# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001752724-25-157917
**Filing Date:** 2025-6
**Character Count:** 305766
**Document Hash:** 5d26cf14920d2bb9ae2feabf6933d390
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157917.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157917

**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:** 251076988

**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 Floating Rate Loan Active ETF (Series ID: S000077718)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000238207 | iShares Floating Rate Loan 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 Floating Rate Loan Active ETF \| BRLN \| Cboe BZX Exchange |

---

&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 Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan 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* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., 7.75%, <br> 04/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $55 | &nbsp;&nbsp; $45650 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| WR Grace Holdings LLC, 5.63%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 88595 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Brand Industrial Services Inc., 10.38%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp; 64595 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Caesars Entertainment Inc., 4.63%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 41542 |
| **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; 25 | &nbsp;&nbsp; 23814 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp. Inc., 7.63%, <br> 07/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 57607 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| SWF Holdings I Corp., 6.50%, 10/06/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 14965 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp; 43650 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 24144 |
|  |  | &nbsp;&nbsp; 67794 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Sinclair Television Group Inc., 8.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 34645 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., 7.88%, <br> 08/15/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 54173 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co. Inc., 6.75%, 01/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 139985 |
| White Cap Buyer LLC, 6.88%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 24359 |
|  |  | &nbsp;&nbsp; 164344 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| AthenaHealth Group Inc., 6.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 95585 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co. Inc., 8.00%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp; 83227 |
| Cloud Software Group Inc., 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 29215 |
| Ellucian Holdings Inc., 6.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp; 40960 |
|  |  | &nbsp;&nbsp; 248987 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
| Level 3 Financing Inc., 11.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp; 15091 |
| **Total Corporate Bonds & Notes — 1.6%** <br>**(Cost: $941,827)** | **Total Corporate Bonds & Notes — 1.6%** <br>**(Cost: $941,827)** | &nbsp;&nbsp; 921802 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp; 127065 |
| X Corp., 2025 Fixed Term Loan, 10/26/29<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp; 18521 |
|  |  | &nbsp;&nbsp; 145586 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| &nbsp;&nbsp;&nbsp; Abe Investment Holdings Inc., 2025 USD Term Loan <br> B, 11.25%, 02/21/30<br>| &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp; 46295 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., 2024 Fixed Term Loan B, 7.63%, <br> 05/01/31<br>| &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp; 126391 |
| **Total Fixed Rate Loan Interests — 0.5%** <br>**(Cost: $323,298)** | **Total Fixed Rate Loan Interests — 0.5%** <br>**(Cost: $323,298)** | &nbsp;&nbsp; 318272 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Floating Rate Loan Interests**<sup>(e)</sup> | **Floating Rate Loan Interests**<sup>(e)</sup> | **Floating Rate Loan Interests**<sup>(e)</sup> |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., 2024 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.11%), 8.44%, 08/23/28<br>| &nbsp;&nbsp;&nbsp; $24 | &nbsp;&nbsp; $23048 |
| &nbsp;&nbsp;&nbsp; Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR + 3.00%), 7.32%, 02/07/31<br>| &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp; 46547 |
| Summer BC Holdco B SARL, 0.00%, | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp; 26617 |
|  |  | &nbsp;&nbsp; 96212 |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| &nbsp;&nbsp;&nbsp; Barnes Group Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 01/27/32<br>| &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp; 45214 |
| &nbsp;&nbsp;&nbsp; Bleriot U.S. Bidco Inc., 2023 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 10/31/30<br>| &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp; 65859 |
| &nbsp;&nbsp;&nbsp; Cobham Ultra SeniorCo SARL, USD Term Loan B, <br> (6-mo. CME Term SOFR + 3.93%), 8.18%, <br> 08/03/29<br>| &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp; 150375 |
| Dynasty Acquisition Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B1, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, <br> 10/31/31<br>| &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp; 256438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B2, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, <br> 10/31/31<br>| &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp; 97884 |
| &nbsp;&nbsp;&nbsp; Kaman Corp., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.05%, 02/26/32<br>| &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp; 66355 |
| &nbsp;&nbsp;&nbsp; Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 09/14/29<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 14843 |
| &nbsp;&nbsp;&nbsp; Signia Aerospace LLC, 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 11/21/31<br>| &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp; 70062 |
| TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan J, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.80%, 02/28/31<br>| &nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp; 295739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 01/19/32<br>| &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp; 160599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan K, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.05%, 03/22/30<br>| &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp; 116474 |
