90 | 88038 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/53 | &nbsp;&nbsp;&nbsp; 316 | 309964 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/54 | &nbsp;&nbsp;&nbsp; 102 | 100223 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/54<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 2365 | 2314900 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/53 | &nbsp;&nbsp;&nbsp; 282 | 281380 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/53 | &nbsp;&nbsp;&nbsp; 371 | 373237 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/53 | &nbsp;&nbsp;&nbsp; 217 | 217067 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/53 | &nbsp;&nbsp;&nbsp; 433 | 432446 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/53 | &nbsp;&nbsp;&nbsp; 68 | 68420 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/54 | &nbsp;&nbsp;&nbsp; 490 | 489458 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/55<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 14958 | 14925809 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/52 | &nbsp;&nbsp;&nbsp; 88 | 90321 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/52 | &nbsp;&nbsp;&nbsp; 61 | 62106 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/53 | &nbsp;&nbsp;&nbsp; 126 | 128526 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/53 | &nbsp;&nbsp;&nbsp; 14 | 13802 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/53 | &nbsp;&nbsp;&nbsp; 90 | 91327 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/53 | &nbsp;&nbsp;&nbsp; 90 | 91244 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/53 | &nbsp;&nbsp;&nbsp; 126 | 129122 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/53 | &nbsp;&nbsp;&nbsp; 329 | 336456 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/54 | &nbsp;&nbsp;&nbsp; 32 | 32404 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/54 | &nbsp;&nbsp;&nbsp; 60 | 60794 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/54<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 3599 | 3648476 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/54 | &nbsp;&nbsp;&nbsp; 117 | 119635 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/54 | &nbsp;&nbsp;&nbsp; 279 | 285619 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/15/55<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 20181 | 20471832 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/53 | &nbsp;&nbsp;&nbsp; 141 | 146896 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/54 | &nbsp;&nbsp;&nbsp; 81 | 83387 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/54 | &nbsp;&nbsp;&nbsp; 108 | 111546 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/54<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 5881 | 6050791 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/54 | &nbsp;&nbsp;&nbsp; 179 | 184130 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/54 | &nbsp;&nbsp;&nbsp; 13 | 13039 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/54 | &nbsp;&nbsp;&nbsp; 344 | 355415 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/55<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 142 | 146227 |
|  |  | 102424271 |
| **U.S. Government Obligations — 28.1%** | **U.S. Government Obligations — 28.1%** | **U.S. Government Obligations — 28.1%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, 1.63%, <br> 10/15/29<br>| &nbsp;&nbsp;&nbsp; 1992 | 2024971 |
| U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 09/30/27 | &nbsp;&nbsp;&nbsp; 454 | 420112 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp; 0.50%, 02/28/26 | &nbsp;&nbsp;&nbsp; $278 | $269922 |
| &nbsp;&nbsp;&nbsp; 0.50%, 04/30/27 | &nbsp;&nbsp;&nbsp; 610 | 573499 |
| &nbsp;&nbsp;&nbsp; 0.50%, 05/31/27 | &nbsp;&nbsp;&nbsp; 823 | 772452 |
| &nbsp;&nbsp;&nbsp; 0.50%, 08/31/27 | &nbsp;&nbsp;&nbsp; 659 | 613745 |
| &nbsp;&nbsp;&nbsp; 0.63%, 07/31/26 | &nbsp;&nbsp;&nbsp; 885 | 851464 |
| &nbsp;&nbsp;&nbsp; 0.75%, 05/31/26 | &nbsp;&nbsp;&nbsp; 306 | 295935 |
| &nbsp;&nbsp;&nbsp; 0.88%, 06/30/26 | &nbsp;&nbsp;&nbsp; 956 | 923996 |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 | &nbsp;&nbsp;&nbsp; 343 | 316391 |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/15/40 | &nbsp;&nbsp;&nbsp; 46 | 29036 |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/15/40 | &nbsp;&nbsp;&nbsp; 1145 | 709432 |
| &nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 | &nbsp;&nbsp;&nbsp; 257 | 240653 |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/31/28 | &nbsp;&nbsp;&nbsp; 489 | 455725 |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/30/28 | &nbsp;&nbsp;&nbsp; 174 | 161132 |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/50 | &nbsp;&nbsp;&nbsp; 500 | 243223 |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/40 | &nbsp;&nbsp;&nbsp; 1145 | 735696 |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/50 | &nbsp;&nbsp;&nbsp; 192 | 95753 |
| &nbsp;&nbsp;&nbsp; 1.50%, 11/30/28 | &nbsp;&nbsp;&nbsp; 1144 | 1062669 |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/30 | &nbsp;&nbsp;&nbsp; 236 | 213285 |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | &nbsp;&nbsp;&nbsp; 187 | 99634 |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/41 | &nbsp;&nbsp;&nbsp; 326 | 225694 |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/51 | &nbsp;&nbsp;&nbsp; 156 | 88786 |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 | &nbsp;&nbsp;&nbsp; 0 | 169 |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/26 | &nbsp;&nbsp;&nbsp; 623 | 607109 |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 | &nbsp;&nbsp;&nbsp; 1546 | 901934 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 | &nbsp;&nbsp;&nbsp; 203 | 197368 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/49 | &nbsp;&nbsp;&nbsp; 272 | 172020 |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/27 | &nbsp;&nbsp;&nbsp; 203 | 198400 |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/29 | &nbsp;&nbsp;&nbsp; 601 | 573180 |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 | &nbsp;&nbsp;&nbsp; 156 | 114594 |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/51 | &nbsp;&nbsp;&nbsp; 578 | 370296 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/45 | &nbsp;&nbsp;&nbsp; 1003 | 712960 |
| &nbsp;&nbsp;&nbsp; 2.63%, 05/31/27 | &nbsp;&nbsp;&nbsp; 920 | 901959 |
| &nbsp;&nbsp;&nbsp; 2.63%, 07/31/29 | &nbsp;&nbsp;&nbsp; 1016 | 974249 |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/32 | &nbsp;&nbsp;&nbsp; 678 | 626117 |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | &nbsp;&nbsp;&nbsp; 506 | 363190 |
| &nbsp;&nbsp;&nbsp; 2.88%, 04/30/29 | &nbsp;&nbsp;&nbsp; 514 | 499102 |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/32 | &nbsp;&nbsp;&nbsp; 45 | 42049 |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/49 | &nbsp;&nbsp;&nbsp; 192 | 139163 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/42 | &nbsp;&nbsp;&nbsp; 53 | 42682 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/47 | &nbsp;&nbsp;&nbsp; 226 | 170719 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/48 | &nbsp;&nbsp;&nbsp; 503 | 377489 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/49 | &nbsp;&nbsp;&nbsp; 737 | 548592 |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/52 | &nbsp;&nbsp;&nbsp; 820 | 599424 |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/31/29 | &nbsp;&nbsp;&nbsp; 800 | 782121 |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/15/44 | &nbsp;&nbsp;&nbsp; 219 | 174052 |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/48 | &nbsp;&nbsp;&nbsp; 192 | 147202 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/29 | &nbsp;&nbsp;&nbsp; 1048 | 1031445 |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/27 | &nbsp;&nbsp;&nbsp; 1 | 995 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/31/30 | &nbsp;&nbsp;&nbsp; 767 | 759581 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/31/28 | &nbsp;&nbsp;&nbsp; 1659 | 1660402 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/31 | &nbsp;&nbsp;&nbsp; 1093 | 1076434 |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 | &nbsp;&nbsp;&nbsp; 217 | 188745 |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/53 | &nbsp;&nbsp;&nbsp; 369 | 305157 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/53 | &nbsp;&nbsp;&nbsp; 185 | 152778 |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/28 | &nbsp;&nbsp;&nbsp; 777 | 780581 |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/28 | &nbsp;&nbsp;&nbsp; 721 | 723591 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/31/30 | &nbsp;&nbsp;&nbsp; 913 | 913357 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/31 | &nbsp;&nbsp;&nbsp; 3 | 2977 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/41 | &nbsp;&nbsp;&nbsp; 179 | 161680 |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 | &nbsp;&nbsp;&nbsp; 217 | 191827 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/30/27 | &nbsp;&nbsp;&nbsp; 914 | 920248 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/28 | &nbsp;&nbsp;&nbsp; 37 | 37304 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/30/29 | &nbsp;&nbsp;&nbsp; 624 | 628485 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/34 | &nbsp;&nbsp;&nbsp; 3 | 2939 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/40 | &nbsp;&nbsp;&nbsp; 55 | 50890 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/43 | &nbsp;&nbsp;&nbsp; 677 | 612557 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/25 | &nbsp;&nbsp;&nbsp; $675 | $674968 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/27 | &nbsp;&nbsp;&nbsp; 473 | 475084 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/27 | &nbsp;&nbsp;&nbsp; 27 | 27288 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/29/28 | &nbsp;&nbsp;&nbsp; 615 | 621630 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/30 | &nbsp;&nbsp;&nbsp; 434 | 439628 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/30/32 | &nbsp;&nbsp;&nbsp; 94 | 94411 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/34 | &nbsp;&nbsp;&nbsp; 919 | 912162 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/52 | &nbsp;&nbsp;&nbsp; 0 | 266 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/28/27 | &nbsp;&nbsp;&nbsp; 1466 | 1478369 |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/27 | &nbsp;&nbsp;&nbsp; 596 | 603566 |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/29 | &nbsp;&nbsp;&nbsp; 1708 | 1738224 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/31 | &nbsp;&nbsp;&nbsp; 1113 | 1129362 |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/31 | &nbsp;&nbsp;&nbsp; 10 | 10127 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/29/32 | &nbsp;&nbsp;&nbsp; 194 | 196304 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/32 | &nbsp;&nbsp;&nbsp; 49 | 49582 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/44 | &nbsp;&nbsp;&nbsp; 826 | 765321 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/26 | &nbsp;&nbsp;&nbsp; 345 | 345534 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/26 | &nbsp;&nbsp;&nbsp; 21 | 21190 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/27 | &nbsp;&nbsp;&nbsp; 473 | 477723 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/28 | &nbsp;&nbsp;&nbsp; 28 | 28469 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/30 | &nbsp;&nbsp;&nbsp; 1 | 1023 |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/31 | &nbsp;&nbsp;&nbsp; 658 | 671700 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/34 | &nbsp;&nbsp;&nbsp; 303 | 305320 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/40 | &nbsp;&nbsp;&nbsp; 196 | 189655 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/31/26 | &nbsp;&nbsp;&nbsp; 30 | 30206 |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/26 | &nbsp;&nbsp;&nbsp; 785 | 793472 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/32 | &nbsp;&nbsp;&nbsp; 1235 | 1267901 |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/41 | &nbsp;&nbsp;&nbsp; 130 | 127368 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/25 | &nbsp;&nbsp;&nbsp; 249 | 249423 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/31/26 | &nbsp;&nbsp;&nbsp; 600 | 603009 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/26 | &nbsp;&nbsp;&nbsp; 983 | 991160 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/27 | &nbsp;&nbsp;&nbsp; 1644 | 1671165 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/27 | &nbsp;&nbsp;&nbsp; 8 | 8138 |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/31/31 | &nbsp;&nbsp;&nbsp; 868 | 897151 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/39 | &nbsp;&nbsp;&nbsp; 68 | 68553 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/28/26 | &nbsp;&nbsp;&nbsp; 29 | 29143 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/26 | &nbsp;&nbsp;&nbsp; 498 | 500821 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/27 | &nbsp;&nbsp;&nbsp; 4 | 4084 |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/30/28 | &nbsp;&nbsp;&nbsp; 446 | 460338 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/35 | &nbsp;&nbsp;&nbsp; 1506 | 1562475 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/40 | &nbsp;&nbsp;&nbsp; 55 | 55681 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/44 | &nbsp;&nbsp;&nbsp; 115 | 113850 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/55 | &nbsp;&nbsp;&nbsp; 754 | 746107 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/43 | &nbsp;&nbsp;&nbsp; 171 | 172763 |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/26 | &nbsp;&nbsp;&nbsp; 535 | 539986 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/31/26 | &nbsp;&nbsp;&nbsp; 28 | 28289 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/31/30 | &nbsp;&nbsp;&nbsp; 861 | 906420 |
|  |  | 54945727 |
| **Total U.S. Government & Agency Obligations — 80.6%** <br>**(Cost: $156,536,094)** | **Total U.S. Government & Agency Obligations — 80.6%** <br>**(Cost: $156,536,094)** | 157369998 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Boeing Co. (The)<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 94 | 17224 |
| Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp; 114 | 15798 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp; 29 | 13855 |
| TransDigm Group Inc. | &nbsp;&nbsp;&nbsp; 10 | 14131 |
|  |  | 61008 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp; 354 | 14118 |
| Citigroup Inc. | &nbsp;&nbsp;&nbsp; 208 | 14223 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp; 558 | 136498 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp; 211 | $14983 |
|  |  | 179822 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| AbbVie Inc. | &nbsp;&nbsp;&nbsp; 65 | 12681 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Amazon.com Inc.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 73 | 13463 |
| MercadoLibre Inc.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 7 | 16316 |
|  |  | 29779 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp; 42 | 16099 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| S&P Global Inc. | &nbsp;&nbsp;&nbsp; 29 | 14501 |
| **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp; 86 | 15502 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp; 14 | 13923 |
| Walmart Inc. | &nbsp;&nbsp;&nbsp; 160 | 15560 |
|  |  | 29483 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| GE Vernova Inc. | &nbsp;&nbsp;&nbsp; 54 | 20024 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp; 180 | 15369 |
|  |  | 35393 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Live Nation Entertainment Inc.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 114 | 15100 |
| Netflix Inc.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 17 | 19239 |
|  |  | 34339 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| Mastercard Inc., Class A | &nbsp;&nbsp;&nbsp; 26 | 14250 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp; 57 | 12293 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Boston Scientific Corp.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 149 | 15328 |
| Intuitive Surgical Inc.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 29 | 14958 |
| Masimo Corp.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 85 | 13681 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp; 39 | 14583 |
|  |  | 58550 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| McKesson Corp. | &nbsp;&nbsp;&nbsp; 21 | 14969 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| Vistra Corp. | &nbsp;&nbsp;&nbsp; 254 | 32926 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp;&nbsp; 60 | 13528 |
| Progressive Corp. (The) | &nbsp;&nbsp;&nbsp; 51 | 14369 |
|  |  | 27897 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp;&nbsp; 84 | 13515 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp;&nbsp; 23 | 12627 |
| Take-Two Interactive Software Inc.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 70 | 16332 |
|  |  | 42474 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp; 27 | 11583 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Ingersoll Rand Inc. | &nbsp;&nbsp;&nbsp; 168 | 12672 |
| **Mortgage Real Estate Investment — 0.1%** | **Mortgage Real Estate Investment — 0.1%** | **Mortgage Real Estate Investment — 0.1%** |
| Blackstone Mortgage Trust Inc., Class A | &nbsp;&nbsp;&nbsp; 4480 | 85344 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp; 649 | 17069 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp; 17 | $15282 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| Invitation Homes Inc. | &nbsp;&nbsp;&nbsp; 1137 | 38874 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp; 190 | 13617 |
| Micron Technology Inc. | &nbsp;&nbsp;&nbsp; 161 | 12389 |
| Nvidia Corp. | &nbsp;&nbsp;&nbsp; 132 | 14378 |
|  |  | 40384 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Ansys Inc.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 43 | 13841 |
| Autodesk Inc.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 57 | 15632 |
| Intuit Inc. | &nbsp;&nbsp;&nbsp; 24 | 15059 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp; 37 | 14625 |
| Samsara Inc., Class A<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 414 | 16419 |
| ServiceNow Inc.<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 18 | 17190 |
| Snowflake Inc., Class A<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; 96 | 15311 |
|  |  | 108077 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| Home Depot Inc. (The) | &nbsp;&nbsp;&nbsp; 37 | 13338 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| T-Mobile U.S. Inc. | &nbsp;&nbsp;&nbsp; 52 | 12841 |
| **Total Common Stocks — 0.5%** <br>**(Cost $955,822)** | **Total Common Stocks — 0.5%** <br>**(Cost $955,822)** | 987430 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 0.6%** | **Exchange Traded Funds — 0.6%** | **Exchange Traded Funds — 0.6%** |
| Financial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 2000 | 97520 |
| &nbsp;&nbsp;&nbsp; iShares 0-5 Year High Yield Corporate <br> Bond ETF<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp; 11336 | 479739 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate <br> Bond ETF<sup>(d)(j)</sup><br>| &nbsp;&nbsp;&nbsp; 6670 | 524262 |
|  |  | 1101521 |
| **Total Investment Companies — 0.6%** <br>**(Cost $1,116,854)** | **Total Investment Companies — 0.6%** <br>**(Cost $1,116,854)** | 1101521 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co. (The), 6.00%<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; 250 | 15345 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $12,500)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $12,500)** | 15345 |
| **Total Long-Term Investments — 136.0%** <br>**(Cost: $264,641,104)** | **Total Long-Term Investments — 136.0%** <br>**(Cost: $264,641,104)** | 265500761 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.8%** | **Money Market Funds — 2.8%** | **Money Market Funds — 2.8%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(j)(l)(m)</sup><br>| &nbsp;&nbsp;&nbsp; 5363469 | 5365615 |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(j)(l)</sup><br>| &nbsp;&nbsp;&nbsp; 100000 | 100000 |
| **Total Short-Term Securities — 2.8%** <br>**(Cost: $5,465,404)** | **Total Short-Term Securities — 2.8%** <br>**(Cost: $5,465,404)** | 5465615 |
| **Options Purchased — 0.2%** <br>**(Cost: $342,529)** | **Options Purchased — 0.2%** <br>**(Cost: $342,529)** | 377108 |
| **Total Investments Before TBA Sales Commitments and Options** <br> **Written — 139.0%** <br>**(Cost: $270,449,037)** | **Total Investments Before TBA Sales Commitments and Options** <br> **Written — 139.0%** <br>**(Cost: $270,449,037)** | 271343484 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **TBA Sales Commitments**<sup>(h)</sup> | **TBA Sales Commitments**<sup>(h)</sup> | **TBA Sales Commitments**<sup>(h)</sup> |
| **Mortgage-Backed Securities — (15.1)%** | **Mortgage-Backed Securities — (15.1)%** | **Mortgage-Backed Securities — (15.1)%** |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/54 | &nbsp;&nbsp;&nbsp; $(36)<br>| $(29362)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 05/20/55 | &nbsp;&nbsp;&nbsp; (35)<br>| (29824)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 05/20/55 | &nbsp;&nbsp;&nbsp; (27)<br>| (23901)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 03/20/52 | &nbsp;&nbsp;&nbsp; (1016)<br>| (922858)<br>|
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/54 | &nbsp;&nbsp;&nbsp; (27)<br>| (26986)<br>|
| &nbsp;&nbsp;&nbsp; 6.00%, 05/15/54 | &nbsp;&nbsp;&nbsp; (27)<br>| (27307)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/39 | &nbsp;&nbsp;&nbsp; (59)<br>| (53585)<br>|
| &nbsp;&nbsp;&nbsp; 2.00%, 05/13/55 | &nbsp;&nbsp;&nbsp; (160)<br>| (126874)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/39 | &nbsp;&nbsp;&nbsp; (16)<br>| (14864)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/54 | &nbsp;&nbsp;&nbsp; (1183)<br>| (983275)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 03/25/37 | &nbsp;&nbsp;&nbsp; (14)<br>| (13291)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 02/25/52 | &nbsp;&nbsp;&nbsp; (56)<br>| (48591)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 05/15/39 | &nbsp;&nbsp;&nbsp; (3)<br>| (2890)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 03/25/52 | &nbsp;&nbsp;&nbsp; (1947)<br>| (1756949)<br>|
| &nbsp;&nbsp;&nbsp; 4.00%, 06/25/52 | &nbsp;&nbsp;&nbsp; (44)<br>| (41001)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 06/15/54 | &nbsp;&nbsp;&nbsp; (4802)<br>| (4597239)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 05/13/55 | &nbsp;&nbsp;&nbsp; (6597)<br>| (6308383)<br>|
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/54 | &nbsp;&nbsp;&nbsp; (26)<br>| (25449)<br>|
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/55 | &nbsp;&nbsp;&nbsp; (43)<br>| (42907)<br>|
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/54 | &nbsp;&nbsp;&nbsp; (3599)<br>| (3648476)<br>|
| &nbsp;&nbsp;&nbsp; 6.00%, 05/15/55 | &nbsp;&nbsp;&nbsp; (5115)<br>| (5188713)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/54 | &nbsp;&nbsp;&nbsp; (5301)<br>| (5454046)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/55 | &nbsp;&nbsp;&nbsp; (33)<br>| (33982)<br>|
| **Total TBA Sales Commitments — (15.1)%** <br>**(Proceeds: $(29282543))** | **Total TBA Sales Commitments — (15.1)%** <br>**(Proceeds: $(29282543))** | (29400753)<br>|
| **Options Written — (0.0%)** <br>**(Premiums Received: $(18887))** | **Options Written — (0.0%)** <br>**(Premiums Received: $(18887))** | (18184)<br>|
| **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written — 123.9%** <br>**(Cost: $241,147,607)** | **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written — 123.9%** <br>**(Cost: $241,147,607)** | 241924547 |
| **Liabilities in Excess of Other Assets — (23.9)%** | **Liabilities in Excess of Other Assets — (23.9)%** | (46694225)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $195230322 |

---

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

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

<sup>(b)</sup> 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>(c)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

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

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

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

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

<sup>(h)</sup> Represents or includes a TBA transaction.

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

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

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

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

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

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $3070489 | $2296438 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(1291)<br>| $(21)<br>| $5365615 | 5363469 | $239045 <br><sup>(b)</sup><br>| $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 224810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (124810 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 487361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (7622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 479739 | 11336 | &nbsp;&nbsp;&nbsp;&nbsp; 9507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2019436 | &nbsp;&nbsp; (1499985)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9501 | (4690)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 524262 | 6670 | &nbsp;&nbsp;&nbsp; 13175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1436105 | &nbsp;&nbsp; (1430551)<br>| &nbsp;&nbsp; (5554)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares J.P. Morgan USD Emerging Markets <br> Bond ETF<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 612527 | &nbsp;&nbsp;&nbsp;&nbsp; 242429 | &nbsp;&nbsp; (859753)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26581 | (21784)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 8687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  | $29237 | $(34117) | $6469616 |  | $273871 | $— |

---

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

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp;&nbsp; 53 | 06/18/25 | &nbsp;&nbsp; $6186 | $(27329) |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp;&nbsp; 17 | 06/18/25 | &nbsp;&nbsp; 2056 | 12657 |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp; 44 | 06/30/25 | &nbsp;&nbsp; 9162 | 38485 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp; 124 | 06/30/25 | &nbsp;&nbsp; 13559 | 117367 |
|  |  |  |  | 141180 |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30-Year Euro Buxl Bond | &nbsp;&nbsp;&nbsp; (2) | 06/06/25 | &nbsp;&nbsp; 281 | (13959) |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp; (11) | 06/18/25 | &nbsp;&nbsp; 1237 | (11958) |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Treasury Note | &nbsp;&nbsp;&nbsp; (73) | 06/18/25 | &nbsp;&nbsp; 8390 | (113276) |
| &nbsp;&nbsp;&nbsp; 10-Year Canadian Bond | &nbsp;&nbsp;&nbsp; (13) | 06/19/25 | &nbsp;&nbsp; 1166 | 10359 |
| &nbsp;&nbsp;&nbsp; E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; (2) | 06/20/25 | &nbsp;&nbsp; 559 | (43332) |
|  |  |  |  | (172166) |
|  |  |  |  | $(30986) |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BRL | 1021714 | USD | 172000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6132 |
| GBP | 159000 | USD | 205670 | Goldman Sachs & Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6267 |
| USD | 26715 | JPY | 3762000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| USD | 162485 | JPY | 22646000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3261 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15924 |
| GBP | 95000 | USD | 127023 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (394)<br>|
| USD | 488767 | BRL | 2903377 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17425)<br>|
| USD | 388990 | EUR | 356000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15394)<br>|
| USD | 1393174 | EUR | 1275100 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55225)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 430587 | GBP | 332300 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(12348)<br>|
| USD | 448220 | GBP | 345000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11644)<br>|
| USD | 292596 | JPY | 42823000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8494)<br>|
| USD | 180748 | JPY | 26580000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6136)<br>|
| USD | 13511 | JPY | 1972000 | Morgan Stanley & Co. LLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (355)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127415)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(111491)<br>|

---

**Interest Rate Caps/Floors — Purchased** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Exercise* <br>*Rate*<br>| *Counterparty* | *Expiration* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 2-Year Interest Rate Swap, | 0.40<br> %<br>| Goldman Sachs International | 08/19/25 | USD | 40300 | &nbsp;&nbsp; $70568 | &nbsp;&nbsp; $24684 | &nbsp;&nbsp; $45884 |
|  |  |  |  |  |  | &nbsp;&nbsp; $70568 | &nbsp;&nbsp; $24684 | &nbsp;&nbsp; $45884 |

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Goldman Sachs Inter-<br> national<br>| 05/16/25 | 3.74 | USD | 11785 | $13350 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Citibank N.A. | 05/16/25 | 3.74 | USD | 6233 | 7061 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Citibank N.A. | 05/16/25 | 3.74 | USD | 3117 | 3531 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Barclays Bank PLC | 05/16/25 | 3.74 | USD | 1755 | 1988 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Barclays Bank PLC | 05/16/25 | 3.74 | USD | 3409 | 3862 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Bank of America N.A. | 05/16/25 | 3.74 | USD | 1604 | 1817 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Goldman Sachs Inter-<br> national<br>| 05/16/25 | 3.74 | USD | 2790 | 3496 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Goldman Sachs Inter-<br> national<br>| 05/16/25 | 3.74 | USD | 3489 | 4371 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Goldman Sachs Inter-<br> national<br>| 05/16/25 | 3.74 | USD | 1337 | 1675 |
| 10-Year Interest Rate Swap, 01/15/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.34% | Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 270 | 18534 |
| 10-Year Interest Rate Swap, 01/15/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.34% | Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 270 | 18534 |
| 10-Year Interest Rate Swap, 03/31/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.93% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 03/29/27 | 3.93 | USD | 590 | 29193 |
| 10-Year Interest Rate Swap, 03/31/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.00% | Annual | BNP Paribas S.A. | 03/29/27 | 4.00 | USD | 228 | 12033 |
| 10-Year Interest Rate Swap, 04/07/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.66% | Annual | Bank of America N.A. | 04/05/27 | 3.66 | USD | 635 | 24335 |
| 10-Year Interest Rate Swap, 04/07/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.67% | Annual | Bank of America N.A. | 04/05/27 | 3.67 | USD | 635 | 24456 |
| 10-Year Interest Rate Swap, 04/14/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.05% | Annual | Citibank N.A. | 04/12/27 | 4.05 | USD | 240 | 13163 |
| 10-Year Interest Rate Swap, 04/16/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.01% | Annual | Bank of America N.A. | 04/14/27 | 4.01 | USD | 120 | 6394 |
|  |  |  |  |  |  |  |  |  |  | 187793 |
| Put |  |  |  |  |  |  |  |  |  |  |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

**OTC Interest Rate Swaptions Purchased (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| 10-Year Interest Rate Swap, 01/15/37 | 4.34% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 270 | $6615 |
| 10-Year Interest Rate Swap, 01/15/37 | 4.34% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 270 | 6615 |
| 10-Year Interest Rate Swap, 03/31/37 | 3.93% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 03/29/27 | 3.93 | USD | 590 | 22696 |
| 10-Year Interest Rate Swap, 03/31/37 | 4.00% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | BNP Paribas S.A. | 03/29/27 | 4.00 | USD | 228 | 8265 |
| 10-Year Interest Rate Swap, 04/07/37 | 3.66% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Bank of America N.A. | 04/05/27 | 3.66 | USD | 635 | 30910 |
| 10-Year Interest Rate Swap, 04/07/37 | 3.67% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Bank of America N.A. | 04/05/27 | 3.67 | USD | 635 | 30782 |
| 10-Year Interest Rate Swap, 04/14/37 | 4.05% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Citibank N.A. | 04/12/27 | 4.05 | USD | 240 | 8466 |
| 10-Year Interest Rate Swap, 04/16/37 | 4.01% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Bank of America N.A. | 04/14/27 | 4.01 | USD | 120 | 4398 |
|  |  |  |  |  |  |  |  |  |  | 118747 |
|  |  |  |  |  |  |  |  |  |  | $306540 |

---

**Interest Rate Caps/Floors Sold** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Exercise* <br>*Rate*<br>| *Counterparty* | *Expiration* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 2-Year Interest Rate Swap, | 0.80<br> %<br>| Goldman Sachs International | 08/19/25 | USD | (40300) | &nbsp;&nbsp; $(17891)<br>| &nbsp;&nbsp; $(5582)<br>| &nbsp;&nbsp; $(12310)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(17891)<br>| &nbsp;&nbsp; $(5582)<br>| &nbsp;&nbsp; $(12310)<br>|

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* | *Exercise* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 05/16/25 | 2.94 | USD | 11785 | $(94)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Citibank N.A. | 05/16/25 | 2.94 | USD | 6233 | (50)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Citibank N.A. | 05/16/25 | 2.94 | USD | 3117 | (25)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Barclays Bank PLC | 05/16/25 | 2.94 | USD | 1755 | (14)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Barclays Bank PLC | 05/16/25 | 2.94 | USD | 3409 | (27)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Bank of America N.A. | 05/16/25 | 2.94 | USD | 1604 | (13)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 05/16/25 | 2.94 | USD | 2790 | (26)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 05/16/25 | 2.94 | USD | 3489 | (32)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 05/16/25 | 2.94 | USD | 1337 | (12)<br>|
|  |  |  |  |  |  |  |  |  |  | $(293)<br>|

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> %<br>| Quarterly | 06/20/30<br> B | USD | 10286 | $432239 | $524406 | $(92167) |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* |  | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | 3.78% | At Termination | 5/16/25<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 14801 | &nbsp;&nbsp;&nbsp; $14473 | &nbsp;&nbsp;&nbsp; $27 | &nbsp;&nbsp;&nbsp; $14446 |
| 3.79% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | 5/16/25<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 3452 | &nbsp;&nbsp;&nbsp; (3736)<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (3743)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | 3.79% | At Termination | 5/16/25<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1139 | &nbsp;&nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1193 |
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | 3.79% | At Termination | 5/16/25<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2313 | &nbsp;&nbsp;&nbsp; 2415 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2411 |
| 3.81% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | 5/16/25<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2649 | &nbsp;&nbsp;&nbsp; (3394)<br>| &nbsp;&nbsp;&nbsp; 1913 | &nbsp;&nbsp;&nbsp; (5307)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day SOFR, <br> 4.41%<br>| At Termination | 3.91% | At Termination | 5/16/25<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2649 | &nbsp;&nbsp;&nbsp; 5961 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5956 |
| 1.00% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 3/12/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 244490 | &nbsp;&nbsp;&nbsp; (5001)<br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (5006)<br>|
| 1.02% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 3/12/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 554284 | &nbsp;&nbsp;&nbsp; (12141)<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; (12153)<br>|
| 1.03% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 3/12/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 658313 | &nbsp;&nbsp;&nbsp; (14785)<br>| &nbsp;&nbsp;&nbsp; (192)<br>| &nbsp;&nbsp;&nbsp; (14593)<br>|
| 0.68% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 4/21/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 04/21/27 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 244724 | &nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 463 |
| 0.69% | At Termination | &nbsp;&nbsp;&nbsp; Tokyo Overnight <br> Average Rate, <br> 0.48%<br>| At Termination | 4/21/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 04/21/27 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 247585 | &nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 434 |
| 2.36% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 01/13/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 1308 | &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; 1379 |
| 2.49% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 02/19/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; (1957)<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (1964)<br>|
| 2.51% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; (2589)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (2595)<br>|
| 2.51% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; (2116)<br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (2121)<br>|
| 2.51% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 03/01/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; (1451)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (1454)<br>|
| 2.32% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 03/03/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp; (651)<br>| &nbsp;&nbsp;&nbsp; 2901 |
| 2.46% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 03/22/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (131)<br>|
| 2.54% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 04/22/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; (3555)<br>| &nbsp;&nbsp;&nbsp; (290)<br>| &nbsp;&nbsp;&nbsp; (3265)<br>|
| 2.43% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 06/19/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; (390)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (391)<br>|
| 2.43% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 06/20/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; (382)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (383)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | 2.44% | Annual | N/A | &nbsp;&nbsp;&nbsp; 06/24/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 345 |
| 2.37% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 08/28/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; (20)<br>|
| 2.27% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 09/09/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 1564 | &nbsp;&nbsp;&nbsp; (300)<br>| &nbsp;&nbsp;&nbsp; 1864 |
| 2.26% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 10/22/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 270 |
| 2.10% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 12/23/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 5646 | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 5532 |
| 2.09% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 12/24/54 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 11158 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 11154 |
| 2.16% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 01/04/55 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 7504 | &nbsp;&nbsp;&nbsp; (201)<br>| &nbsp;&nbsp;&nbsp; 7705 |
| 2.33% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 01/08/55 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 1361 | &nbsp;&nbsp;&nbsp; (179)<br>| &nbsp;&nbsp;&nbsp; 1540 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* |  | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 2.11% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 02/11/55 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; $11144 | &nbsp;&nbsp;&nbsp; $939 | &nbsp;&nbsp;&nbsp; $10205 |
| 2.23% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 02/14/55 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 4294 | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 4183 |
| 2.03% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.13%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 03/25/55 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 5761 | &nbsp;&nbsp;&nbsp; 5960 | &nbsp;&nbsp;&nbsp; (199)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $26377 | &nbsp;&nbsp;&nbsp; $7721 | &nbsp;&nbsp;&nbsp; $18656 |

---

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

<sup>(a)</sup> Forward Swap.

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp; $1485 | &nbsp;&nbsp;&nbsp;&nbsp; $41 | &nbsp;&nbsp;&nbsp;&nbsp; $1444 |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp; 1542 | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 1491 |
| 2.83% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp; (1384)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; (1389)<br>|
| 2.84% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; (719)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; (722)<br>|
| 2.84% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; (711)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; (714)<br>|
| 2.87% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp; (2502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; (2507)<br>|
| 2.83% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp;&nbsp; (919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; (923)<br>|
| 2.54% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 829 | &nbsp;&nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 864 |
| 2.53% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 887 | &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 932 |
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp; (1916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; (1922)<br>|
| 2.69% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp; (932)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; (935)<br>|
| 2.68% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; (916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; (919)<br>|
| 2.72% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp; (2781)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; (2787)<br>|
| 2.67% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp; (971)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; (975)<br>|
| 2.65% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp; (646)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; (649)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront*<br> *Premium*<br> *Paid*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 3.01% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; UK RPI All Items <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/55 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; $(812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp; $(819)<br>|
| 2.33% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/28/55 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 664 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(9794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $72 | &nbsp;&nbsp;&nbsp;&nbsp; $(9866)<br>|

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Fixed, 0.00% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Intraday <br> Delta Replication VX <br> Series <br> 5 Excess Return Strategy <br> Index<br>| At <br> Termination<br>| Goldman Sachs <br> International<br>| N/A | 05/06/25 | USD | 2 | $(8270)<br>| $— | $(8270)<br>|
| Fixed, 0.00% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Intraday <br> Delta Replication VX <br> Series <br> 5 Excess Return Strategy <br> Index<br>| At <br> Termination<br>| Goldman Sachs <br> International<br>| N/A | 05/06/25 | USD | 1 | (3826)<br>|  | (3826)<br>|
| Fixed, 0.00% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Intraday <br> Delta Replication VX <br> Series <br> 5 Excess Return Strategy <br> Index<br>| At <br> Termination<br>| Goldman Sachs <br> International<br>| N/A | 05/06/25 | USD | 1 | (3615)<br>|  | (3615)<br>|
| Fixed, 0.00% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Intraday <br> Delta Replication VX <br> Series <br> 5 Excess Return Strategy <br> Index<br>| At <br> Termination<br>| Goldman Sachs <br> International<br>| N/A | 05/06/25 | USD | 1 | (4268)<br>|  | (4268)<br>|
|  |  |  |  |  |  |  |  |  | $(19979)<br>| $— | $(19979)<br>|

---

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Total Return Active ETF**

**(Formerly BlackRock Total Return ETF)**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22959955 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22959955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 25992882 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25992882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 48773860 | &nbsp;&nbsp; 202000 | &nbsp;&nbsp; 48975860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 7161918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7161918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 935852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 935852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 157369998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 157369998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 987430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 987430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 1101521 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1101521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 15345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 5465615 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5465615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 377108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 377108 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (29400753)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (29400753)<br>|
|  | &nbsp;&nbsp; $7569911 | &nbsp;&nbsp; $234170820 | &nbsp;&nbsp; $202000 | &nbsp;&nbsp; $241942731 |
| Derivative Financial Instruments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15924 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 5395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 178868 | &nbsp;&nbsp; 71981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 250849 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (92167)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (92167)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (43332)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7883)<br>| &nbsp;&nbsp; (51215)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (127415)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (127415)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (15261)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15261)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (166522)<br>| &nbsp;&nbsp; (79779)<br>| &nbsp;&nbsp; (3826)<br>| &nbsp;&nbsp; (250127)<br>|
|  | &nbsp;&nbsp; $(30986)<br>| &nbsp;&nbsp; $(221322)<br>| &nbsp;&nbsp; $(11709)<br>| &nbsp;&nbsp; $(264017)<br>|

---

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

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| BAB | Build America Bond |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| CPI | Consumer Price Index |

---

---

| | |
|:---|:---|
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation |
| NVS | Non-Voting Shares |
| RB | Revenue Bonds |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-Be-Announced |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** iShares Total Return Active ETF

- **b. EDGAR series identifier (if any):** S000083073

- **c. LEI of Series:** 5299001LKKSPPM1BLL20

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

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

- **b. Date as of which information is reported:** 2025-04-30

**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:** $276466118.88

**Total Liabilities:** $81237917.73

**Net Assets:** $195228201.15

**Delayed Delivery Securities:** $10875602.09

**Cash Not Reported:** $1604035.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 5980.65000000 | **1-Year:** 2178.91000000 | **5-Year:** 40092.58000000 | **10-Year:** 17178.24000000 | **30-Year:** 16730.84000000