|  |  | &nbsp;&nbsp; 1339842 |
| **Airlines — 1.2%** | **Airlines — 1.2%** | **Airlines — 1.2%** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., (3-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.52%, 04/20/28<br>| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 43770 |
| &nbsp;&nbsp;&nbsp; Air Canada, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, 03/21/31<br>| &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp; 140595 |
| American Airlines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017 1st Lien Term Loan, (6-mo. CME Term SOFR <br> at 0.00% Floor + 1.85%), 5.98%, 01/29/27<br>| &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp; 76657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 1st Lien Term Loan, (6-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.51%, 06/04/29<br>| &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp; 105610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 02/15/28<br>| &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp; 144232 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.75%), 9.05%, <br> 08/27/29<br>| &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp; 69917 |
| &nbsp;&nbsp;&nbsp; United Airlines Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, <br> 02/22/31<br>| &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp; 107700 |
|  |  | &nbsp;&nbsp; 688481 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 12/21/28<br>| &nbsp;&nbsp;&nbsp; $106 | &nbsp;&nbsp; $103380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 02/13/32<br>| &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 97625 |
| &nbsp;&nbsp;&nbsp; Fanatics Commerce Intermediate Holdco LLC, Term <br> Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%, <br> 11/24/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp; 36733 |
|  |  | &nbsp;&nbsp; 237738 |
| **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.82%, 05/06/30<br>| &nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp; 320045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.75%), 7.07%, 01/28/32<br>| &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 146688 |
| &nbsp;&nbsp;&nbsp; Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.53%, <br> 01/17/32<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 12870 |
| &nbsp;&nbsp;&nbsp; Realtruck Group Inc., 2023 Incremental Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 5.11%), <br> 9.44%, 01/31/28<br>| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 42615 |
| &nbsp;&nbsp;&nbsp; Tenneco Inc., 2022 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28<br>| &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp; 112306 |
|  |  | &nbsp;&nbsp; 634524 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| &nbsp;&nbsp;&nbsp; Ascensus Holdings Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 08/02/28<br>| &nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp; 202657 |
| &nbsp;&nbsp;&nbsp; Les Schwab Tire Centers, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.81%, <br> 04/23/31<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp; 99802 |
|  |  | &nbsp;&nbsp; 302459 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Naked Juice LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), <br> 7.46%, 01/24/29<br>| &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp; 75858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), <br> 9.71%, 01/24/29<br>| &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp; 129878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), <br> 10.31%, 01/24/30<br>| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 12576 |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp., (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.25%), 6.55%, 03/31/28<br>| &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp; 106375 |
|  |  | &nbsp;&nbsp; 324687 |
| **Building Materials — 2.8%** | **Building Materials — 2.8%** | **Building Materials — 2.8%** |
| &nbsp;&nbsp;&nbsp; Azek Group LLC (The), 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 6.32%, <br> 09/19/31<br>| &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp; 72271 |
| &nbsp;&nbsp;&nbsp; Chariot Buyer LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.35%), 7.67%, 11/03/28<br>| &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp; 248633 |
| Emrld Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.80%, 08/04/31<br>| &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp; 183624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.93%, 05/31/30<br>| &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp; 255622 |
| &nbsp;&nbsp;&nbsp; IPS Corp., 2021 Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.50%), 7.82%, 10/02/28<br>| &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp; 100003 |
| &nbsp;&nbsp;&nbsp; Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.55%, <br> 04/29/29<br>| &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp; 103147 |
| &nbsp;&nbsp;&nbsp; Potters Borrower LP, (3-mo. CME Term SOFR at <br> 0.75% Floor + 3.00%), 7.32%, 12/14/27<br>| &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp; 58101 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Quikrete Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 6.57%, 03/19/29<br>| &nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp; $97760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 02/10/32<br>| &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp; 106721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 04/14/31<br>| &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp; 133639 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR + 3.00%), 7.32%, <br> 04/02/29<br>| &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp; 26625 |
| &nbsp;&nbsp;&nbsp; Standard Industries Inc./NJ, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 1.75%), 6.07%, <br> 09/22/28<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 13131 |
| &nbsp;&nbsp;&nbsp; Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>| &nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp; 209928 |
| &nbsp;&nbsp;&nbsp; Zurn LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.11%), 6.44%, 10/04/28<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20075 |
|  |  | &nbsp;&nbsp; 1629280 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
| &nbsp;&nbsp;&nbsp; Aruba Investments Holdings LLC, 2020 USD Term <br