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

- **3-Month:** 4747.28000000 | **1-Year:** 922.08000000 | **5-Year:** 6531.92000000 | **10-Year:** 424.58000000 | **30-Year:** -3966.86000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246586 | 2.19%                | -0.15%               | 0.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $243300.88               | $2615323.55                                |
| Month 2  | $357375.92               | $-1308484.40                               |
| Month 3  | $-349143.04              | $368135.09                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D4Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46253 | PA      | $38565.84     | 0.02%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                                                             | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48160.89     | 0.02%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    434000 | PA      | $439628.44    | 0.23%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       300 | PA      | $266.10       | 0.00%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-8158.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                                                          | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $5689.87      | 0.00%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Gold Pool                                                            | CUSIP: 31335BHH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    138767 | PA      | $135335.59    | 0.07%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bay View Federal Savings And Loan Assoc.                                         | BAY 2025-LIVN Mortgage Trust                                                     | CUSIP: 072925AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    161000 | PA      | $161000.00    | 0.08%             | 2035-05-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    434000 | PA      | $442087.75    | 0.23%             | 2031-01-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUVV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    108268 | PA      | $111545.76    | 0.06%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CAH4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    659000 | PA      | $613745.23    | 0.31%             | 2027-08-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     25000 | PA      | $25925.62     | 0.01%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                                  | Republic Finance Issuance Trust 2024-B                                           | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114000 | PA      | $115374.48    | 0.06%             | 2037-11-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     12000 | PA      | $9792.73      | 0.01%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC 2022-NQM6 Trust                                                             | CUSIP: 12663YAM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85711 | PA      | $85505.17     | 0.04%             | 2067-12-25      | Variable      | 8.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 2.940000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -2790100 | OU      | $-25.67       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XBC3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     88000 | PA      | $77522.35     | 0.04%             | 2030-06-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                                                                  | Hanesbrands Inc                                                                  | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23827.90     | 0.01%             | 2031-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | TRSWAP: GSISDRV5 5/6/25                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    128822 | OU      | $-3615.30     | -0.00%            |  |  |  | No            |                  3 | On Loan: No      |
| STATION CASINOS LLC                                                              | Station Casinos LLC                                                              | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24122.12     | 0.01%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                                            | CUSIP: 73358WEK6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     30000 | PA      | $27741.67     | 0.01%             | 2051-10-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDC7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13680.56     | 0.01%             | 2033-04-26      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                                          | Allied Universal Holdco LLC                                                      | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24512.65     | 0.01%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $243222.66    | 0.12%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587CW5<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     79000 | PA      | $71568.77     | 0.04%             | 2036-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2024 VLT4                                                               | BX TRUST 2024 VLT4                                                               | CUSIP: 05612TAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $19199.20     | 0.01%             | 2029-07-15      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    143000 | PA      | $144039.04    | 0.07%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.835000 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    308000 | OU      | $-711.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040651<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1414000 | PA      | $1317627.35   | 0.67%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                                         | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23218.96     | 0.01%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                                                  | Cameron LNG LLC                                                                  | CUSIP: 133434AC4<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |    134000 | PA      | $111986.31    | 0.06%             | 2038-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                             | Bank of America Corp                                                             | CUSIP: 06051GGL7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    255000 | PA      | $251337.25    | 0.13%             | 2028-04-24      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F012452<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    630000 | PA      | $555941.30    | 0.28%             | 2039-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                                                 | MGM Resorts International                                                        | CUSIP: 552953CH2<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15427.90     | 0.01%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                                       | Intuit Inc                                                                       | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |        24 | NS      | $15059.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      1000 | PA      | $995.39       | 0.00%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                                         | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     16000 | PA      | $14361.20     | 0.01%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43717.26     | 0.02%             | 2030-01-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    284000 | PA      | $289144.38    | 0.15%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                                         | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    183000 | PA      | $171056.43    | 0.09%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASTR Reperforming Loan Trust                                                    | MASTR Reperforming Loan Trust 2005-1                                             | CUSIP: 576436AT6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    238924 | PA      | $167192.16    | 0.09%             | 2034-08-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                                                     | Calpine Corp                                                                     | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22237.99     | 0.01%             | 2029-02-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                              | Dominion Energy Inc                                                              | CUSIP: 25746UCZ0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     24000 | PA      | $19180.71     | 0.01%             | 2049-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I 2017-HR2                                                | CUSIP: 61691NAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    281000 | PA      | $270855.90    | 0.14%             | 2050-12-15      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2018-III Ltd                                                        | CUSIP: 12551YAG8<br>LEI: 635400OB7ZCBUWDQNV87 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250600.10    | 0.13%             | 2031-07-18      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                                                         | BXMT 2025-FL5 Ltd                                                                | CUSIP: 05613YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    173000 | PA      | $170990.69    | 0.09%             | 2042-10-18      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2023-XL3                                            | CUSIP: 12434GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    107401 | PA      | $107468.46    | 0.06%             | 2040-12-09      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| EUROPEAN UNION                                                                   | European Union                                                                   | CUSIP: 000000000<br>LEI: 529900FZRK8FGMPEOM08 | Long             | DBT              | NUSS              | XX        |   1285986 | PA      | $1279198.63   | 0.66%             | 2053-03-04      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F050650<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2307000 | PA      | $2258129.02   | 1.16%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2019-VI Ltd                                                         | CUSIP: 12555XAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250000.00    | 0.13%             | 2037-07-16      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    171697 | PA      | $174897.43    | 0.09%             | 2069-11-25      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| DK Trust                                                                         | DK Trust 2024-SPBX                                                               | CUSIP: 23346LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $19975.00     | 0.01%             | 2034-03-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-334.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1048400 | PA      | $1031445.40   | 0.53%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                     | BAMLL Trust 2024-BHP                                                             | CUSIP: 05493WAA0<br>LEI: 5493001M1XQ4INMTAE48 | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $20006.37     | 0.01%             | 2039-08-15      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREAM LLC                                                             | ONEOK Inc                                                                        | CUSIP: 29336TAD2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17960.82     | 0.01%             | 2030-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $3260.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    468426 | PA      | $395119.07    | 0.20%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBL7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     28000 | PA      | $26685.36     | 0.01%             | 2054-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179SYS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     37121 | PA      | $34112.50     | 0.02%             | 2047-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QNZ39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12007 | PA      | $11603.48     | 0.01%             | 2037-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16000 | PA      | $16133.90     | 0.01%             | 2039-06-12      | Fixed         | 8.73%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29273VBB5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     62000 | PA      | $56631.10     | 0.03%             | 2054-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     28000 | PA      | $28469.22     | 0.01%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CR0<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |     21000 | PA      | $15605.32     | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    112000 | PA      | $112552.55    | 0.06%             | 2029-03-04      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities I Trust 2007-HE5                            | CUSIP: 073859AH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89626 | PA      | $75763.76     | 0.04%             | 2047-06-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                                                   | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23833.12     | 0.01%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2020-VIV4                                           | CUSIP: 05608MAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $90626.44     | 0.05%             | 2044-03-09      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     45000 | PA      | $30976.21     | 0.02%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25297.79     | 0.01%             | 2030-07-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                                               | Viking Cruises Ltd                                                               | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     24000 | PA      | $24086.24     | 0.01%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co                                                                 | Alabama Power Co                                                                 | CUSIP: 010392FJ2<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7127.73      | 0.00%             | 2042-12-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQWF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37356 | PA      | $38157.45     | 0.02%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29273VBF6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9382.48      | 0.00%             | 2055-04-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              |  | US        |    402000 | PA      | $390445.15    | 0.20%             | 2029-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUVH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     59760 | PA      | $60793.78     | 0.03%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F060659<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  14922000 | PA      | $15137043.63  | 7.75%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                                                   | NCR Voyix Corp                                                                   | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16477.21     | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                                      | Vistra Corp                                                                      | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       254 | NS      | $32926.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OPEN Trust                                                                       | OPEN Trust 2023-AIR                                                              | CUSIP: 68373BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42526 | PA      | $42499.85     | 0.02%             | 2040-11-15      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    885500 | PA      | $851463.59    | 0.44%             | 2026-07-31      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DZU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28144 | PA      | $21234.09     | 0.01%             | 2051-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D4X7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    662304 | PA      | $526205.41    | 0.27%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    678000 | PA      | $626117.11    | 0.32%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                               | Subway Funding LLC                                                               | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29850 | PA      | $30351.10     | 0.02%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     54000 | PA      | $51851.55     | 0.03%             | 2027-09-10      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.543000 22-APR-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    142000 | OU      | $-3555.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     68000 | PA      | $67999.85     | 0.03%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                                                      | Tenneco Inc                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23882.85     | 0.01%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Westways Funding Ltd                                                             | WEST Trust 2025-ROSE                                                             | CUSIP: 955909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    108000 | PA      | $108776.63    | 0.06%             | 2030-04-10      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2022-CSMO                                           | CUSIP: 05610MAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100187.50    | 0.05%             | 2027-06-15      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Appalachian Power Co                                                             | Appalachian Power Co                                                             | CUSIP: 037735CX3<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11898.68     | 0.01%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QTEX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    141134 | PA      | $146896.43    | 0.08%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                                           | Comstock Resources Inc                                                           | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16108.59     | 0.01%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA1 Trust | CUSIP: 93935NAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    124922 | PA      | $97995.66     | 0.05%             | 2046-12-25      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBF1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    189000 | PA      | $148732.62    | 0.08%             | 2047-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Spruce Hill Mortgage Acquisition Company, LLC                                    | Spruce Hill Mortgage Loan Trust 2020-SH2                                         | CUSIP: 85214RAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $97252.44     | 0.05%             | 2055-06-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Progressive Corp/The                                                             | Progressive Corp/The                                                             | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |        51 | NS      | $14368.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     54900 | PA      | $55680.61     | 0.03%             | 2040-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                                                        | Acrec 2025 Fl 3 LLC                                                              | CUSIP: 00112HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99030.84     | 0.05%             | 2042-08-18      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUHR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31680 | PA      | $32404.13     | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                 | RALI Series 2006-QA10 Trust                                                      | CUSIP: 74922NAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    195242 | PA      | $168371.40    | 0.09%             | 2036-12-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                                      | VEGAS 2024-GCS                                                                   | CUSIP: 92254BAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $93559.56     | 0.05%             | 2036-07-10      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                                          | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     16000 | PA      | $15793.78     | 0.01%             | 2027-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage Trust                                               | Ready Capital Mortgage Financing 2022-FL9 LLC                                    | CUSIP: 75574EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     32927 | PA      | $32895.42     | 0.02%             | 2037-06-25      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                           | JW Commercial Mortgage Trust 2024-MRCO                                           | CUSIP: 46657XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    113000 | PA      | $112364.38    | 0.06%             | 2039-06-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp                                                               | Union Pacific Corp                                                               | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |        57 | NS      | $12292.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CAESARS ENTERTAIN INC                                                            | Caesars Entertainment Inc                                                        | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7021.04      | 0.00%             | 2027-07-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                                    | CUSIP: 13063DGE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142338.62    | 0.07%             | 2038-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                                                   | ARES Commercial Mortgage Trust 2024-IND                                          | CUSIP: 03990DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    293000 | PA      | $293000.00    | 0.15%             | 2041-07-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              |  | US        |    297000 | PA      | $255903.72    | 0.13%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DSQ62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    231613 | PA      | $227234.82    | 0.12%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                                                                 | Owl Rock CLO VII LLC                                                             | CUSIP: 69121BAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250000.00    | 0.13%             | 2038-04-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2025-NQM2                                        | CUSIP: 10569NAC5<br>LEI: 254900TZWRKTBX2YNW23 | Long             | ABS-MBS          | CORP              | US        |    142917 | PA      | $143510.05    | 0.07%             | 2064-11-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    766800 | PA      | $759581.30    | 0.39%             | 2030-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.789800 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   2312840 | OU      | $2414.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                    | AppLovin Corp                                                                    | CUSIP: 03831WAC2<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    346000 | PA      | $349165.77    | 0.18%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Milford Park CLO, Ltd.                                                           | Milford Park CLO Ltd                                                             | CUSIP: 59966PAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $248125.00    | 0.13%             | 2038-01-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBG7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27052.23     | 0.01%             | 2059-02-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                                                        | HIH Trust 2024-61P                                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $9975.00      | 0.01%             | 2041-10-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QFNX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    208883 | PA      | $185452.65    | 0.09%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2024-1                                                  | CUSIP: 03465XAA7<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |    172142 | PA      | $171629.56    | 0.09%             | 2068-08-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30000 | PA      | $28722.93     | 0.01%             | 2029-07-15      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAN0<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     54000 | PA      | $35541.73     | 0.02%             | 2051-05-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032658<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1541000 | PA      | $1390579.40   | 0.71%             | 2052-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020653<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3599000 | PA      | $2853860.34   | 1.46%             | 2055-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                                      | VEGAS 2024-GCS                                                                   | CUSIP: 92254BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40000 | PA      | $39162.01     | 0.02%             | 2036-07-10      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| iShares 0-5 Year High Yield Corporate Bond ETF                                   | iShares 0-5 Year High Yield Corporate Bond ETF                                   | CUSIP: 46434V407<br>LEI: 549300R96U5WQ7R5ID10 | Long             | EC               | RF                | US        |     11336 | NS      | $479739.52    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H040657<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    599000 | PA      | $557456.35    | 0.29%             | 2055-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                                                        | TEGNA Inc                                                                        | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     26000 | PA      | $24842.32     | 0.01%             | 2028-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNFL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84074 | PA      | $82728.90     | 0.04%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17000 | PA      | $16586.13     | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KSL Commercial Mortgage Trust                                                    | KSL Commercial Mortgage Trust 2024-HT2                                           | CUSIP: 500937AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325000 | PA      | $321953.13    | 0.16%             | 2039-12-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc                                                                       | Pfizer Inc                                                                       | CUSIP: 717081EC3<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     11000 | PA      | $9950.81      | 0.01%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                                                   | PECO Energy Co                                                                   | CUSIP: 693304BC0<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     16000 | PA      | $9811.53      | 0.01%             | 2051-09-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                                   | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690CAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     67601 | PA      | $67600.56     | 0.03%             | 2031-04-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22840.70     | 0.01%             | 2028-06-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| AEP Transmission Co LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAM1<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |     30000 | PA      | $21741.10     | 0.01%             | 2050-04-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Regatta XVIII Funding Ltd                                                        | Regatta XVIII Funding Ltd                                                        | CUSIP: 75884EAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248750.00    | 0.13%             | 2038-04-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                                           | EquipmentShare.com Inc                                                           | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50890.13     | 0.03%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2021-A                                          | CUSIP: 78448YAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199348 | PA      | $192570.42    | 0.10%             | 2053-01-15      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    471000 | PA      | $430216.65    | 0.22%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     28000 | PA      | $16720.44     | 0.01%             | 2062-06-30      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAM6<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     20000 | PA      | $12323.21     | 0.01%             | 2051-08-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.274000 09-SEP-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     60000 | OU      | $1563.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KYWE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    152875 | PA      | $130630.51    | 0.07%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multiclass Certificates                                              | Freddie Mac Multiclass Certificates Series 2024-P015                             | CUSIP: 3137HDJN1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     13950 | PA      | $13650.10     | 0.01%             | 2032-11-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co                                                                 | Wells Fargo & Co                                                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |       211 | NS      | $14983.11     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XM2L9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41122 | PA      | $38506.00     | 0.02%             | 2047-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                              | Synchrony Financial                                                              | CUSIP: 87165BAP8<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     79000 | PA      | $78114.18     | 0.04%             | 2029-03-19      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2017-B                                          | CUSIP: 83189DAC4<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |     72773 | PA      | $72628.75     | 0.04%             | 2035-10-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                                   | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25662.05     | 0.01%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: —       |
| Bundesrepublik Deutschland Bundesanleihe                                         | Bundesrepublik Deutschland Bundesanleihe                                         | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |    305300 | PA      | $319479.53    | 0.16%             | 2054-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    498000 | PA      | $500820.70    | 0.26%             | 2026-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                                 | Vista Point Securitization Trust 2020-2                                          | CUSIP: 92838TAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $94748.31     | 0.05%             | 2065-04-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179N5V6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    118484 | PA      | $109888.11    | 0.06%             | 2044-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38384CEP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9843 | PA      | $7998.53      | 0.00%             | 2065-04-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XDGA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61658 | PA      | $61479.81     | 0.03%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                              | Dominion Energy Inc                                                              | CUSIP: 25746UDX4<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    104000 | PA      | $103493.86    | 0.05%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                                         | Brazil Notas do Tesouro Nacional Serie F                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1698000 | PA      | $238931.21    | 0.12%             | 2035-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI Properties LP                                                               | CUSIP: 925650AJ2<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |     25000 | PA      | $24999.26     | 0.01%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Loan Trust 2020-A                                      | CUSIP: 63941FAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    101781 | PA      | $98152.56     | 0.05%             | 2068-11-15      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    325600 | PA      | $225694.22    | 0.12%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XQQ42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12578 | PA      | $13038.81     | 0.01%             | 2054-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 3.740000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   2790100 | OU      | $3495.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XL3X4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    223212 | PA      | $204664.56    | 0.10%             | 2050-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBM4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    191000 | PA      | $137443.28    | 0.07%             | 2041-02-04      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CDL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1144000 | PA      | $1062668.75   | 0.54%             | 2028-11-30      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    472500 | PA      | $475083.98    | 0.24%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76609.55     | 0.04%             | 2029-04-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                                          | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24908.96     | 0.01%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X9X34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36766 | PA      | $27718.12     | 0.01%             | 2051-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 124857AT0<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    141000 | PA      | $136384.69    | 0.07%             | 2028-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QAB58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149811 | PA      | $145768.38    | 0.07%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                                                         | EQT Corp                                                                         | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    147000 | PA      | $144201.92    | 0.07%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    291000 | PA      | $294969.56    | 0.15%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| FNB CORP                                                                         | FNB Corp/PA                                                                      | CUSIP: 000000000<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |    121000 | PA      | $120727.80    | 0.06%             | 2030-12-11      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       300 | PA      | $168.84       | 0.00%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                         | OBX 2025-NQM3 Trust                                                              | CUSIP: 67448YAC8<br>LEI: 254900MBGY6CR10DAX67 | Long             | ABS-MBS          | CORP              | US        |     98196 | PA      | $98622.32     | 0.05%             | 2064-12-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.669500 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    322000 | OU      | $-970.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                             | Bank of America Corp                                                             | CUSIP: 06051GHG7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39437.32     | 0.02%             | 2029-03-05      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                                                 | Symphony CLO 39 Ltd                                                              | CUSIP: 87169TAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |    250000 | PA      | $249866.45    | 0.13%             | 2038-01-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2024-10                                                 | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |     46124 | PA      | $46019.47     | 0.02%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                                                 | Vital Energy Inc                                                                 | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21179.23     | 0.01%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                                | L3Harris Technologies Inc                                                        | CUSIP: 413875AS4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21276.23     | 0.01%             | 2035-04-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                                                       | AbbVie Inc                                                                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |        65 | NS      | $12681.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TAYLOR MORRISON COMM                                                             | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15006.77     | 0.01%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5                 | CUSIP: 46649WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99000 | PA      | $98010.00     | 0.05%             | 2040-03-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     51000 | PA      | $50744.67     | 0.03%             | 2041-10-15      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                                             | Sofi Professional Loan Program 2019-B LLC                                        | CUSIP: 83404WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87881 | PA      | $86013.46     | 0.04%             | 2048-08-17      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     53000 | PA      | $42692.93     | 0.02%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                           | Lendmark Funding Trust 2021-2                                                    | CUSIP: 52604DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $122889.59    | 0.06%             | 2032-04-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                                                               | CNX Resources Corp                                                               | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     72000 | PA      | $71959.38     | 0.04%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132CW5Q3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     28971 | PA      | $27585.53     | 0.01%             | 2037-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Great Wolf Trust                                                                 | GWT 2024-WLF2                                                                    | CUSIP: 362414AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99968.75     | 0.05%             | 2041-05-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QT4C0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80588 | PA      | $83387.20     | 0.04%             | 2054-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $10126.95     | 0.01%             | 2031-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LBA6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     96000 | PA      | $103226.32    | 0.05%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Orchard Park CLO, LTD.                                                           | Orchard Park Clo Ltd                                                             | CUSIP: 68563JAA2<br>LEI: 3912000K0W3TWP1KMO81 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249921.93    | 0.13%             | 2037-10-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XA6H0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127552 | PA      | $117074.33    | 0.06%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    113000 | PA      | $103418.36    | 0.05%             | 2054-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $-43.63       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LBA Trust                                                                        | LBA Trust 2024-7IND                                                              | CUSIP: 52109XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $19987.50     | 0.01%             | 2041-10-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XTAZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    376276 | PA      | $341065.63    | 0.17%             | 2050-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QLKY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33781 | PA      | $31627.84     | 0.02%             | 2036-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-15393.99    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1002900 | PA      | $712960.05    | 0.37%             | 2045-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.997500 12-MAR-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 244490248 | OU      | $-5001.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                                                              | Xerox Holdings Corp                                                              | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     25000 | PA      | $16015.37     | 0.01%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                                                             | SCG 2024-MSP Mortgage Trust                                                      | CUSIP: 78436EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    142000 | PA      | $141467.81    | 0.07%             | 2041-04-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                                          | Duke Energy Florida LLC                                                          | CUSIP: 26444HAR2<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6295.18      | 0.00%             | 2053-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    658000 | PA      | $671699.76    | 0.34%             | 2031-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16281.68     | 0.01%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Loan Trust 2020-A                                      | CUSIP: 63941FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $89757.09     | 0.05%             | 2068-11-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAE4<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     26000 | PA      | $18825.12     | 0.01%             | 2047-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BBAM US CLO LTD.                                                                 | BBAM US CLO I Ltd                                                                | CUSIP: 054978AL5<br>LEI: 549300LRECI1GZTZLF38 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $246728.25    | 0.13%             | 2038-03-30      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | Equinix Inc                                                                      | CUSIP: 29444UBT2<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     19000 | PA      | $12438.22     | 0.01%             | 2052-02-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                                                            | Japan Government Thirty Year Bond                                                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  25350000 | PA      | $168370.59    | 0.09%             | 2055-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                            | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50281.80     | 0.03%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CET4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    920000 | PA      | $901959.37    | 0.46%             | 2027-05-31      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     21000 | PA      | $21190.31     | 0.01%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                                         | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23369.47     | 0.01%             | 2029-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI Properties LP                                                               | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |    230000 | PA      | $225092.03    | 0.12%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2018-A                                          | CUSIP: 78449PAC3<br>LEI: 549300QHI21JZK7YIR34 | Long             | ABS-O            | CORP              | US        |     67814 | PA      | $67770.90     | 0.03%             | 2036-02-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     37000 | PA      | $36061.73     | 0.02%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 3.010000 15-APR-2055 UKR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    127380 | OU      | $-812.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 2.940000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -3489000 | OU      | $-32.10       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage Trust                                               | Ready Capital Mortgage Financing 2022-FL10 LLC                                   | CUSIP: 755931AA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     14935 | PA      | $14903.92     | 0.01%             | 2039-10-25      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3138WD2D2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    114169 | PA      | $105821.81    | 0.05%             | 2045-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                     | Thermo Fisher Scientific Inc                                                     | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |        27 | NS      | $11583.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KD8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     52000 | PA      | $43257.26     | 0.02%             | 2052-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp                                                            | Costco Wholesale Corp                                                            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |        14 | NS      | $13923.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2023-DELC                                                               | CUSIP: 05610DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100312.50    | 0.05%             | 2038-05-15      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200408.86    | 0.10%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Castle Hill INGOTS Ltd                                                           | CSTL Commercial Mortgage Trust 2024-GATE                                         | CUSIP: 22945JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40000 | PA      | $39793.78     | 0.02%             | 2041-11-10      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    387000 | PA      | $384613.18    | 0.20%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    676800 | PA      | $612556.87    | 0.31%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                                                               | 2023-MIC Trust/THE                                                               | CUSIP: 87256GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $10871.89     | 0.01%             | 2038-12-05      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| AGL Core CLO                                                                     | AGL Core CLO 2 Ltd                                                               | CUSIP: 001200AJ3<br>LEI: 549300EIBQDZ5WXOZ105 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250248.63    | 0.13%             | 2037-07-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 3.740000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   3489000 | OU      | $4371.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.230000 14-FEB-2055 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     89000 | OU      | $4294.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBF7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     78000 | PA      | $65773.87     | 0.03%             | 2033-02-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.505500 20-FEB-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    172260 | OU      | $-2588.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DXR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61507 | PA      | $52976.35     | 0.03%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                                                        | PG&E Corp                                                                        | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    484000 | PA      | $466324.99    | 0.24%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Edison International                                                             | Edison International                                                             | CUSIP: 281020AM9<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2897.00      | 0.00%             | 2028-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                                           | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     30000 | PA      | $25827.30     | 0.01%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2022-LBA6                                                               | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $149250.00    | 0.08%             | 2039-01-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                                             | BlueMountain CLO 2018-3 Ltd                                                      | CUSIP: 09630AAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    141457 | PA      | $141138.59    | 0.07%             | 2030-10-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                                                             | FS Rialto 2024-FL9 Issuer LLC                                                    | CUSIP: 30338WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99806.84     | 0.05%             | 2039-10-19      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    785100 | PA      | $793472.35    | 0.41%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $44423.93     | 0.02%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QU2G0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    178610 | PA      | $184130.44    | 0.09%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                                                    | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $101723.46    | 0.05%             | 2039-05-10      | Variable      | 8.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W0P82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    490193 | PA      | $489458.14    | 0.25%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                         | Foundation Finance Trust 2024-2                                                  | CUSIP: 35040VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99389.19     | 0.05%             | 2050-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLZ35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81062 | PA      | $76743.07     | 0.04%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                                                | Kinder Morgan Inc                                                                | CUSIP: 49456BBC4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20249.65     | 0.01%             | 2035-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAE3<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |    219000 | PA      | $225827.67    | 0.12%             | 2043-07-15      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| SDAL Trust                                                                       | SDAL Trust 2025-DAL                                                              | CUSIP: 78437RAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99874.90     | 0.05%             | 2042-04-15      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9800.72      | 0.01%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                    | TransDigm Inc                                                                    | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22122.13     | 0.01%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAR1<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13996.05     | 0.01%             | 2033-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                                           | Banc of America Alternative Loan Trust 2006-7                                    | CUSIP: 059469AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6976 | PA      | $1904.51      | 0.00%             | 2036-10-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | Equinix Inc                                                                      | CUSIP: 29444UBM7<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     57000 | PA      | $34168.53     | 0.02%             | 2051-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc                                                            | Micron Technology Inc                                                            | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |       161 | NS      | $12388.95     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                                         | Permian Resources Operating LLC                                                  | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20351.32     | 0.01%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    192000 | PA      | $147202.50    | 0.08%             | 2048-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                                                         | EQM Midstream Partners LP                                                        | CUSIP: 26885BAH3<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111845.69    | 0.06%             | 2027-07-01      | Fixed         | 6.50%                 | 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        |    154000 | PA      | $91145.48     | 0.05%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: —       |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    137000 | PA      | $143387.82    | 0.07%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQXP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29461 | PA      | $29408.94     | 0.02%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CU3<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |     54000 | PA      | $32489.44     | 0.02%             | 2051-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL                                          | MTN Commercial Mortgage Trust 2022-LPFL                                          | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99875.00     | 0.05%             | 2039-03-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                    | Citigroup Inc                                                                    | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       208 | NS      | $14223.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                                           | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | BR        |         1 | NC      | $6131.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661DE4<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15587.92     | 0.01%             | 2044-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FNA Trust                                                                        | FNA 8 LLC                                                                        | CUSIP: 30340WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97695 | PA      | $98323.16     | 0.05%             | 2045-03-15      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC 2021-BHAR                                                                   | CUSIP: 12659VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80000 | PA      | $79679.98     | 0.04%             | 2038-11-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEQ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    184000 | PA      | $183875.48    | 0.09%             | 2030-10-22      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | Service Properties Trust                                                         | CUSIP: 81761LAD4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     25000 | PA      | $24447.75     | 0.01%             | 2029-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    355000 | PA      | $382486.23    | 0.20%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 054989AD0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    232000 | PA      | $252095.53    | 0.13%             | 2053-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                                                 | DT Midstream Inc                                                                 | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17000 | PA      | $15954.99     | 0.01%             | 2029-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400HY2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     57000 | PA      | $58570.41     | 0.03%             | 2028-10-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EAW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    152969 | PA      | $131090.83    | 0.07%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                                                    | FirstCash Inc                                                                    | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16714.52     | 0.01%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBE2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17840.80     | 0.01%             | 2039-02-14      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                                                        | LBA Trust 2024-BOLT                                                              | CUSIP: 50177BAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $9823.97      | 0.01%             | 2039-06-15      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-PAT                                                                | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $10026.52     | 0.01%             | 2041-03-15      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | CMS USISSO01 2Y-10 OPTION @0.401BP                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  40300000 | NC      | $70568.12     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CBU8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     23000 | PA      | $19662.75     | 0.01%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                         | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     69000 | PA      | $69599.06     | 0.04%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    345000 | PA      | $345533.67    | 0.18%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                                          | Duke Energy Florida LLC                                                          | CUSIP: 26444HAN1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21245.53     | 0.01%             | 2052-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-OC10                                                 | CUSIP: 23245FAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99215 | PA      | $82908.49     | 0.04%             | 2036-11-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    116000 | PA      | $105456.51    | 0.05%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAV5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    236000 | PA      | $239014.05    | 0.12%             | 2030-08-02      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     65000 | PA      | $56404.79     | 0.03%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H020659<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1853000 | PA      | $1511335.52   | 0.77%             | 2054-05-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                                              | Consumers Energy Co                                                              | CUSIP: 210518DZ6<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35098.84     | 0.02%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                             | FREMF 2018-K80 Mortgage Trust                                                    | CUSIP: 30307RAE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     95000 | PA      | $92917.82     | 0.05%             | 2050-08-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Samsara Inc                                                                      | Samsara Inc                                                                      | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       414 | NS      | $16419.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    867500 | PA      | $897150.88    | 0.46%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                                              | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     27000 | PA      | $25186.12     | 0.01%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx $ High Yield Corporate Bond ETF                                    | iShares iBoxx $ High Yield Corporate Bond ETF                                    | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |      6670 | NS      | $524262.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Amgen Inc                                                                        | Amgen Inc                                                                        | CUSIP: 031162CF5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     39000 | PA      | $32691.01     | 0.02%             | 2051-06-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    237012 | PA      | $237344.85    | 0.12%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    156300 | PA      | $88785.73     | 0.05%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612GAB7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     90000 | PA      | $72475.96     | 0.04%             | 2052-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828ZS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    823400 | PA      | $772452.13    | 0.40%             | 2027-05-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XBA7<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    112000 | PA      | $103730.14    | 0.05%             | 2030-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                                      | PRKCM 2022-AFC1 Trust                                                            | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114216 | PA      | $112945.72    | 0.06%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                                         | Indonesia Government International Bonds                                         | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    400000 | PA      | $369200.00    | 0.19%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                                     | Voya CLO 2013-2 Ltd                                                              | CUSIP: 92916WAA7<br>LEI: 5493007ASGBOUR3XJY69 | Long             | ABS-CBDO         | CORP              | KY        |    292654 | PA      | $292654.44    | 0.15%             | 2031-04-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBE2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     26000 | PA      | $17775.22     | 0.01%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc                                                            | Reynolds American Inc                                                            | CUSIP: 761713BB1<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |    208000 | PA      | $194864.63    | 0.10%             | 2045-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BlackRock Funds III                                                              | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   1141013 | NS      | $1141013.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2022-VAMF                                                               | CUSIP: 05609TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $149250.00    | 0.08%             | 2039-01-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CAY1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     26000 | PA      | $19038.05     | 0.01%             | 2047-08-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179VN30<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     61570 | PA      | $54702.37     | 0.03%             | 2050-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                            | Foundry JV Holdco LLC                                                            | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207766.87    | 0.11%             | 2032-01-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                             | Cross 2025-H1 Mortgage Trust                                                     | CUSIP: 22758NAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $351324.82    | 0.18%             | 2070-02-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    596000 | PA      | $603566.40    | 0.31%             | 2027-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                                            | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAD0<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |     23000 | PA      | $20969.78     | 0.01%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     12000 | PA      | $10669.55     | 0.01%             | 2031-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133AMPP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10574 | PA      | $7966.24      | 0.00%             | 2051-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMQV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    585671 | PA      | $492951.09    | 0.25%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| INV 2024-IND Mortgage Trust                                                      | INV 2024-IND Mortgage Trust                                                      | CUSIP: 45000DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    168000 | PA      | $167580.00    | 0.09%             | 2041-11-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                  | CVS Health Corp                                                                  | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39023.45     | 0.02%             | 2045-07-20      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36202FPG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25744 | PA      | $25545.53     | 0.01%             | 2041-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                                              | MidOcean Credit CLO XII Ltd                                                      | CUSIP: 59803TAQ4<br>LEI: 5493000CPZWPTWX7TF71 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250000.00    | 0.13%             | 2036-04-18      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    115000 | PA      | $113850.00    | 0.06%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1112800 | PA      | $1129361.59   | 0.58%             | 2031-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                   | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $10221.13     | 0.01%             | 2041-12-10      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAT1<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     27000 | PA      | $19859.03     | 0.01%             | 2047-12-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                                                        | HIH Trust 2024-61P                                                               | CUSIP: 40444VAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $9862.43      | 0.01%             | 2041-10-15      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 1Y RTR 3.740000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   6233000 | OU      | $7060.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11000 | PA      | $10855.63     | 0.01%             | 2041-06-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              |  | US        |    167000 | PA      | $166837.53    | 0.09%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                                         | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26251.76     | 0.01%             | 2027-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                    | UBS Commercial Mortgage Trust 2018-C15                                           | CUSIP: 90278LBC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     71000 | PA      | $68609.96     | 0.04%             | 2051-12-15      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    217300 | PA      | $188745.42    | 0.10%             | 2043-08-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                     | BAMLL Trust 2025-ASHF                                                            | CUSIP: 05494CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86000 | PA      | $84093.72     | 0.04%             | 2042-02-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQ3U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60801 | PA      | $62106.41     | 0.03%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                                                        | PG&E Corp                                                                        | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    274000 | PA      | $265996.51    | 0.14%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0GX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     89665 | PA      | $88037.68     | 0.05%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H022655<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1593000 | PA      | $1357408.47   | 0.70%             | 2055-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    153000 | PA      | $134423.54    | 0.07%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-ROIC                                                               | CUSIP: 05593VAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96000 | PA      | $92163.60     | 0.05%             | 2030-03-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                                         | Madison Park Funding LXXI Ltd                                                    | CUSIP: 55817DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248375.00    | 0.13%             | 2038-04-23      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | GB        |         1 | NC      | $6266.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AP4<br>LEI: N/A                  | Long             | DBT              |  | US        |     80000 | PA      | $75410.53     | 0.04%             | 2030-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.687500 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    299000 | OU      | $1541.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 1Y RTR 2.940000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -6233000 | OU      | $-49.61       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 2.940000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        | -11785000 | OU      | $-93.81       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                            | Toorak Mortgage Trust 2024-2                                                     | CUSIP: 89055KAA0<br>LEI: 254900ZRJRVK75Z6JJ57 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100148.66    | 0.05%             | 2031-10-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                           | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26077.95     | 0.01%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    152000 | PA      | $155152.08    | 0.08%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400JJ3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    191000 | PA      | $192806.39    | 0.10%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Trust                                                 | LEX 2024-BBG Mortgage Trust                                                      | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    289000 | PA      | $290196.29    | 0.15%             | 2033-10-13      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                                            | Caesars Entertainment Inc                                                        | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10154.69     | 0.01%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W7L6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    266667 | PA      | $242794.23    | 0.12%             | 2052-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                                                   | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99065.46     | 0.05%             | 2034-11-15      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     29000 | PA      | $29142.96     | 0.01%             | 2026-02-28      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2025-800D                                      | CUSIP: 36273XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    162000 | PA      | $161381.22    | 0.08%             | 2041-11-25      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                                         | Brazil Notas do Tesouro Nacional Serie F                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   2000000 | PA      | $318143.76    | 0.16%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                                           | Uruguay Government International Bonds                                           | CUSIP: 760942BB7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    185900 | PA      | $186271.80    | 0.10%             | 2027-10-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    721000 | PA      | $723591.09    | 0.37%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                              | Dominion Energy Inc                                                              | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62295.24     | 0.03%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                                           | RR 18 Ltd                                                                        | CUSIP: 749752AE1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250050.00    | 0.13%             | 2034-10-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2022-4                                                | CUSIP: 92538NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $88663.44     | 0.05%             | 2067-04-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                                            | General Dynamics Corp                                                            | CUSIP: 369550BR8<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30099.29     | 0.02%             | 2035-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AS MILEAGE PLAN IP LTD                                                           | AS Mileage Plan IP Ltd                                                           | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      5000 | PA      | $4789.74      | 0.00%             | 2031-10-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                                    | RFMSI Series 2006-SA4 Trust                                                      | CUSIP: 74958CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1177 | PA      | $947.23       | 0.00%             | 2036-11-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2020-1                                    | CUSIP: 92259LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140237 | PA      | $126395.39    | 0.06%             | 2050-02-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CBQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    277800 | PA      | $269921.76    | 0.14%             | 2026-02-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7695.40      | 0.00%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KQ2Z8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13511 | PA      | $13801.50     | 0.01%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XRV28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    343487 | PA      | $355415.32    | 0.18%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                                            | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $28994.21     | 0.01%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $11098.19     | 0.01%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QPDV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5621 | PA      | $5429.78      | 0.00%             | 2037-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Juniper Networks Inc                                                             | Juniper Networks Inc                                                             | CUSIP: 48203RAD6<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4928.02      | 0.00%             | 2041-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                                 | Soundview Home Loan Trust 2005-OPT3                                              | CUSIP: 83611MGX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46000 | PA      | $35649.45     | 0.02%             | 2035-11-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.330000 28-APR-2055 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    177300 | OU      | $672.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W5D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    346918 | PA      | $315789.56    | 0.16%             | 2052-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE                         | CUSIP: 64972FL20<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10396.52     | 0.01%             | 2042-06-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                                                       | Pfizer Inc                                                                       | CUSIP: 717081FA6<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     64000 | PA      | $38866.37     | 0.02%             | 2050-05-28      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                                                 | Symphony CLO XXVI Ltd                                                            | CUSIP: 87190GAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    206351 | PA      | $206202.64    | 0.11%             | 2033-04-20      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                                              | NOVA Chemicals Corp                                                              | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23625.00     | 0.01%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    316000 | PA      | $307618.35    | 0.16%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-55CW                                                 | CUSIP: 12668AUP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16088 | PA      | $11710.58     | 0.01%             | 2035-11-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                              | Affirm Master Trust                                                              | CUSIP: 00833BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133000 | PA      | $133673.78    | 0.07%             | 2033-02-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                    | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25608.85     | 0.01%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381JDG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4862 | PA      | $4440.40      | 0.00%             | 2063-09-16      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co                                                            | MidAmerican Energy Co                                                            | CUSIP: 595620AS4<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3712.60      | 0.00%             | 2048-08-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AK5<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              |  | US        |    134000 | PA      | $136116.93    | 0.07%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                                                                  | DR Horton Inc                                                                    | CUSIP: 23331ABU2<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10010.38     | 0.01%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1466000 | PA      | $1478369.38   | 0.76%             | 2027-02-28      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                                              | NCL Corp Ltd                                                                     | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     24000 | PA      | $23888.05     | 0.01%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                                                        | LBA Trust 2024-BOLT                                                              | CUSIP: 50177BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $170000.00    | 0.09%             | 2039-06-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                                         | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     17000 | PA      | $15569.03     | 0.01%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.832000 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    426000 | OU      | $-919.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-59                                                   | CUSIP: 12668AEV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2568 | PA      | $2453.66      | 0.00%             | 2035-11-20      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    632000 | PA      | $641138.29    | 0.33%             | 2030-07-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QK7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     54900 | PA      | $50889.73     | 0.03%             | 2040-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    179000 | PA      | $161680.35    | 0.08%             | 2041-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                                              | Peru Government International Bonds                                              | CUSIP: 715638DT6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    146000 | PA      | $98732.50     | 0.05%             | 2051-03-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CW7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    112000 | PA      | $107001.35    | 0.05%             | 2064-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                                                  | AREIT 2024-CRE9 Ltd                                                              | CUSIP: 00193AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    196000 | PA      | $195532.66    | 0.10%             | 2041-05-17      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    526000 | PA      | $530793.16    | 0.27%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNGD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    166905 | PA      | $158906.22    | 0.08%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    192000 | PA      | $139162.50    | 0.07%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                                         | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24207.47     | 0.01%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SAM5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     45000 | PA      | $35618.03     | 0.02%             | 2042-08-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                                           | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11413.88     | 0.01%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                                               | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     19000 | PA      | $19737.20     | 0.01%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Boston Scientific Corp                                                           | Boston Scientific Corp                                                           | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |       149 | NS      | $15327.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    500233 | PA      | $416642.63    | 0.21%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (CDX.NA.HY.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |  10286252 | OU      | $432238.94    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    446000 | PA      | $408435.47    | 0.21%             | 2031-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWAW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    805263 | PA      | $644447.71    | 0.33%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     72000 | PA      | $74820.31     | 0.04%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                               | A&D Mortgage Trust 2024-NQM5                                                     | CUSIP: 00039KAC4<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |     93833 | PA      | $94333.35     | 0.05%             | 2069-11-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Lam Research Corp                                                                | Lam Research Corp                                                                | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       190 | NS      | $13617.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-2851.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F062655<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     46000 | PA      | $47369.40     | 0.02%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2025-A                                                 | CUSIP: 64033XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275000 | PA      | $272363.11    | 0.14%             | 2057-03-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                                     | CUSIP: 646139W35<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     63000 | PA      | $75819.84     | 0.04%             | 2040-01-01      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                                                        | College Ave Student Loans 2021-C LLC                                             | CUSIP: 19424WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183261 | PA      | $165462.75    | 0.08%             | 2055-07-26      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust                                      | Goldman Home Improvement Trust 2022-GRN1 Issuer Trust                            | CUSIP: 38150YAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19976 | PA      | $19853.20     | 0.01%             | 2052-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                                             | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17017.61     | 0.01%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAM1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    379000 | PA      | $372511.71    | 0.19%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400JE4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18203.27     | 0.01%             | 2031-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ALABAMA POWER CO                                                                 | Alabama Power Co                                                                 | CUSIP: 010392FD5<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14651.27     | 0.01%             | 2041-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                            | Foundry JV Holdco LLC                                                            | CUSIP: 350930AG8<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    225000 | PA      | $229474.14    | 0.12%             | 2033-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    463000 | PA      | $459527.50    | 0.24%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XG3A5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20929 | PA      | $20594.89     | 0.01%             | 2034-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Coast Investment Grade                                                           | COAST Commercial Mortgage Trust 2023-2HTL                                        | CUSIP: 19033EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $209398.50    | 0.11%             | 2036-08-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     44000 | PA      | $45938.17     | 0.02%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $163876.00    | 0.08%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2016-C33                                   | CUSIP: 95000LBB8<br>LEI: 549300JPCJUA5JJLRW54 | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $147618.14    | 0.08%             | 2059-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30398.77     | 0.02%             | 2026-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    296000 | PA      | $300270.08    | 0.15%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY INC                                                                 | Viper Energy Inc                                                                 | CUSIP: 92763MAA3<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |    288000 | PA      | $286491.37    | 0.15%             | 2027-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                                            | Mineral Resources Ltd                                                            | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     16000 | PA      | $15195.56     | 0.01%             | 2027-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corporation                                              | Banc of America Funding 2007-1 Trust                                             | CUSIP: 05951FBG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        66 | PA      | $55.78        | 0.00%             | 2037-01-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                                         | CUSIP: 882722KF7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71676.51     | 0.04%             | 2039-04-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp                                                             | Lockheed Martin Corp                                                             | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        29 | NS      | $13854.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NVJY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20000 | PA      | $21096.54     | 0.01%             | 2031-06-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XHW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    403220 | PA      | $367265.70    | 0.19%             | 2052-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DSFW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    411439 | PA      | $310099.95    | 0.16%             | 2052-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.783000 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  14801000 | OU      | $14472.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | OneMain Financial Issuance Trust 2023-2                                          | CUSIP: 68269HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $103277.88    | 0.05%             | 2036-09-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                                         | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     28000 | PA      | $27022.35     | 0.01%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DMQW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    228814 | PA      | $200415.59    | 0.10%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.018460 12-MAR-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 554283841 | OU      | $-12140.95    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                                         | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5735.50      | 0.00%             | 2029-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-KING                                           | CUSIP: 05612RAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    197401 | PA      | $197277.87    | 0.10%             | 2034-05-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                                                            | Norfolk Southern Corp                                                            | CUSIP: 655844CH9<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     38000 | PA      | $23954.57     | 0.01%             | 2055-05-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | TRSWAP: GSISDRV5 INDEX                                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    136326 | OU      | $-3825.90     | -0.00%            |  |  |  | No            |                  3 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25000 | PA      | $25263.31     | 0.01%             | 2039-06-12      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                                                                 | Sensata Technologies Inc                                                         | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23053.01     | 0.01%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                               | Regional Management Issuance Trust 2021-2                                        | CUSIP: 75907UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $94723.90     | 0.05%             | 2033-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133L8XH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    134381 | PA      | $122703.33    | 0.06%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612GAK7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     86000 | PA      | $83998.63     | 0.04%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 10YR NOTE (CBT)JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -14 | NC      | $-18900.13    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Visio Trust                                                                      | Visio 2022-1 Trust                                                               | CUSIP: 92838CAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $84324.82     | 0.04%             | 2057-08-25      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                                                  | OHA Credit Funding 5 Ltd                                                         | CUSIP: 67113GAS6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250000.00    | 0.13%             | 2037-10-18      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 3.740000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   1337000 | OU      | $1675.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104239.50    | 0.05%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    343000 | PA      | $349769.06    | 0.18%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| Cascade Funding Mortgage Trust                                                   | CFMT 2024-R1 LLC                                                                 | CUSIP: 12530YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    129856 | PA      | $127210.75    | 0.07%             | 2054-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                                             | Diameter Capital CLO 8 Ltd                                                       | CUSIP: 25256JAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350054.04    | 0.18%             | 2037-10-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                                          | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23245.07     | 0.01%             | 2028-02-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-PAT                                                                | CUSIP: 05612FAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16000 | PA      | $15707.58     | 0.01%             | 2041-03-15      | Floating      | 9.71%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11000 | PA      | $11063.25     | 0.01%             | 2039-06-10      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                                                   | Microsoft Corp                                                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |        37 | NS      | $14624.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DBGS Mortgage Trust                                                              | DBGS 2024-SBL                                                                    | CUSIP: 23306QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $248905.80    | 0.13%             | 2034-08-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QMHX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    814400 | PA      | $686566.68    | 0.35%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                                           | Uruguay Government International Bonds                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     78403 | PA      | $72013.16     | 0.04%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                                                    | Nordstrom Inc                                                                    | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21270.12     | 0.01%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93742.85     | 0.05%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAU5<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |     11000 | PA      | $11153.14     | 0.01%             | 2039-06-10      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAH2<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    184000 | PA      | $181370.36    | 0.09%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                         | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    296000 | PA      | $298069.21    | 0.15%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI Properties LP                                                               | CUSIP: 925650AK9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |     70000 | PA      | $69270.79     | 0.04%             | 2035-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2020-C                                 | CUSIP: 63941KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119013 | PA      | $119778.45    | 0.06%             | 2068-11-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                               | Union Pacific Corp                                                               | CUSIP: 907818GA0<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     22000 | PA      | $15073.89     | 0.01%             | 2072-02-14      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                               | Vertiv Holdings Co                                                               | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |       180 | NS      | $15368.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NDW8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    126000 | PA      | $70762.41     | 0.04%             | 2063-11-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8R6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45989.16     | 0.02%             | 2063-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | 1Y RTR 3.740000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   3409000 | OU      | $3861.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.723500 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    492000 | OU      | $-2781.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                                                 | FirstEnergy Corp                                                                 | CUSIP: 337932AM9<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    375000 | PA      | $246873.25    | 0.13%             | 2050-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    174300 | PA      | $161132.18    | 0.08%             | 2028-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-29CB                                                 | CUSIP: 12667GUS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8661 | PA      | $5106.74      | 0.00%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | Service Properties Trust                                                         | CUSIP: 44106MBA9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     16000 | PA      | $15490.70     | 0.01%             | 2026-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX 2024-PALM                                                                     | CUSIP: 05612UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    173077 | PA      | $172590.14    | 0.09%             | 2037-06-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                            | CWABS Asset-Backed Certificates Trust 2006-11                                    | CUSIP: 12666TAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57331 | PA      | $55531.03     | 0.03%             | 2035-12-25      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     28000 | PA      | $28288.75     | 0.01%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD 2024-VICT Mortgage Trust                                                    | CUSIP: 05555VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16000 | PA      | $15980.00     | 0.01%             | 2041-07-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H030658<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1313000 | PA      | $1162270.49   | 0.60%             | 2055-05-20      | Fixed         | 3.00%                 | 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        |     16000 | PA      | $15426.16     | 0.01%             | 2029-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                                             | Diameter Capital Clo 3 Ltd                                                       | CUSIP: 25255JAL1<br>LEI: 254900L1QJX98W5ORK78 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249847.55    | 0.13%             | 2038-01-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    577600 | PA      | $370295.75    | 0.19%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWCP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12447 | PA      | $10371.59     | 0.01%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X8ZF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    337125 | PA      | $298793.93    | 0.15%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                         | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     91000 | PA      | $88503.38     | 0.05%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    368700 | PA      | $305156.86    | 0.16%             | 2053-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAN9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    271000 | PA      | $257329.94    | 0.13%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.833750 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    616000 | OU      | $-1383.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VCQ5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141521.81    | 0.07%             | 2034-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| APA CORP                                                                         | APA Corp                                                                         | CUSIP: 03743QAJ7<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |      8000 | PA      | $6365.68      | 0.00%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                                         | Florida Power & Light Co                                                         | CUSIP: 341081FX0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     43000 | PA      | $28826.01     | 0.01%             | 2049-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                         | CUSIP: 617932AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95727 | PA      | $96326.60     | 0.05%             | 2069-11-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTR 4.007500 14-APR-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    120308 | OU      | $6393.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Stryker Corp                                                                     | Stryker Corp                                                                     | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |        39 | NS      | $14582.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PGA National Resort Commercial Mortgage Trust                                    | PGA Trust 2024-RSR2                                                              | CUSIP: 69381CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11000 | PA      | $10955.30     | 0.01%             | 2039-06-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     84528 | PA      | $83316.42     | 0.04%             | 2041-04-15      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Trane Technologies PLC                                                           | Trane Technologies PLC                                                           | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |        42 | NS      | $16099.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    429305 | PA      | $357560.18    | 0.18%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.320000 03-MAR-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     80000 | OU      | $2249.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBV6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    157000 | PA      | $141353.33    | 0.07%             | 2052-03-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2025-NQM1                                                                   | CUSIP: 26846CAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $355189.84    | 0.18%             | 2070-01-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                                                  | AREIT 2025-CRE10 Ltd                                                             | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    323000 | PA      | $319755.47    | 0.16%             | 2029-12-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51698.77     | 0.03%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC51<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     64000 | PA      | $62331.23     | 0.03%             | 2056-01-28      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-354.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $34835.54     | 0.02%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I Trust 2017-ASHF                                         | CUSIP: 61691KAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $96750.00     | 0.05%             | 2034-11-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-GPA3                                           | CUSIP: 123910AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170664 | PA      | $169170.64    | 0.09%             | 2039-12-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                                                 | FirstEnergy Corp                                                                 | CUSIP: 337932AL1<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     12000 | PA      | $10881.84     | 0.01%             | 2030-03-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                             | PRET 2024-NPL5 LLC                                                               | CUSIP: 74143QAA3<br>LEI: 254900YWXIBNNDQF0Y67 | Long             | ABS-O            | CORP              | US        |    141715 | PA      | $141084.47    | 0.07%             | 2054-09-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| Olin Corp                                                                        | Olin Corp                                                                        | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |     27000 | PA      | $25356.09     | 0.01%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                                                      | NVIDIA Corp                                                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       132 | NS      | $14377.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 3.665000 05-APR-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    634500 | OU      | $30782.37     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAG8<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |     12000 | PA      | $12095.88     | 0.01%             | 2043-07-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                                          | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44250.87     | 0.02%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BELGIUM KINGDOM                                                                  | Kingdom of Belgium Government Bond                                               | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |    401226 | PA      | $415753.66    | 0.21%             | 2054-06-22      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100431.50    | 0.05%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                                                             | OHA Loan Funding 2016-1 Ltd                                                      | CUSIP: 67110UAW9<br>LEI: 54930016024GMIAF7A82 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250206.70    | 0.13%             | 2037-07-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                               | Union Pacific Corp                                                               | CUSIP: 907818FV5<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     10000 | PA      | $6610.31      | 0.00%             | 2061-05-20      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | Service Properties Trust                                                         | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     17000 | PA      | $16194.58     | 0.01%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAR4<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    253000 | PA      | $214363.74    | 0.11%             | 2031-10-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                                                      | Chemours Co/The                                                                  | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     23000 | PA      | $20833.87     | 0.01%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                                         | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    120000 | PA      | $105354.14    | 0.05%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                                                  | Cameron LNG LLC                                                                  | CUSIP: 133434AB6<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |    104000 | PA      | $87344.00     | 0.04%             | 2035-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      4000 | PA      | $4083.75      | 0.00%             | 2027-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     71000 | PA      | $983.14       | 0.00%             | 2039-06-12      | Fixed         | 0.92%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2025-II Ltd                                                         | CUSIP: 17181DAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248375.00    | 0.13%             | 2038-04-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QC3S3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    125888 | PA      | $115303.40    | 0.06%             | 2050-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CFK Trust                                                                        | CFK Trust 2020-MF2                                                               | CUSIP: 12529AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $91105.15     | 0.05%             | 2039-03-15      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAP9<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |      9000 | PA      | $6786.95      | 0.00%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     63000 | PA      | $63697.27     | 0.03%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                                                            | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21781.10     | 0.01%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    115000 | PA      | $117252.66    | 0.06%             | 2031-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software Inc                                                | Take-Two Interactive Software Inc                                                | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |        70 | NS      | $16332.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XL5C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    341512 | PA      | $343827.60    | 0.18%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                                             | Edison International                                                             | CUSIP: 281020BA4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5959.25      | 0.00%             | 2029-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XBA6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2680.66      | 0.00%             | 2054-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     58000 | PA      | $61399.93     | 0.03%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XCH1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    192000 | PA      | $195032.79    | 0.10%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                             | Glencore Funding LLC                                                             | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    180000 | PA      | $160054.39    | 0.08%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.029900 25-MAR-2055 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     60000 | OU      | $5760.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                                              | United Airlines Inc                                                              | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     22000 | PA      | $20664.79     | 0.01%             | 2029-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                          | NYMT Loan Trust 2024-INV1                                                        | CUSIP: 62956XAA9<br>LEI: 2549009GL7U73W4FX613 | Long             | ABS-MBS          | CORP              | US        |     96101 | PA      | $96413.80     | 0.05%             | 2069-06-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DWQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55779 | PA      | $42041.91     | 0.02%             | 2051-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                                                     | Alphabet Inc                                                                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |        84 | NS      | $13514.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-PAT                                                                | CUSIP: 05612FAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34000 | PA      | $33542.45     | 0.02%             | 2041-03-15      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ACX1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    176000 | PA      | $169625.86    | 0.09%             | 2062-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2019-C                                 | CUSIP: 63940YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57119 | PA      | $56138.96     | 0.03%             | 2068-02-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJF7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    269000 | PA      | $233278.95    | 0.12%             | 2031-07-23      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CBS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    257200 | PA      | $240652.80    | 0.12%             | 2028-03-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                                 | Soundview Home Loan Trust 2007-NS1                                               | CUSIP: 83612QAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    148581 | PA      | $138761.20    | 0.07%             | 2037-01-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities I Trust 2006-IM1                            | CUSIP: 07387UFW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    116432 | PA      | $107197.37    | 0.05%             | 2036-04-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-OC7                                                  | CUSIP: 23243VAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    195691 | PA      | $165964.08    | 0.09%             | 2046-07-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co                                                         | Florida Power & Light Co                                                         | CUSIP: 341081FU6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     64000 | PA      | $50021.98     | 0.03%             | 2049-03-01      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XEP7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22107.35     | 0.01%             | 2034-01-07      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 2.940000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -1337000 | OU      | $-12.30       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSUC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89599 | PA      | $91243.89     | 0.05%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                          | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $22973.99     | 0.01%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SESAC Finance, LLC                                                               | Sesac Finance LLC                                                                | CUSIP: 78396YAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    103675 | PA      | $102662.24    | 0.05%             | 2049-07-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ACV5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27150.95     | 0.01%             | 2033-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 124857AN3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3627.68      | 0.00%             | 2045-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H062651<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    431000 | PA      | $440578.02    | 0.23%             | 2054-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAS8<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81342.32     | 0.04%             | 2027-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC                                                         | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd        | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     31376 | PA      | $31474.58     | 0.02%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                                                        | BMP 2024-MF23                                                                    | CUSIP: 05593JAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99250.00     | 0.05%             | 2041-06-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2025-SPOT                                           | CUSIP: 12433FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190000 | PA      | $189448.05    | 0.10%             | 2040-04-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    876823 | PA      | $731100.95    | 0.37%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J6GJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9816 | PA      | $9024.97      | 0.00%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AEP Transmission Co LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAH2<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |     21000 | PA      | $15544.80     | 0.01%             | 2047-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                                          | Saluda Grade Alternative Mortgage Trust 2024-RTL5                                | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100381.60    | 0.05%             | 2030-04-25      | Variable      | 7.76%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    514000 | PA      | $499102.03    | 0.26%             | 2029-04-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRER0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    125825 | PA      | $128526.29    | 0.07%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 036752AS2<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     48000 | PA      | $33548.96     | 0.02%             | 2051-03-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     88000 | PA      | $80362.21     | 0.04%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    299000 | PA      | $280528.50    | 0.14%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBK9<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     49000 | PA      | $46030.77     | 0.02%             | 2053-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1093000 | PA      | $1076434.22   | 0.55%             | 2031-09-30      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    357000 | PA      | $363834.04    | 0.19%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                                                  | Benefit Street Partners CLO IV Ltd                                               | CUSIP: 08180FBW0<br>LEI: 5493002BNZCV0YE1MG83 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249375.00    | 0.13%             | 2034-04-20      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                                                   | Galaxy XV CLO Ltd                                                                | CUSIP: 36318WAK6<br>LEI: 549300MJK1HWQWCLYA68 | Long             | ABS-CBDO         | CORP              | KY        |      4464 | PA      | $4463.58      | 0.00%             | 2030-10-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAQ2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     36000 | PA      | $26773.26     | 0.01%             | 2051-03-24      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                  | CVS Health Corp                                                                  | CUSIP: 126650EE6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25183.31     | 0.01%             | 2044-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTP 4.340000 13-JAN-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    270270 | OU      | $6615.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                                              | Sirius XM Radio LLC                                                              | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     26000 | PA      | $24458.90     | 0.01%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                      | Gartner Inc                                                                      | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    197000 | PA      | $194179.59    | 0.10%             | 2028-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    188235 | PA      | $188155.14    | 0.10%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PBN5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     51000 | PA      | $33685.55     | 0.02%             | 2051-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc                                                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |        60 | NS      | $13528.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                                      | Walmart Inc                                                                      | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       160 | NS      | $15560.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.100000 23-DEC-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     70000 | OU      | $5645.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley ReRemic Trust                                                     | Morgan Stanley Resecuritization Trust 2015-R3                                    | CUSIP: 61690TAV5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $76596.88     | 0.04%             | 2047-04-26      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAW9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    195000 | PA      | $189149.07    | 0.10%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    114000 | PA      | $100134.93    | 0.05%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                                            | Silver Point Clo 5 Ltd                                                           | CUSIP: 82809BAA4<br>LEI: 254900IB4JHW6SUR0Q75 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250041.70    | 0.13%             | 2037-10-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    236000 | PA      | $213285.00    | 0.11%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12000 | PA      | $11879.85     | 0.01%             | 2041-10-15      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141240.99    | 0.07%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14000 | PA      | $13748.17     | 0.01%             | 2041-06-15      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                                                        | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99593.75     | 0.05%             | 2041-10-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO-BUXL 30Y BND JUN25                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -2 | NC      | $-13959.10    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-VLT6                                                               | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    281000 | PA      | $278190.00    | 0.14%             | 2042-03-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTR 4.340000 13-JAN-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    270270 | OU      | $18534.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.428700 20-JUN-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     36000 | OU      | $-382.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    189366 | PA      | $161411.64    | 0.08%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                                                             | Reworld Holding Corp                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21490.70     | 0.01%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2023-FUN                                       | CUSIP: 36267CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100156.25    | 0.05%             | 2028-03-15      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                                                  | San Diego Gas & Electric Co                                                      | CUSIP: 797440BV5<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     15000 | PA      | $10935.00     | 0.01%             | 2047-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    799900 | PA      | $782120.97    | 0.40%             | 2029-08-31      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                    | AppLovin Corp                                                                    | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    159000 | PA      | $160305.72    | 0.08%             | 2029-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                                             | BlueMountain CLO 2016-3 Ltd                                                      | CUSIP: 09628VAW4<br>LEI: 549300EYIDIF4X8MHI21 | Long             | ABS-CBDO         | CORP              | KY        |    142773 | PA      | $142487.67    | 0.07%             | 2030-11-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     52000 | PA      | $53007.55     | 0.03%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                               | Union Pacific Corp                                                               | CUSIP: 907818FN3<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     59000 | PA      | $33725.39     | 0.02%             | 2062-09-16      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CAL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    453600 | PA      | $420111.56    | 0.22%             | 2027-09-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                            | Northrop Grumman Corp                                                            | CUSIP: 666807BU5<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10177.70     | 0.01%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                                         | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22114.60     | 0.01%             | 2032-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                           | SLM Private Education Loan Trust 2010-C                                          | CUSIP: 78445QAE1<br>LEI: 549300JEA36NHBYED811 | Long             | ABS-O            | CORP              | US        |     57313 | PA      | $60174.44     | 0.03%             | 2041-10-15      | Floating      | 9.19%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    146000 | PA      | $148646.88    | 0.08%             | 2031-04-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W2U1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    230134 | PA      | $196158.17    | 0.10%             | 2052-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                                                        | BMP 2024-MF23                                                                    | CUSIP: 05593JAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11000 | PA      | $10868.92     | 0.01%             | 2041-06-15      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                                                           | Energizer Holdings Inc                                                           | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     18000 | PA      | $16793.78     | 0.01%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46974.29     | 0.02%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| BOEING CO/THE                                                                    | Boeing Co/The                                                                    | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |       250 | NS      | $15345.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTR 3.665000 05-APR-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    634500 | OU      | $24455.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042657<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    927000 | PA      | $886444.04    | 0.45%             | 2055-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                                              | BWAY Trust 2025-1535                                                             | CUSIP: 12430BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18000 | PA      | $18403.70     | 0.01%             | 2042-05-05      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H060655<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    745000 | PA      | $753468.56    | 0.39%             | 2054-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 036752AM5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     42000 | PA      | $26948.96     | 0.01%             | 2050-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H052652<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1151000 | PA      | $1150384.00   | 0.59%             | 2054-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-OA2                                                  | CUSIP: 126694S41<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    207256 | PA      | $178689.03    | 0.09%             | 2046-05-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                                                         | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $15663.73     | 0.01%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     87000 | PA      | $74260.04     | 0.04%             | 2032-03-15      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAA5<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14911.19     | 0.01%             | 2025-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR INC                                                                  | Caterpillar Inc                                                                  | CUSIP: 149123CF6<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |     42000 | PA      | $29132.28     | 0.01%             | 2049-09-19      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     59000 | PA      | $48850.18     | 0.03%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162DG2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15212.91     | 0.01%             | 2062-02-22      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    271600 | PA      | $172020.41    | 0.09%             | 2049-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                                           | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $5962.92      | 0.00%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                             | Bank of America Corp                                                             | CUSIP: 06051GFG9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     24000 | PA      | $21830.69     | 0.01%             | 2044-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418CQA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64561 | PA      | $59225.29     | 0.03%             | 2047-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                                      | OCP CLO 2025-40 Ltd                                                              | CUSIP: 67570FAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    410000 | PA      | $404182.18    | 0.21%             | 2038-04-16      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                                               | Howard Hughes Corp/The                                                           | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24087.18     | 0.01%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EV80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    432738 | PA      | $432446.46    | 0.22%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    184600 | PA      | $152778.13    | 0.08%             | 2053-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.814000 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   2649000 | OU      | $-3394.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                                                   | Apidos CLO XXXIV                                                                 | CUSIP: 03768WAL9<br>LEI: 5493001VH1Y9SEPJKZ47 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249503.75    | 0.13%             | 2035-01-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119DC0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    135000 | PA      | $132270.11    | 0.07%             | 2055-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                                                | Citigroup Mortgage Loan Trust 2022-A                                             | CUSIP: 17330VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78183 | PA      | $78127.48     | 0.04%             | 2062-09-25      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                                           | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25066.00     | 0.01%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                                | Post Holdings Inc                                                                | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5655.63      | 0.00%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2021-ARIA                                                               | CUSIP: 05608RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28000 | PA      | $27790.00     | 0.01%             | 2036-10-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                                            | Freedom Mortgage Corp                                                            | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11002.76     | 0.01%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2022-NQM1 Trust                                                             | CUSIP: 36168VAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    180000 | PA      | $132719.02    | 0.07%             | 2067-02-25      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2024-NQM1                                                                   | CUSIP: 26845DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135592 | PA      | $136303.22    | 0.07%             | 2069-11-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMKG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81919 | PA      | $78845.23     | 0.04%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBH6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     29000 | PA      | $20279.12     | 0.01%             | 2052-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.428700 19-JUN-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     37000 | OU      | $-389.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                                               | Chase Mortgage Finance Trust Series 2007-S5                                      | CUSIP: 161631AK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    121027 | PA      | $52861.51     | 0.03%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XRN84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    101990 | PA      | $100223.45    | 0.05%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44458.89     | 0.02%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29278NAF0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    103000 | PA      | $103933.41    | 0.05%             | 2028-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Gaea Mortgage Loan Trust                                                         | Gaea Mortgage Loan Trust 2025-A                                                  | CUSIP: 362928AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    219552 | PA      | $215344.22    | 0.11%             | 2030-02-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2023-SHIP                                      | CUSIP: 36270GAJ0<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $10069.41     | 0.01%             | 2038-09-10      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                                      | Extended Stay America Trust 2021-ESH                                             | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85948 | PA      | $85572.11     | 0.04%             | 2038-07-15      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAU8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54828.40     | 0.03%             | 2035-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TTAN                                                                             | TTAN 2021-MHC                                                                    | CUSIP: 87303TAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     76904 | PA      | $76519.93     | 0.04%             | 2038-03-15      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334KQ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     67000 | PA      | $66566.13     | 0.03%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                                                      | Hologic Inc                                                                      | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11206.12     | 0.01%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                               | Union Pacific Corp                                                               | CUSIP: 907818FS2<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     21000 | PA      | $14205.38     | 0.01%             | 2071-04-06      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HONO Mortgage Trust                                                              | HONO 2021-LULU Mortgage Trust                                                    | CUSIP: 40390MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    227132 | PA      | $224292.85    | 0.11%             | 2036-10-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Ser 2006-AR10 Trust   | CUSIP: 93935YAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221675 | PA      | $175604.83    | 0.09%             | 2036-12-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.683000 21-APR-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 244723924 | OU      | $468.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                                         | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $5855.43      | 0.00%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HKE75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    514422 | PA      | $513677.12    | 0.26%             | 2055-01-25      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    119000 | PA      | $118817.16    | 0.06%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    303000 | PA      | $266381.32    | 0.14%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2023-B                                          | CUSIP: 78449HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126875 | PA      | $129046.95    | 0.07%             | 2056-10-16      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trust                                                  | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                               | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    385000 | PA      | $381871.88    | 0.20%             | 2039-12-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                         | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AZ9<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     88000 | PA      | $89303.79     | 0.05%             | 2037-09-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 1.026500 12-MAR-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 658313041 | OU      | $-14785.40    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Trust 2024-1                                           | CUSIP: 39571MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81674 | PA      | $82907.29     | 0.04%             | 2059-06-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308HA8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     13000 | PA      | $9290.27      | 0.00%             | 2042-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                                         | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    198000 | PA      | $202116.07    | 0.10%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 1Y RTR 3.740000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   1604000 | OU      | $1817.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    675100 | PA      | $674968.15    | 0.35%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    557000 | PA      | $594014.49    | 0.30%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                                         | Standard Industries Inc/NY                                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11743.72     | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23583.05     | 0.01%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    252000 | PA      | $256649.18    | 0.13%             | 2031-04-23      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition Corp                                              | JP Morgan Mortgage Acquisition Trust 2007-CH1                                    | CUSIP: 46630LAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $203155.46    | 0.10%             | 2036-11-25      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                                         | Live Nation Entertainment Inc                                                    | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23898.48     | 0.01%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QEXQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    159275 | PA      | $128053.34    | 0.07%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                                                   | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $140272.23    | 0.07%             | 2034-11-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                                                | Store Capital LLC                                                                | CUSIP: 862123AA4<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              |  | US        |     95000 | PA      | $94752.76     | 0.05%             | 2030-04-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CART                                                                             | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45000 | PA      | $44326.91     | 0.02%             | 2041-08-15      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     94000 | PA      | $79281.17     | 0.04%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     74000 | PA      | $75570.75     | 0.04%             | 2031-01-24      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                 | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130000 | PA      | $131985.91    | 0.07%             | 2039-10-05      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QR3K7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89877 | PA      | $91327.15     | 0.05%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TransDigm Group Inc                                                              | TransDigm Group Inc                                                              | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        10 | NS      | $14130.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | Onemain Financial Issuance Trust 2024-1                                          | CUSIP: 68269NAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148000 | PA      | $152340.99    | 0.08%             | 2041-05-14      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                                                      | Netflix Inc                                                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |        17 | NS      | $19239.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROPEAN UNION                                                                   | European Union                                                                   | CUSIP: 000000000<br>LEI: 529900FZRK8FGMPEOM08 | Long             | DBT              | NUSS              | XX        |    197000 | PA      | $177087.07    | 0.09%             | 2052-10-04      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.441300 24-JUN-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     25000 | OU      | $345.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                                                | CUSIP: 796253Y30<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20329.07     | 0.01%             | 2041-02-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                           | JW Trust 2024-BERY                                                               | CUSIP: 46676AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $199000.00    | 0.10%             | 2039-11-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 10YR ULTRA FUT JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -77 | NC      | $-115202.84   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.912800 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   2649000 | OU      | $5961.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                   | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14000 | PA      | $14347.69     | 0.01%             | 2041-12-10      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.260000 22-OCT-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     10000 | OU      | $285.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc                                                           | Intuitive Surgical Inc                                                           | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |        29 | NS      | $14958.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.531250 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    239000 | OU      | $887.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                    | Citigroup Inc                                                                    | CUSIP: 172967LP4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     43000 | PA      | $42202.51     | 0.02%             | 2028-07-24      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1276000 | PA      | $1279606.60   | 0.66%             | 2028-10-22      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     94000 | PA      | $100805.99    | 0.05%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VFL3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    156000 | PA      | $133530.14    | 0.07%             | 2030-09-18      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                            | Bath & Body Works Inc                                                            | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17299.30     | 0.01%             | 2030-10-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    364000 | PA      | $312518.79    | 0.16%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      8000 | PA      | $8137.50      | 0.00%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    860600 | PA      | $906420.23    | 0.46%             | 2030-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Mastercard Inc                                                                   | Mastercard Inc                                                                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |        26 | NS      | $14249.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967NE7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      8000 | PA      | $6894.83      | 0.00%             | 2032-11-03      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| PRM5 Trust                                                                       | PRM5 Trust 2025-PRM5                                                             | CUSIP: 693980AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     69000 | PA      | $68844.16     | 0.04%             | 2033-03-10      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                   | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $216790.90    | 0.11%             | 2041-12-10      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                                                | Park Blue CLO 2025-VII Ltd                                                       | CUSIP: 70019HAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $246504.18    | 0.13%             | 2038-04-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                             | PRET 2024-NPL4 LLC                                                               | CUSIP: 74143RAA1<br>LEI: 254900OXVJK5CT5B2O86 | Long             | ABS-O            | CORP              | US        |     92746 | PA      | $92837.78     | 0.05%             | 2054-07-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Brink's Co/The                                                                   | Brink's Co/The                                                                   | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10827.78     | 0.01%             | 2027-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAL3<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |     38000 | PA      | $25007.80     | 0.01%             | 2049-09-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                             | Deephaven Residential Mortgage Trust 2024-1                                      | CUSIP: 24380QAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88577 | PA      | $88832.34     | 0.05%             | 2069-07-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EDC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    586998 | PA      | $489491.76    | 0.25%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SM Energy Co                                                                     | SM Energy Co                                                                     | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14738.42     | 0.01%             | 2027-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                      | Gartner Inc                                                                      | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10124.89     | 0.01%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10338.75     | 0.01%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                             | Bank of America Corp                                                             | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |       354 | NS      | $14117.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI Properties LP                                                               | CUSIP: 925650AH6<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |    218000 | PA      | $215662.44    | 0.11%             | 2031-11-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNWL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    332904 | PA      | $313533.75    | 0.16%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                                         | Ferrellgas LP / Ferrellgas Finance Corp                                          | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     24000 | PA      | $20842.84     | 0.01%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                                      | VEGAS Trust 2024-TI                                                              | CUSIP: 92254AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $20270.70     | 0.01%             | 2039-11-10      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LBC2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    268000 | PA      | $258822.29    | 0.13%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     52000 | PA      | $45190.69     | 0.02%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                                              | BHMS 2018-ATLS                                                                   | CUSIP: 05549GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99936.25     | 0.05%             | 2035-07-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.490000 19-FEB-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    172260 | OU      | $-1957.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                            | Northrop Grumman Corp                                                            | CUSIP: 666807CJ9<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     16000 | PA      | $14123.54     | 0.01%             | 2053-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                                   | Home Depot Inc/The                                                               | CUSIP: 437076CK6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     38000 | PA      | $23020.22     | 0.01%             | 2051-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2022-CM1 Trust                                                              | CUSIP: 36168XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    168746 | PA      | $157150.57    | 0.08%             | 2066-12-27      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA REVENUES                                                      | CUSIP: 91412GHA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     23000 | PA      | $19050.07     | 0.01%             | 2112-05-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                                         | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $10981.27     | 0.01%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     77000 | PA      | $78174.05     | 0.04%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 1Y RTR 3.740000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   3117000 | OU      | $3530.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2021-III Ltd                                                        | CUSIP: 12564DAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249199.98    | 0.13%             | 2036-07-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    219327 | PA      | $221174.17    | 0.11%             | 2069-11-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GHV4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     92000 | PA      | $86795.31     | 0.04%             | 2030-07-23      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SAV5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     16000 | PA      | $11458.30     | 0.01%             | 2046-09-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTP 4.340000 13-JAN-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    270270 | OU      | $6615.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAU3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    278000 | PA      | $285737.11    | 0.15%             | 2028-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                         | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     50000 | PA      | $50865.00     | 0.03%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KR7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189649.15    | 0.10%             | 2034-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                                    | CUSIP: 13063A5G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $42253.34     | 0.02%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AU3<br>LEI: N/A                  | Long             | DBT              |  | US        |    159000 | PA      | $149947.61    | 0.08%             | 2054-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CL4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     52000 | PA      | $50635.79     | 0.03%             | 2029-06-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      3000 | PA      | $2938.59      | 0.00%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400GU1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     16000 | PA      | $14009.98     | 0.01%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030652<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1176000 | PA      | $1020417.79   | 0.52%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNF81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    539333 | PA      | $434294.85    | 0.22%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 3.740000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  11785000 | OU      | $13349.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.368000 28-AUG-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    140000 | OU      | $430.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    194000 | PA      | $196303.75    | 0.10%             | 2032-02-29      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                                          | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25450.50     | 0.01%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc                                                     | AMERICAN MUNI PWR-OHIO INC OH REVENUE                                            | CUSIP: 02765UEK6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     45000 | PA      | $56458.10     | 0.03%             | 2050-02-15      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                                                               | Home Depot Inc/The                                                               | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |        37 | NS      | $13338.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CCF0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    205000 | PA      | $196450.71    | 0.10%             | 2054-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                         | Univision Communications Inc                                                     | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22771.13     | 0.01%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                                          | Saluda Grade Alternative Mortgage Trust 2024-RTL4                                | CUSIP: 79584CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126000 | PA      | $126181.31    | 0.06%             | 2030-02-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    186343 | PA      | $155542.62    | 0.08%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                          | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     81000 | PA      | $80163.99     | 0.04%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM1                                    | CUSIP: 64832DAC5<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |    147684 | PA      | $148514.83    | 0.08%             | 2065-01-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                          | NYMT 2024-RR1 Trust                                                              | CUSIP: 62956VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130632 | PA      | $129403.84    | 0.07%             | 2064-05-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    505000 | PA      | $516203.83    | 0.26%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBA0<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    975000 | PA      | $948818.63    | 0.49%             | 2027-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                                                 | FirstEnergy Corp                                                                 | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    194000 | PA      | $191757.89    | 0.10%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                                | Iron Mountain Inc                                                                | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     17000 | PA      | $15749.16     | 0.01%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804GS7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6690.13      | 0.00%             | 2054-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 92553PBB7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     66000 | PA      | $64514.48     | 0.03%             | 2026-10-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| EQT Trust 2024-EXTR                                                              | EQT Trust 2024-EXTR                                                              | CUSIP: 29439DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     71000 | PA      | $72516.26     | 0.04%             | 2041-07-05      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PAN6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11584.76     | 0.01%             | 2049-01-23      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ES43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    534583 | PA      | $524466.90    | 0.27%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     79000 | PA      | $80583.05     | 0.04%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mortgage Securities                                    | First Horizon Alternative Mortgage Securities Trust 2006-AA7                     | CUSIP: 32052CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    113399 | PA      | $88787.32     | 0.05%             | 2037-01-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                                                  | Benefit Street Partners CLO XXVII Ltd                                            | CUSIP: 08179PAQ5<br>LEI: 254900WANE6M5S0NC534 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250000.00    | 0.13%             | 2037-10-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.684000 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    246000 | OU      | $-915.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                           | JW Commercial Mortgage Trust 2024-MRCO                                           | CUSIP: 46657XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $9834.03      | 0.01%             | 2039-06-15      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     53000 | PA      | $57016.17     | 0.03%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DCD5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19535.20     | 0.01%             | 2055-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBK0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    159000 | PA      | $127306.27    | 0.07%             | 2049-09-06      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                                         | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     23000 | PA      | $22307.77     | 0.01%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     11000 | PA      | $9876.63      | 0.01%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    217300 | PA      | $191826.67    | 0.10%             | 2043-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     53000 | PA      | $42681.56     | 0.02%             | 2042-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QDJY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65186 | PA      | $60927.94     | 0.03%             | 2035-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.360000 13-JAN-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     65000 | OU      | $1307.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RR Ltd                                                                           | RR 16 Ltd                                                                        | CUSIP: 74971CAC7<br>LEI: 549300FLUOZC8QYYKL96 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249800.05    | 0.13%             | 2036-07-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                       | ROCK Trust 2024-CNTR                                                             | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114000 | PA      | $116117.53    | 0.06%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $-55225.14    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                                  | Republic Finance Issuance Trust 2024-A                                           | CUSIP: 76041RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115000 | PA      | $116840.92    | 0.06%             | 2032-08-20      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87195.57     | 0.04%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co                                                                 | Alabama Power Co                                                                 | CUSIP: 010392FM5<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      8000 | PA      | $6149.42      | 0.00%             | 2045-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                                        | CUSIP: 626207YF5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54363.13     | 0.03%             | 2057-04-01      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042459<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    267000 | PA      | $265006.88    | 0.14%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30000 | PA      | $30201.83     | 0.02%             | 2039-06-12      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.330000 08-JAN-2055 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     55000 | OU      | $1360.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                              | Dominion Energy Inc                                                              | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     79000 | PA      | $77671.93     | 0.04%             | 2055-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    148000 | PA      | $150176.56    | 0.08%             | 2030-02-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97072 | PA      | $97071.96     | 0.05%             | 2039-08-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                               | Regional Management Issuance Trust 2025-1                                        | CUSIP: 75908AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100986.74    | 0.05%             | 2034-04-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                                               | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40000 | PA      | $38600.00     | 0.02%             | 2036-01-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1546000 | PA      | $901933.99    | 0.46%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO Ltd.                                                             | Sagard-Halseypoint Clo 8 Ltd                                                     | CUSIP: 78662AAA0<br>LEI: 254900W5MVYX9QDPHC09 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248569.53    | 0.13%             | 2038-01-30      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                                                 | AMC Networks Inc                                                                 | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     27000 | PA      | $19879.29     | 0.01%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                            | Level 3 Financing Inc                                                            | CUSIP: 527298BX0<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     20000 | PA      | $22144.69     | 0.01%             | 2029-04-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $188046.29    | 0.10%             | 2062-04-20      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F062663<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    580000 | PA      | $596745.25    | 0.31%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                                         | Builders FirstSource Inc                                                         | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16310.75     | 0.01%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US ULTRA BOND CBT JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        23 | NC      | $16561.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | 1Y RTR 2.940000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |  -1755000 | OU      | $-13.97       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.687500 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    492000 | OU      | $-1915.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334KT7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     91000 | PA      | $90768.66     | 0.05%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                                            | Molina Healthcare Inc                                                            | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15379.42     | 0.01%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DT4J6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    117069 | PA      | $119635.00    | 0.06%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    615000 | PA      | $621630.47    | 0.32%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    240000 | PA      | $243120.00    | 0.12%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CreekSource (Dunes Creek) CLO Ltd                                                | Creeksource 2024-1 Dunes Creek Clo Ltd                                           | CUSIP: 225914AE0<br>LEI: 254900CZYOXX4AZ15302 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $246952.58    | 0.13%             | 2038-01-15      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    103000 | PA      | $99080.34     | 0.05%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.536250 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    239000 | OU      | $829.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLUL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13134 | PA      | $12340.38     | 0.01%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                                                | Expedia Group Inc                                                                | CUSIP: 30212PBL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $54141.01     | 0.03%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     59436 | PA      | $57675.34     | 0.03%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    282000 | PA      | $251488.59    | 0.13%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022451<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    443000 | PA      | $411545.70    | 0.21%             | 2039-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    211000 | PA      | $211510.23    | 0.11%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2021-D                                          | CUSIP: 78449MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    107883 | PA      | $106862.35    | 0.05%             | 2053-03-17      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWC27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    102090 | PA      | $85195.30     | 0.04%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KRMR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    229790 | PA      | $226295.12    | 0.12%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GQF80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    102919 | PA      | $104723.29    | 0.05%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                            | Texas Instruments Inc                                                            | CUSIP: 882508BQ6<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     44000 | PA      | $34295.86     | 0.02%             | 2052-08-16      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                                         | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAL9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    175000 | PA      | $138198.11    | 0.07%             | 2039-12-31      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                                    | NYC Trust 2024-3ELV                                                              | CUSIP: 62956HAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $108350.19    | 0.06%             | 2029-08-15      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133L74L8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    174138 | PA      | $159038.94    | 0.08%             | 2035-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967ML2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     11000 | PA      | $9991.09      | 0.01%             | 2031-01-29      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1440000 | PA      | $1494000.00   | 0.77%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAK0<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    174000 | PA      | $99421.08     | 0.05%             | 2050-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              |  | US        |    173000 | PA      | $163197.82    | 0.08%             | 2030-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAY5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     89000 | PA      | $91067.44     | 0.05%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                                          | Duke Energy Florida LLC                                                          | CUSIP: 26444HAL5<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $62687.02     | 0.03%             | 2051-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J8MA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21264 | PA      | $20906.64     | 0.01%             | 2029-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2024-A                                          | CUSIP: 831943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87195 | PA      | $87466.60     | 0.04%             | 2056-03-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                                                     | VeriSign Inc                                                                     | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35286.21     | 0.02%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                                         | Devon Energy Corp                                                                | CUSIP: 25179MBD4<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    378000 | PA      | $379592.36    | 0.19%             | 2027-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0UF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     42561 | PA      | $38898.59     | 0.02%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                                           | Match Group Holdings II LLC                                                      | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25020.01     | 0.01%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $-11599.84    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                                   | Mariner Finance issuance Trust 2024-B                                            | CUSIP: 56847GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101026.04    | 0.05%             | 2038-11-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc                                                                | Kinder Morgan Inc                                                                | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |       649 | NS      | $17068.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1016000 | PA      | $974248.75    | 0.50%             | 2029-07-31      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    196200 | PA      | $189654.89    | 0.10%             | 2040-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWCU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     56195 | PA      | $46895.86     | 0.02%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLAH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57767 | PA      | $56838.98     | 0.03%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMEZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41264 | PA      | $41631.63     | 0.02%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTR 4.045000 12-APR-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    239750 | OU      | $13163.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                                            | GFL Environmental Inc                                                            | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $47627.96     | 0.02%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                                              | Churchill Downs Inc                                                              | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24239.45     | 0.01%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GQKU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    226133 | PA      | $231733.47    | 0.12%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                                | Newell Brands Inc                                                                | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23451.77     | 0.01%             | 2029-09-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | 1Y RTR 2.940000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |  -3409000 | OU      | $-27.14       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $46635.64     | 0.02%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                                                                   | ServiceNow Inc                                                                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |        18 | NS      | $17190.18     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    142445 | PA      | $126175.41    | 0.06%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2019-A                                 | CUSIP: 63941BAD7<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |    129000 | PA      | $124320.94    | 0.06%             | 2043-01-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMMF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    126280 | PA      | $129121.51    | 0.07%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DUDP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    429946 | PA      | $376155.24    | 0.19%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2023-1                                                  | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81798 | PA      | $80929.66     | 0.04%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | S+P500 EMINI FUT JUN25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        -2 | NC      | $-43332.17    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 92553PAU6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     63000 | PA      | $53404.79     | 0.03%             | 2043-09-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39000 | PA      | $39021.86     | 0.02%             | 2039-11-09      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                                                         | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     12000 | PA      | $10446.60     | 0.01%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | 1Y RTR 3.740000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1755000 | OU      | $1988.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     84528 | PA      | $83894.34     | 0.04%             | 2041-04-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15860.69     | 0.01%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020455<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1406000 | PA      | $1276968.23   | 0.65%             | 2039-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DK Trust                                                                         | DK Trust 2024-SPBX                                                               | CUSIP: 23346LAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     58000 | PA      | $57767.47     | 0.03%             | 2034-03-15      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    624000 | PA      | $628485.00    | 0.32%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAZ7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     64000 | PA      | $42512.41     | 0.02%             | 2049-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $-17424.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: JPY 0.685000 21-APR-2027 FTO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 247584906 | OU      | $440.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    426000 | PA      | $424000.61    | 0.22%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp                                                            | Norfolk Southern Corp                                                            | CUSIP: 655844BV9<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     13000 | PA      | $9940.05      | 0.01%             | 2052-08-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                       | MFA 2024-RTL1 Trust                                                              | CUSIP: 59319NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $120563.62    | 0.06%             | 2029-02-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS                                                             | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   5363469 | NS      | $5365614.78   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    172000 | PA      | $171222.03    | 0.09%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    133000 | PA      | $117932.01    | 0.06%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              |  | US        |    248000 | PA      | $245419.54    | 0.13%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                         | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    315000 | PA      | $310668.43    | 0.16%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DUA31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    252999 | PA      | $259365.02    | 0.13%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | CMS USISSO01 2Y-10 OPTION @0.801BP                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        | -40300000 | NC      | $-17891.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     46400 | PA      | $29036.25     | 0.01%             | 2040-05-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    351000 | PA      | $299166.70    | 0.15%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: EUR 2.455500 22-MAR-2054 EUR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     37000 | OU      | $-129.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Buckhorn Park CLO, Ltd.                                                          | Buckhorn Park CLO Ltd                                                            | CUSIP: 118382BC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $247374.98    | 0.13%             | 2034-07-18      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                                                | Park Blue CLO 2024-VI Ltd                                                        | CUSIP: 70019KAA5<br>LEI: 213800RLFYTJFPXOL592 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249871.48    | 0.13%             | 2038-01-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    378000 | PA      | $390975.48    | 0.20%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                                     | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    246608 | PA      | $248390.66    | 0.13%             | 2065-01-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8K1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    130000 | PA      | $108645.35    | 0.06%             | 2062-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ES50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    281512 | PA      | $281379.96    | 0.14%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                                                       | Clover CLO 2021-3 LLC                                                            | CUSIP: 18915FAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $248500.00    | 0.13%             | 2035-01-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                                         | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21454.74     | 0.01%             | 2027-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp                                                               | Union Pacific Corp                                                               | CUSIP: 907818EG9<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7556.22      | 0.00%             | 2065-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661DJ3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     41000 | PA      | $33021.11     | 0.02%             | 2045-09-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     41000 | PA      | $40280.27     | 0.02%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PIEDMONT NATURAL GAS CO                                                          | Piedmont Natural Gas Co Inc                                                      | CUSIP: 720186AN5<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |     24000 | PA      | $21190.98     | 0.01%             | 2031-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 1Y RTR 2.940000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -3117000 | OU      | $-24.81       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37855.80     | 0.02%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    106000 | PA      | $70948.64     | 0.04%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Snowflake Inc                                                                    | Snowflake Inc                                                                    | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |        96 | NS      | $15311.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |        23 | NS      | $12627.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                              | Bear Stearns Mortgage Funding Trust 2007-AR2                                     | CUSIP: 07401TAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75473 | PA      | $69694.93     | 0.04%             | 2037-03-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              |  | US        |     53000 | PA      | $50753.36     | 0.03%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                                             | FirstKey Homes 2022-SFR1 Trust                                                   | CUSIP: 33768NAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170000 | PA      | $167588.65    | 0.09%             | 2039-05-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13000 | PA      | $12882.17     | 0.01%             | 2041-11-15      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAG                                                   | WELLS FARGO COMMERCIAL MORTGAG                                                   | CUSIP: 95004AAC7<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |    153000 | PA      | $1417.68      | 0.00%             | 2043-07-15      | Variable      | 0.31%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162DU1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     95000 | PA      | $90344.12     | 0.05%             | 2063-03-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                                     | Atrium Hotel Portfolio Trust 2024-ATRM                                           | CUSIP: 04963XAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $10043.47     | 0.01%             | 2029-11-10      | Variable      | 9.52%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183000 | PA      | $183284.55    | 0.09%             | 2059-10-27      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE                                                         | Brand Industrial Services Inc                                                    | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |     38000 | PA      | $36097.18     | 0.02%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    225500 | PA      | $170719.35    | 0.09%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    254000 | PA      | $247068.30    | 0.13%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    343000 | PA      | $316390.70    | 0.16%             | 2028-08-31      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                                                            | LoanCore 2025 2025-CRE8 Issuer LLC                                               | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    116000 | PA      | $114668.34    | 0.06%             | 2042-08-17      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15581.82     | 0.01%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                                         | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    136000 | PA      | $136379.04    | 0.07%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.510500 01-MAR-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     87000 | OU      | $-1450.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS INC                                                             | Fortrea Holdings Inc                                                             | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |     24000 | PA      | $20826.67     | 0.01%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| CLEVELAND-CLIFFS INC                                                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22257.75     | 0.01%             | 2031-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030454<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    270000 | PA      | $256320.60    | 0.13%             | 2037-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2024-1                                    | CUSIP: 92261CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74276 | PA      | $74824.23     | 0.04%             | 2054-01-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $19993.75     | 0.01%             | 2041-11-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    306000 | PA      | $295935.47    | 0.15%             | 2026-05-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                                      | OCP CLO 2024-38 Ltd                                                              | CUSIP: 67120KAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249731.58    | 0.13%             | 2038-01-21      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWBQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     70461 | PA      | $58958.64     | 0.03%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     41000 | PA      | $36370.21     | 0.02%             | 2032-03-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $98750.00     | 0.05%             | 2029-07-15      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| TTAN                                                                             | TTAN 2021-MHC                                                                    | CUSIP: 87303TAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97669 | PA      | $96936.14     | 0.05%             | 2038-03-15      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                                            | CUSIP: 73358WRP1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     50000 | PA      | $46970.37     | 0.02%             | 2046-08-01      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNAY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     77160 | PA      | $64970.19     | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                                           | Northern Oil & Gas Inc                                                           | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24018.25     | 0.01%             | 2031-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    489000 | PA      | $455725.08    | 0.23%             | 2028-05-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities I Trust 2006-AC2                            | CUSIP: 07387UGB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13721 | PA      | $3561.38      | 0.00%             | 2036-03-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAN9<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |     21000 | PA      | $12497.84     | 0.01%             | 2051-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    143000 | PA      | $92856.27     | 0.05%             | 2061-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                                                              | Cheniere Energy Inc                                                              | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    388000 | PA      | $386433.74    | 0.20%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-6CB                                                  | CUSIP: 12668BSQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     93795 | PA      | $35364.25     | 0.02%             | 2036-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co/The                                                                    | Boeing Co/The                                                                    | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |        94 | NS      | $17224.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PECO ENERGY CO                                                                   | PECO Energy Co                                                                   | CUSIP: 693304BA4<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     68000 | PA      | $43538.79     | 0.02%             | 2051-03-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140Q9KE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    116651 | PA      | $113623.63    | 0.06%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2006-17                                          | CUSIP: 17025AAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7424 | PA      | $3267.52      | 0.00%             | 2036-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                                                     | Autodesk Inc                                                                     | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |        57 | NS      | $15632.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWBN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23261 | PA      | $17531.99     | 0.01%             | 2051-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNGB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35480 | PA      | $32592.95     | 0.02%             | 2051-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc                                                                   | GE Vernova Inc                                                                   | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |        54 | NS      | $20024.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                                           | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     59000 | PA      | $49639.06     | 0.03%             | 2032-02-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC                                                         | Baltimore Gas and Electric Co                                                    | CUSIP: 059165EJ5<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |     17000 | PA      | $12652.48     | 0.01%             | 2047-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.110000 11-FEB-2055 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    144600 | OU      | $11144.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CAY9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     39000 | PA      | $37267.24     | 0.02%             | 2056-03-04      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    446000 | PA      | $460338.20    | 0.24%             | 2028-09-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBT9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96114.50     | 0.05%             | 2035-02-06      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2023-NQM6                                        | CUSIP: 10569DAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100276.81    | 0.05%             | 2063-09-25      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XBXK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    206360 | PA      | $189188.20    | 0.10%             | 2036-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                                                | Nexstar Media Inc                                                                | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     26000 | PA      | $24483.25     | 0.01%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     37000 | PA      | $37303.52     | 0.02%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $11164.18     | 0.01%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                                                      | FIGRE Trust 2024-SL1                                                             | CUSIP: 31684JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    129100 | PA      | $130124.71    | 0.07%             | 2053-07-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2007-J1                                          | CUSIP: 12669MAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    798144 | PA      | $288296.56    | 0.15%             | 2037-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mortgage Trust                                        | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3                | CUSIP: 06427DAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90000 | PA      | $86865.72     | 0.04%             | 2050-02-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-9496.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XEV4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27871.87     | 0.01%             | 2034-04-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                                          | BDS 2024-FL13 LLC                                                                | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    138000 | PA      | $137738.41    | 0.07%             | 2039-09-19      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY INC                                                                 | Viper Energy Inc                                                                 | CUSIP: 92763MAB1<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |     39000 | PA      | $40487.11     | 0.02%             | 2031-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                             | Bank of America Corp                                                             | CUSIP: 06051GGR4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23557.23     | 0.01%             | 2028-07-21      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    203300 | PA      | $197367.77    | 0.10%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                                             | Edison International                                                             | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     13000 | PA      | $11500.39     | 0.01%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                                                                 | Zions Bancorp NA                                                                 | CUSIP: 98971DAC4<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246567.98    | 0.13%             | 2035-11-19      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRFW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    359015 | PA      | $343997.97    | 0.18%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F052656<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  14840100 | PA      | $14808063.49  | 7.59%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     41000 | PA      | $40871.37     | 0.02%             | 2041-06-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Saxon Asset Securities Trust                                                     | Saxon Asset Securities Trust 2004-2                                              | CUSIP: 805564QE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    167429 | PA      | $125554.67    | 0.06%             | 2035-08-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3131XU2J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    267524 | PA      | $239460.14    | 0.12%             | 2046-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587EA1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12597.88     | 0.01%             | 2035-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                                      | Oracle Corp                                                                      | CUSIP: 68389XBG9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     28000 | PA      | $21251.37     | 0.01%             | 2055-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | 10Y RTP 4.000000 29-MAR-2027                                                     | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |    228200 | OU      | $8264.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-PURE                                           | CUSIP: 74625PAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | CA        |      8000 | PA      | $5832.00      | 0.00%             | 2041-11-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | TRSWAP: GSISDRV5 INDEX                                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    294665 | OU      | $-8269.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                                            | Mineral Resources Ltd                                                            | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     23000 | PA      | $21751.41     | 0.01%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     84000 | PA      | $85180.91     | 0.04%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO III Ltd                                                             | Whitebox CLO III Ltd                                                             | CUSIP: 96467HAL0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249500.00    | 0.13%             | 2035-10-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    819900 | PA      | $599423.77    | 0.31%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249000 | PA      | $247131.85    | 0.13%             | 2029-07-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | Equinix Inc                                                                      | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    291000 | PA      | $254799.72    | 0.13%             | 2031-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                                                        | College Ave Student Loans 2023-A LLC                                             | CUSIP: 193938AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73170 | PA      | $73858.74     | 0.04%             | 2055-05-25      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W5B0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    128785 | PA      | $109772.36    | 0.06%             | 2052-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                                                     | Entegris Inc                                                                     | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11596.75     | 0.01%             | 2028-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                                         | Fashion Show Mall LLC                                                            | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19374 | PA      | $19558.41     | 0.01%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59853.39     | 0.03%             | 2030-10-23      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                               | Morgan Stanley Mortgage Loan Trust 2006-12XS                                     | CUSIP: 61749EAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10844 | PA      | $2378.80      | 0.00%             | 2036-10-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      3000 | PA      | $2976.56      | 0.00%             | 2031-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                                                  | Residential Mortgage Loan Trust 2019-2                                           | CUSIP: 76119DAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $98201.51     | 0.05%             | 2059-05-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HKBM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1215815 | PA      | $1214228.69   | 0.62%             | 2055-03-25      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                                                  | Yum! Brands Inc                                                                  | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28146.02     | 0.01%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAW3<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    312000 | PA      | $311138.96    | 0.16%             | 2031-03-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    184000 | PA      | $184057.32    | 0.09%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50744.87     | 0.03%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JQ1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     33000 | PA      | $27360.12     | 0.01%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                             | Cross 2025-H1 Mortgage Trust                                                     | CUSIP: 22758NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    695240 | PA      | $699041.35    | 0.36%             | 2070-02-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $31623.32     | 0.02%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 3.660000 05-APR-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    634500 | OU      | $30909.99     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    255000 | PA      | $264245.25    | 0.14%             | 2030-04-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 124857AR4<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     64000 | PA      | $62174.19     | 0.03%             | 2027-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DV66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65134 | PA      | $49149.49     | 0.03%             | 2051-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                                                   | Option One Mortgage Loan Trust 2007-FXD1                                         | CUSIP: 68402VAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35457 | PA      | $34594.95     | 0.02%             | 2037-01-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| CNTRL PARENT/CDK GLB INC                                                         | Central Parent Inc / CDK Global Inc                                              | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $21438.63     | 0.01%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                                         | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50705.45     | 0.03%             | 2030-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    646000 | PA      | $630190.05    | 0.32%             | 2065-08-03      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds                                               | Japan Government Thirty Year Bonds                                               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  77050000 | PA      | $500706.44    | 0.26%             | 2054-12-20      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     32000 | PA      | $34317.53     | 0.02%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $603009.37    | 0.31%             | 2026-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.793700 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   3452000 | OU      | $-3736.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                                                       | U.K. Gilts                                                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    424994 | PA      | $495081.35    | 0.25%             | 2054-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                                                   | Open Text Corp                                                                   | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23896.12     | 0.01%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1145400 | PA      | $709432.13    | 0.36%             | 2040-08-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTR 4.340000 13-JAN-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    270270 | OU      | $18534.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAA7<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71539.15     | 0.04%             | 2044-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2024-RVR                                       | CUSIP: 36272JAL7<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |     43000 | PA      | $42870.51     | 0.02%             | 2041-08-10      | Variable      | 7.72%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                                                     | Navient Corp                                                                     | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     22000 | PA      | $20828.06     | 0.01%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2024-CES2                                        | CUSIP: 10570PAA1<br>LEI: 2549009UFWL9U1TS6959 | Long             | ABS-MBS          | CORP              | US        |    138316 | PA      | $138734.42    | 0.07%             | 2054-09-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US LONG BOND(CBT) JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        51 | NC      | $-27437.11    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XTBW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    482327 | PA      | $387026.96    | 0.20%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 1Y RTR 2.940000 16-MAY-2025                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -1604000 | OU      | $-12.77       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    601000 | PA      | $573180.27    | 0.29%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTP 4.045000 12-APR-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |    239750 | OU      | $8466.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                       | MFA 2024-NPL1 Trust                                                              | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95239 | PA      | $95434.71     | 0.05%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967NG2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    131000 | PA      | $127783.06    | 0.07%             | 2028-02-24      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                                                    | Live Nation Entertainment Inc                                                    | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |       114 | NS      | $15099.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    480209 | PA      | $417187.38    | 0.21%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 28622HAC5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     27000 | PA      | $23800.97     | 0.01%             | 2053-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ACRA Trust 2024-NQM1                                                             | ACRA Trust 2024-NQM1                                                             | CUSIP: 00112EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    143348 | PA      | $143528.38    | 0.07%             | 2064-10-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828U24<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    623000 | PA      | $607108.63    | 0.31%             | 2026-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                                         | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAJ4<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    156000 | PA      | $149096.17    | 0.08%             | 2029-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ABY0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     44000 | PA      | $28782.13     | 0.01%             | 2060-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FCG4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132088.05    | 0.07%             | 2032-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JP Morgan ReRemic                                                                | JP Morgan Resecuritization Trust Series 2014-5                                   | CUSIP: 46642VAR9<br>LEI: 549300I70LJMOFGPXY37 | Long             | ABS-MBS          | CORP              | US        |    299551 | PA      | $50749.05     | 0.03%             | 2036-05-27      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| AT&T REIGN II LB PTT                                                             | AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust                     | CUSIP: 046912AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $125254.93    | 0.06%             | 2044-12-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      1000 | PA      | $1023.32      | 0.00%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1659300 | PA      | $1660401.87   | 0.85%             | 2028-05-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97201 | PA      | $94451.19     | 0.05%             | 2039-02-15      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                                           | FMG Resources August 2006 Pty Ltd                                                | CUSIP: 30251GBA4<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     16000 | PA      | $15607.58     | 0.01%             | 2027-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    737100 | PA      | $548592.43    | 0.28%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PECO Energy Co                                                                   | PECO Energy Co                                                                   | CUSIP: 693304AV9<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     17000 | PA      | $12674.92     | 0.01%             | 2047-09-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    505500 | PA      | $363189.90    | 0.19%             | 2047-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XBZ2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     54000 | PA      | $55791.96     | 0.03%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $263.89       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                            | CWABS Asset-Backed Certificates Trust 2006-7                                     | CUSIP: 232422AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    286915 | PA      | $209260.54    | 0.11%             | 2046-04-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9854.03      | 0.01%             | 2055-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                                                | Generate CLO 20 Ltd                                                              | CUSIP: 370912AC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248850.05    | 0.13%             | 2038-01-25      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| GSMPS Mortgage Loan Trust                                                        | GSMPS Mortgage Loan Trust 2004-4                                                 | CUSIP: 36242DJQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    306897 | PA      | $272003.48    | 0.14%             | 2034-06-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                              | Synchrony Financial                                                              | CUSIP: 87165BAM5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     71000 | PA      | $69115.65     | 0.04%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Alternative Loan Trust                                               | JP Morgan Alternative Loan Trust 2006-A1                                         | CUSIP: 46627MCU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215966 | PA      | $159549.38    | 0.08%             | 2036-03-25      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                               | Ingersoll Rand Inc                                                               | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |       168 | NS      | $12672.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    148000 | PA      | $151353.98    | 0.08%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                                                 | SLG Office Trust 2021-OVA                                                        | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    425000 | PA      | $371088.24    | 0.19%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAJ9<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     22000 | PA      | $16387.62     | 0.01%             | 2049-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2025-2                                                  | CUSIP: 03466QAA1<br>LEI: 254900DKH168ZWJSMI96 | Long             | ABS-MBS          | CORP              | US        |    192652 | PA      | $193204.26    | 0.10%             | 2070-02-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25913.65     | 0.01%             | 2030-04-25      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQTM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51067 | PA      | $52163.81     | 0.03%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                      | HOMES 2025-AFC1 Trust                                                            | CUSIP: 403969AF5<br>LEI: 2549006ZK3R8WZLA9S73 | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $200316.86    | 0.10%             | 2060-01-25      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNGE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    117005 | PA      | $113649.10    | 0.06%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI Properties LP                                                               | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |    119000 | PA      | $118160.21    | 0.06%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032450<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     91000 | PA      | $87664.63     | 0.04%             | 2039-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.513000 20-FEB-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    126000 | OU      | $-2115.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE                 | CUSIP: 46646GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130000 | PA      | $126368.59    | 0.06%             | 2038-09-06      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EPB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35952 | PA      | $34450.91     | 0.02%             | 2053-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH                          | CUSIP: 54627RAM2<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79225.61     | 0.04%             | 2033-02-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2023-DELC                                                               | CUSIP: 05610DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    141000 | PA      | $141352.50    | 0.07%             | 2038-05-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    218600 | PA      | $174051.71    | 0.09%             | 2044-08-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133USJP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    552303 | PA      | $442377.26    | 0.23%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                                             | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50861.90     | 0.03%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHEVRON CORP                                                                     | Chevron Corp                                                                     | CUSIP: 166764CA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $9850.59      | 0.01%             | 2050-05-11      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                                        | BPR 2023-STON Mortgage Trust                                                     | CUSIP: 05593GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $104774.43    | 0.05%             | 2039-12-05      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                                         | Florida Power & Light Co                                                         | CUSIP: 341081GZ4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     61000 | PA      | $61399.55     | 0.03%             | 2065-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust                                                 | CUSIP: 78449XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    136178 | PA      | $128303.31    | 0.07%             | 2053-07-15      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EU99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    208204 | PA      | $208074.23    | 0.11%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XBG5<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |     29000 | PA      | $29156.83     | 0.01%             | 2039-06-10      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBC7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     34000 | PA      | $23573.54     | 0.01%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Regatta IX Funding Ltd                                                           | Regatta IX Funding Ltd                                                           | CUSIP: 75887VAN1<br>LEI: 254900JVS76S6N8G1I74 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249149.95    | 0.13%             | 2037-04-17      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    134000 | PA      | $82571.36     | 0.04%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                                         | RTX Corp                                                                         | CUSIP: 913017AT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9604.48      | 0.00%             | 2028-08-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828ZN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    609700 | PA      | $573499.06    | 0.29%             | 2027-04-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal                                       | CAN 10YR BOND FUT JUN25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |       -13 | NC      | $10359.31     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    983400 | PA      | $991159.64    | 0.51%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33713.45     | 0.02%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                        | CIM Trust 2025-I1                                                                | CUSIP: 12571DAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $151739.31    | 0.08%             | 2069-10-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| Masimo Corp                                                                      | Masimo Corp                                                                      | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |        85 | NS      | $13681.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                                                                    | Boeing Co/The                                                                    | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58797.35     | 0.03%             | 2064-05-01      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                            | Northrop Grumman Corp                                                            | CUSIP: 666807CM2<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    107000 | PA      | $98539.33     | 0.05%             | 2054-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Investment Trust                                          | American Home Mortgage Investment Trust 2006-2                                   | CUSIP: 02660YAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    482779 | PA      | $40083.48     | 0.02%             | 2036-05-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2021-VIEW                                                               | CUSIP: 05606GAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $9419.75      | 0.00%             | 2036-06-15      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust Inc                                                    | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |      4480 | NS      | $85344.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                                         | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $45501.62     | 0.02%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31329PX73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     94455 | PA      | $89001.72     | 0.05%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| McKesson Corp                                                                    | McKesson Corp                                                                    | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |        21 | NS      | $14968.59     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES                                   | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |    100000 | NS      | $100000.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                                                | Citigroup Mortgage Loan Trust Inc                                                | CUSIP: 17313JAM6<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |    134438 | PA      | $116651.76    | 0.06%             | 2037-07-25      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    913000 | PA      | $913356.64    | 0.47%             | 2030-05-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                                          | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     26000 | PA      | $22801.90     | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| FirstEnergy Corp                                                                 | FirstEnergy Corp                                                                 | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     34000 | PA      | $28304.51     | 0.01%             | 2047-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corportation Trust 2021-IP                                | CUSIP: 36262MAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    153000 | PA      | $151570.00    | 0.08%             | 2036-10-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    820000 | PA      | $695975.00    | 0.36%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| SAIF Securitization Trust                                                        | SAIF Securitization Trust 2024-CES1                                              | CUSIP: 78436VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     84274 | PA      | $84527.34     | 0.04%             | 2054-07-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                            | TRK 2021-INV2 Trust                                                              | CUSIP: 87267TAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    137000 | PA      | $109126.69    | 0.06%             | 2056-11-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30674.68     | 0.02%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    409000 | PA      | $403483.45    | 0.21%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                                                   | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     16000 | PA      | $16381.68     | 0.01%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 124857AK9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3763.77      | 0.00%             | 2044-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                    | AppLovin Corp                                                                    | CUSIP: 03831WAE8<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    239000 | PA      | $228229.62    | 0.12%             | 2054-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                                            | Antero Resources Corp                                                            | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20435.30     | 0.01%             | 2029-02-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    105000 | PA      | $94011.90     | 0.05%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2025-INV1                                                                   | CUSIP: 26846XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    180142 | PA      | $180637.19    | 0.09%             | 2070-03-25      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                                            | Antero Resources Corp                                                            | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    347000 | PA      | $335775.14    | 0.17%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                                          | Light & Wonder International Inc                                                 | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50011.30     | 0.03%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77002.61     | 0.04%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                              | PETROLEOS MEXICANOS                                                              | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $196000.00    | 0.10%             | 2026-03-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | TRSWAP: GSISDRV5 BASKET 06-MAY-25                                                | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    152085 | OU      | $-4268.16     | -0.00%            |  |  |  | No            |                  3 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CT6<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |     59000 | PA      | $49519.34     | 0.03%             | 2031-01-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 5YR NOTE (CBT) JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       115 | NC      | $117324.16    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Social Professional Loan Program LLC                                             | Sofi Professional Loan Program 2019-C LLC                                        | CUSIP: 83401CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     77443 | PA      | $74362.49     | 0.04%             | 2048-11-16      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| FLOURISHING TRADE + INVT LTD                                                     | FLOURISHING TRADE + INVT LTD                                                     | CUSIP: 343427AA8<br>LEI: 894500SZ5TN63ZJ0Y632 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $202000.00    | 0.10%             | 2030-04-02      | Variable      | 11.04%                | No            |                  3 | On Loan: No      |
| D.R. HORTON INC                                                                  | DR Horton Inc                                                                    | CUSIP: 23331ABS7<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |     86000 | PA      | $83480.10     | 0.04%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133CFU80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     68391 | PA      | $68420.37     | 0.04%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                                                 | SoFi Consumer Loan Program 2025-1 Trust                                          | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    233729 | PA      | $233974.25    | 0.12%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XFLU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    283375 | PA      | $248165.39    | 0.13%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                                                     | DC Trust 2024-HLTN                                                               | CUSIP: 24022FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $10089.09     | 0.01%             | 2040-04-13      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    303000 | PA      | $305319.84    | 0.16%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2024-7                                                | CUSIP: 924925AG5<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $97737.82     | 0.05%             | 2069-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAC3<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    214000 | PA      | $179044.59    | 0.09%             | 2049-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2023-NQM4 Trust                                                             | CUSIP: 36171FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89114 | PA      | $84428.90     | 0.04%             | 2067-05-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                             | Glencore Funding LLC                                                             | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    212000 | PA      | $214649.35    | 0.11%             | 2030-04-01      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                         | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    242000 | PA      | $221666.68    | 0.11%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Impac Secured Assets Corp.                                                       | Impac Secured Assets Trust 2006-3                                                | CUSIP: 45255RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26210 | PA      | $23467.20     | 0.01%             | 2036-11-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    192000 | PA      | $95752.50     | 0.05%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corporation                                          | Structured Asset Securities Corp Mortgage Loan Trust 2006-BC6                    | CUSIP: 86362VAA0<br>LEI: 549300164ZV2301BC703 | Long             | ABS-O            | CORP              | US        |     37157 | PA      | $34710.06     | 0.02%             | 2037-01-25      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $30206.25     | 0.02%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     16000 | PA      | $14055.95     | 0.01%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-6135.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                     | BAMLL Trust 2025-ASHF                                                            | CUSIP: 05494CAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     51000 | PA      | $49818.67     | 0.03%             | 2042-02-15      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Financial Select Sector SPDR Fund                                                | Financial Select Sector SPDR Fund                                                | CUSIP: 81369Y605<br>LEI: 549300Y12KQ6ZG08NY28 | Long             | EC               | RF                | US        |      2000 | NS      | $97520.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAR5<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     61000 | PA      | $56912.58     | 0.03%             | 2053-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ELFI Graduate Loan Program LLC                                                   | ELFI Graduate Loan Program 2024-A LLC                                            | CUSIP: 28627LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165883 | PA      | $168597.79    | 0.09%             | 2049-08-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| ANSYS Inc                                                                        | ANSYS Inc                                                                        | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |        43 | NS      | $13840.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Point CLO, Ltd                                                            | Silver Point Clo 8 Ltd                                                           | CUSIP: 827918AA1<br>LEI: 254900U97WKD6RJ07L38 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248433.78    | 0.13%             | 2038-04-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.835500 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    308000 | OU      | $-719.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2015-C31                                   | CUSIP: 94989WAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80000 | PA      | $78943.02     | 0.04%             | 2048-11-15      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| Regatta XX Funding Ltd                                                           | Regatta XX Funding Ltd                                                           | CUSIP: 75884YAK4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $247914.88    | 0.13%             | 2038-01-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80569 | PA      | $80241.84     | 0.04%             | 2037-02-15      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    387000 | PA      | $349853.56    | 0.18%             | 2031-03-24      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC                    | CUSIP: 466330AN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90000 | PA      | $89381.25     | 0.05%             | 2038-04-15      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, INC.                                        | RAMP Series 2007-RS1 Trust                                                       | CUSIP: 74923RAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    111157 | PA      | $24414.11     | 0.01%             | 2037-02-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                                                   | PECO Energy Co                                                                   | CUSIP: 693304BD8<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7576.94      | 0.00%             | 2052-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2025-5C34                                                   | CUSIP: 07337BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12000 | PA      | $12463.60     | 0.01%             | 2058-05-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WLN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    268992 | PA      | $219488.67    | 0.11%             | 2051-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2024-A                                 | CUSIP: 63943CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78163 | PA      | $79762.95     | 0.04%             | 2072-10-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                                           | RR 32 LTD /old                                                                   | CUSIP: 74988CAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249907.85    | 0.13%             | 2039-10-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D7F3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42429 | PA      | $35420.97     | 0.02%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTP 3.930000 29-MAR-2027                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    589500 | OU      | $22696.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                                               | Chase Mortgage Finance Trust Series 2007-A1                                      | CUSIP: 161630AL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103466 | PA      | $100395.14    | 0.05%             | 2037-02-25      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                           | UnitedHealth Group Inc                                                           | CUSIP: 91324PFL1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9616.59      | 0.00%             | 2054-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTR 3.660000 05-APR-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    634500 | OU      | $24334.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     45000 | PA      | $42048.63     | 0.02%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2022-3 Mortgage Loan Trust                                                  | CUSIP: 12659YAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $81496.98     | 0.04%             | 2067-02-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                                                        | LBA Trust 2024-7IND                                                              | CUSIP: 52109XAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23000 | PA      | $22647.81     | 0.01%             | 2041-10-15      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H042653<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    834000 | PA      | $798228.34    | 0.41%             | 2055-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                                                            | Blue Owl Capital Corp                                                            | CUSIP: 69121KAH7<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    218000 | PA      | $216360.06    | 0.11%             | 2029-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQ2C9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    476014 | PA      | $401473.87    | 0.21%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                      | HOMES 2025-NQM1 Trust                                                            | CUSIP: 43761DAF7<br>LEI: 254900LUV7YA0N50XT86 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100607.97    | 0.05%             | 2070-01-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.869500 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    616000 | OU      | $-2502.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-MDHS                                           | CUSIP: 12433BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    272458 | PA      | $272287.53    | 0.14%             | 2041-05-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140AQGF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25621 | PA      | $26254.33     | 0.01%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XP6Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    319919 | PA      | $254393.84    | 0.13%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179TSH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     74179 | PA      | $69778.06     | 0.04%             | 2048-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                                            | Silver Point CLO 7 LTD                                                           | CUSIP: 82808UAA3<br>LEI: 254900UZNMKMPK9GWJ82 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249927.65    | 0.13%             | 2038-01-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.648000 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    328245 | OU      | $-645.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2021-LBA                                                                | CUSIP: 05609BCD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $198250.00    | 0.10%             | 2036-02-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    146000 | PA      | $147292.83    | 0.08%             | 2034-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040453<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     83000 | PA      | $81060.98     | 0.04%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                             | Howmet Aerospace Inc                                                             | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |       114 | NS      | $15798.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I Trust 2024-NSTB                                         | CUSIP: 61690BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88182 | PA      | $85303.60     | 0.04%             | 2057-09-24      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                                                 | Boyd Gaming Corp                                                                 | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21442.56     | 0.01%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAJ2<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |     17000 | PA      | $17101.07     | 0.01%             | 2043-07-15      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179NJB5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27048 | PA      | $25818.87     | 0.01%             | 2043-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.156000 04-JAN-2055 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    130000 | OU      | $7503.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | Onemain Financial Issuance Trust 2024-1                                          | CUSIP: 68269NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $103132.08    | 0.05%             | 2041-05-14      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                                         | Discovery Communications LLC                                                     | CUSIP: 25470DAL3<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12989.45     | 0.01%             | 2026-03-11      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    914000 | PA      | $920248.05    | 0.47%             | 2027-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                                                 | MercadoLibre Inc                                                                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |         7 | NS      | $16315.95     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                                            | MidAmerican Energy Co                                                            | CUSIP: 595620AV7<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |     41000 | PA      | $27260.12     | 0.01%             | 2050-04-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                        | CIM Trust 2025-I1                                                                | CUSIP: 12571DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140364 | PA      | $141777.30    | 0.07%             | 2069-10-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                                           | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21923.36     | 0.01%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     76000 | PA      | $77122.49     | 0.04%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CART                                                                             | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30000 | PA      | $29849.87     | 0.02%             | 2041-08-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828X88<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    203300 | PA      | $198400.15    | 0.10%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    249000 | PA      | $249423.11    | 0.13%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XFC5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11908.91     | 0.01%             | 2035-01-07      | Fixed         | 5.90%                 | No            |                  2 | On Loan: —       |
| Barclays Bank PLC                                                                | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |         1 | NC      | $-394.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Argent Securities Inc.                                                           | Argent Securities Trust 2006-W2                                                  | CUSIP: 040104RW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    262911 | PA      | $142220.09    | 0.07%             | 2036-03-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAT6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    136000 | PA      | $99618.17     | 0.05%             | 2052-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                                                         | Charles River Laboratories International Inc                                     | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5492.69      | 0.00%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    472500 | PA      | $477723.34    | 0.24%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Structured Products Inc.                                            | Bear Stearns Structured Products Trust 2007-EMX1                                 | CUSIP: 07402LAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96713 | PA      | $95735.14     | 0.05%             | 2037-03-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2025-1                                 | CUSIP: 38237EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102813 | PA      | $103644.35    | 0.05%             | 2049-02-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                                                                  | T-Mobile US Inc                                                                  | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |        52 | NS      | $12841.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: EUR 2.091400 24-DEC-2054 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    135000 | OU      | $11158.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KJ5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     51000 | PA      | $52009.61     | 0.03%             | 2033-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2025-1                                                  | CUSIP: 034934AA7<br>LEI: 254900HC0S1X9R2JZB30 | Long             | ABS-MBS          | CORP              | US        |    355142 | PA      | $356471.88    | 0.18%             | 2070-01-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                                                  | Benefit Street Partners CLO XXIX                                                 | CUSIP: 08186EAL2<br>LEI: 549300DICNUWMUKL3816 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $248129.83    | 0.13%             | 2038-01-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1708000 | PA      | $1738223.59   | 0.89%             | 2029-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                                            | Civitas Resources Inc                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21613.71     | 0.01%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                      | Gartner Inc                                                                      | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    335000 | PA      | $314184.07    | 0.16%             | 2029-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO Ltd                                                             | New Mountain CLO 3 Ltd                                                           | CUSIP: 647550AG7<br>LEI: 549300CEYMYPINCEX579 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249648.63    | 0.13%             | 2034-10-20      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                                           | Anglo American Capital PLC                                                       | CUSIP: 034863BD1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    230000 | PA      | $229641.20    | 0.12%             | 2033-05-02      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    491000 | PA      | $324761.51    | 0.17%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     26000 | PA      | $20056.78     | 0.01%             | 2051-03-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                                        | CUSIP: 072024NV0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     70000 | PA      | $80641.73     | 0.04%             | 2050-04-01      | Fixed         | 7.04%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    502900 | PA      | $377489.31    | 0.19%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAR0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    307000 | PA      | $306920.28    | 0.16%             | 2034-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                         | CUSIP: 617932AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100417.65    | 0.05%             | 2069-11-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    825700 | PA      | $765320.69    | 0.39%             | 2044-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 4.007500 14-APR-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    120308 | OU      | $4398.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    146064 | PA      | $121482.53    | 0.06%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                                                        | Ball Corp                                                                        | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5312.39      | 0.00%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                                            | Palmer Square CLO 2019-1 Ltd                                                     | CUSIP: 69700GAJ1<br>LEI: 549300Y43K78UTRMTN21 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249687.50    | 0.13%             | 2034-11-14      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                    | Citigroup Inc                                                                    | CUSIP: 172967LS8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37065.13     | 0.02%             | 2028-10-27      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-AIR2                                           | CUSIP: 05613QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95918 | PA      | $95918.02     | 0.05%             | 2041-10-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                                                          | Entergy Mississippi LLC                                                          | CUSIP: 29366WAG1<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16629.85     | 0.01%             | 2055-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust                                                   | Long Beach Mortgage Loan Trust 2006-2                                            | CUSIP: 542514TQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    347832 | PA      | $266479.85    | 0.14%             | 2046-03-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                                                              | NuStar Logistics LP                                                              | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50765.15     | 0.03%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                                         | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAG0<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68755.77     | 0.04%             | 2027-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| DANA INC                                                                         | Dana Inc                                                                         | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49582.22     | 0.03%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| GSAMP Trust                                                                      | GSAMP Trust 2006-HE4                                                             | CUSIP: 362439AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $41327.79     | 0.02%             | 2036-06-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                                           | Rockford Tower CLO 2018-1 Ltd                                                    | CUSIP: 77342JAA1<br>LEI: 549300KPFGDIQ0PMP224 | Long             | ABS-CBDO         | CORP              | KY        |    106542 | PA      | $106516.10    | 0.05%             | 2031-05-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QGV79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34331 | PA      | $32143.59     | 0.02%             | 2036-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    777000 | PA      | $780581.49    | 0.40%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CreekSource (Dunes Creek) CLO Ltd                                                | Creeksource 2024-1 Dunes Creek Clo Ltd                                           | CUSIP: 225914AA8<br>LEI: 254900CZYOXX4AZ15302 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250004.73    | 0.13%             | 2038-01-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132CXBV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29086 | PA      | $27824.89     | 0.01%             | 2037-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                                      | Oracle Corp                                                                      | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $46841.94     | 0.02%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                              | Global Payments Inc                                                              | CUSIP: 37940XAR3<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9152.51      | 0.00%             | 2052-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     24000 | PA      | $21570.54     | 0.01%             | 2031-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                                              | MidOcean Credit CLO XI Ltd                                                       | CUSIP: 59801ABA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $247908.15    | 0.13%             | 2036-01-18      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                                         | Live Nation Entertainment Inc                                                    | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11745.67     | 0.01%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| ARES Commercial Mortgage Trust                                                   | ARES1 2024-IND2                                                                  | CUSIP: 04021EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80000 | PA      | $79950.00     | 0.04%             | 2034-10-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QC5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     68300 | PA      | $68553.46     | 0.04%             | 2039-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1694936 | PA      | $1345905.19   | 0.69%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                                      | OCP CLO 2023-26 Ltd                                                              | CUSIP: 67116HAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $247441.23    | 0.13%             | 2037-04-17      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400FF5<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     33000 | PA      | $31812.54     | 0.02%             | 2037-01-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1992353 | PA      | $2024971.48   | 1.04%             | 2029-10-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                                                 | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99562.50     | 0.05%             | 2037-05-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                                        | Anchorage Capital Clo 17 Ltd                                                     | CUSIP: 03332PAN7<br>LEI: 549300UNU854VTZYQ112 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248250.00    | 0.13%             | 2038-02-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 2YR NOTE (CBT) JUN25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        46 | NC      | $40886.83     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    646000 | PA      | $639237.19    | 0.33%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTR 3.930000 29-MAR-2027                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    589500 | OU      | $29192.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    956000 | PA      | $923996.41    | 0.47%             | 2026-06-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                                         | Florida Power & Light Co                                                         | CUSIP: 341081GE1<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     64000 | PA      | $40233.04     | 0.02%             | 2051-12-04      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWBP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    841864 | PA      | $672161.14    | 0.34%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NVIDIA CORP                                                                      | NVIDIA Corp                                                                      | CUSIP: 67066GAJ3<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     18000 | PA      | $13211.19     | 0.01%             | 2060-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $14152.61     | 0.01%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XND4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    135527 | PA      | $126513.83    | 0.06%             | 2052-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967PL9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    204000 | PA      | $204706.31    | 0.10%             | 2035-06-11      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Terwin Mortgage Trust                                                            | Terwin Mortgage Trust Series TMTS 2005-10HE                                      | CUSIP: 881561VF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24601 | PA      | $21552.11     | 0.01%             | 2036-06-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1145400 | PA      | $735695.79    | 0.38%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                   | S&P Global Inc                                                                   | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |        29 | NS      | $14501.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AEP TEXAS INC                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAK6<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     22000 | PA      | $14744.63     | 0.01%             | 2050-01-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                                                      | KeyBank NA/Cleveland OH                                                          | CUSIP: 49327M3H5<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240745.41    | 0.12%             | 2033-01-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                                           | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $26966.48     | 0.01%             | 2030-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KU0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     49000 | PA      | $48322.60     | 0.02%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| arbor multifamily mortgage securities trust                                      | Arbor Multifamily Mortgage Securities Trust 2022-MF4                             | CUSIP: 03882LAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $155944.71    | 0.08%             | 2055-02-15      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMHW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23188 | PA      | $22739.89     | 0.01%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                                                   | Eli Lilly & Co                                                                   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |        17 | NS      | $15282.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Romark CLO Ltd                                                                   | Romark WM-R Ltd                                                                  | CUSIP: 77587AAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    113104 | PA      | $113103.64    | 0.06%             | 2031-04-20      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJM2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     96000 | PA      | $58551.61     | 0.03%             | 2051-10-24      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       558 | NS      | $136497.96    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    384000 | PA      | $370524.33    | 0.19%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804GD0<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     77000 | PA      | $42381.08     | 0.02%             | 2050-12-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |        73 | NS      | $13462.66     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $50464.70     | 0.03%             | 2039-11-09      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    535000 | PA      | $539986.37    | 0.28%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                                             | FirstKey Homes 2022-SFR3 Trust                                                   | CUSIP: 33768EAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    184000 | PA      | $178139.31    | 0.09%             | 2038-07-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc                                                            | Reynolds American Inc                                                            | CUSIP: 761713BW5<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17719.59     | 0.01%             | 2041-08-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                   | Morgan Stanley                                                                   | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    239000 | PA      | $234681.89    | 0.12%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                         | AT&T Inc                                                                         | CUSIP: 00206RDS8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     36000 | PA      | $33368.71     | 0.02%             | 2047-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | BR AIS                                                                           | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |    228200 | OU      | $12032.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $10017.38     | 0.01%             | 2039-11-09      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                                              | Homeward Opportunities Fund I Trust 2020-2                                       | CUSIP: 43789XAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310000 | PA      | $314733.48    | 0.16%             | 2065-05-25      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                                                              | CBAM 2019-10 Ltd                                                                 | CUSIP: 12482NAN1<br>LEI: 254900IPFC9SXD6VQ444 | Long             | ABS-CBDO         | CORP              | KY        |    297407 | PA      | $297425.07    | 0.15%             | 2032-04-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE                         | CUSIP: 64972FY34<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20432.44     | 0.01%             | 2044-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1644000 | PA      | $1671164.54   | 0.86%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                                                            | Northrop Grumman Corp                                                            | CUSIP: 666807BP6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    109000 | PA      | $85416.30     | 0.04%             | 2047-10-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                            | Level 3 Financing Inc                                                            | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27937.50     | 0.01%             | 2029-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                           | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59021.17     | 0.03%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.790300 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   1139160 | OU      | $1194.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TTAN                                                                             | TTAN 2021-MHC                                                                    | CUSIP: 87303TAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    138428 | PA      | $137908.90    | 0.07%             | 2038-03-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQS80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    284615 | PA      | $251444.41    | 0.13%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9670.60      | 0.00%             | 2028-02-24      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | Equinix Inc                                                                      | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     93000 | PA      | $87046.71     | 0.04%             | 2032-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Philippines Government International Bonds                                       | Philippines Government International Bonds                                       | CUSIP: 718286CC9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    600000 | PA      | $578250.00    | 0.30%             | 2028-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                                                | Generate CLO 20 Ltd                                                              | CUSIP: 370912AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248146.15    | 0.13%             | 2038-01-25      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    919200 | PA      | $912162.38    | 0.47%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    210000 | PA      | $193026.14    | 0.10%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810QQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    130300 | PA      | $127368.25    | 0.07%             | 2041-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Rain City Mortgage Trust                                                         | Rain City Mortgage Trust 2024-RTL1                                               | CUSIP: 75079KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100925.08    | 0.05%             | 2029-11-25      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    336000 | PA      | $338244.34    | 0.17%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2024-1                                 | CUSIP: 381935AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104759 | PA      | $105513.76    | 0.05%             | 2046-10-20      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                           | Extra Space Storage LP                                                           | CUSIP: 30225VAR8<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |    208000 | PA      | $217158.42    | 0.11%             | 2031-01-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEL6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    226000 | PA      | $228635.01    | 0.12%             | 2028-07-22      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                                                        | HIH Trust 2024-61P                                                               | CUSIP: 40444VAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99000.00     | 0.05%             | 2041-10-15      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    171000 | PA      | $172763.44    | 0.09%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2019-JWDR                                  | CUSIP: 95002NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130000 | PA      | $125951.98    | 0.06%             | 2031-09-15      | Variable      | 2.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMX76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8980 | PA      | $8993.11      | 0.00%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $29208.02     | 0.01%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.685000 15-APR-2029 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    247000 | OU      | $-931.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    156300 | PA      | $114593.54    | 0.06%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1318000 | PA      | $1353112.34   | 0.69%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                                                  | OHA Credit Funding 6 Ltd                                                         | CUSIP: 67098UAY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250094.53    | 0.13%             | 2037-10-20      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Inc                                                             | Invitation Homes Inc                                                             | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |      1137 | NS      | $38874.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| STAR 2025-SFR5 Trust                                                             | STAR 2025-SFR5 Trust                                                             | CUSIP: 85520CAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $353743.53    | 0.18%             | 2042-02-17      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                                           | Banc of America Alternative Loan Trust 2003-8                                    | CUSIP: 05948XTV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95648 | PA      | $95766.90     | 0.05%             | 2033-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-XL5                                            | CUSIP: 05612GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88200 | PA      | $87042.12     | 0.04%             | 2041-03-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132A5HR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    171675 | PA      | $161614.10    | 0.08%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400FC2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49048.54     | 0.03%             | 2036-02-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp                                                       | Capital One Financial Corp                                                       | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |        86 | NS      | $15502.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VFX7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     17000 | PA      | $14592.98     | 0.01%             | 2030-10-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     27000 | PA      | $27287.93     | 0.01%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                               | A&D Mortgage Trust 2024-NQM5                                                     | CUSIP: 00039KAF7<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100907.64    | 0.05%             | 2069-11-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                         | JP Morgan Mortgage Trust 2025-VIS1                                               | CUSIP: 46659BAF9<br>LEI: 529900CBDGTUOOQONB64 | Long             | ABS-MBS          | CORP              | US        |    253000 | PA      | $253331.56    | 0.13%             | 2055-08-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022659<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1127000 | PA      | $936729.46    | 0.48%             | 2054-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                                            | Panama Government International Bonds                                            | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    400000 | PA      | $382200.00    | 0.20%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34000 | PA      | $33663.10     | 0.02%             | 2039-11-09      | Variable      | 8.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H050656<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1120000 | PA      | $1098549.97   | 0.56%             | 2054-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                                                            | Encompass Health Corp                                                            | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24291.61     | 0.01%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                                             | Edison International                                                             | CUSIP: 281020BC0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42564.34     | 0.02%             | 2030-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                                         | Neuberger Berman Loan Advisers Clo 40 Ltd                                        | CUSIP: 64134JAA1<br>LEI: 549300Y2YE54ON4DJE28 | Long             | ABS-CBDO         | CORP              | KY        |    233995 | PA      | $233995.07    | 0.12%             | 2033-04-16      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    186900 | PA      | $99633.76     | 0.05%             | 2050-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2018-GW                                                                 | CUSIP: 12433UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    168000 | PA      | $167229.25    | 0.09%             | 2035-05-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     49000 | PA      | $49581.88     | 0.03%             | 2032-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                                                   | Galaxy XX CLO Ltd                                                                | CUSIP: 36320MAN8<br>LEI: 549300S1CAKZT00VQL17 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249377.50    | 0.13%             | 2031-04-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334KP5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    101000 | PA      | $67015.45     | 0.03%             | 2051-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAQ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     92000 | PA      | $98788.86     | 0.05%             | 2033-10-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612GAE1<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     29000 | PA      | $30231.76     | 0.02%             | 2029-03-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                          | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $52026.05     | 0.03%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust 2024-DPLO                                         | HLTN Commercial Mortgage Trust 2024-DPLO                                         | CUSIP: 40424UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    263000 | PA      | $261356.25    | 0.13%             | 2041-06-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                                              | BHMS 2018-ATLS                                                                   | CUSIP: 05549GAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99694.38     | 0.05%             | 2035-07-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| CIT Mortgage Loan Trust                                                          | CIT Mortgage Loan Trust 2007-1                                                   | CUSIP: 12559QAH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $152255.50    | 0.08%             | 2037-10-25      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.691250 15-APR-2028 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    299000 | OU      | $1485.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                                           | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8A1<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    270000 | PA      | $272181.89    | 0.14%             | 2028-01-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWG80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    135742 | PA      | $133173.82    | 0.07%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer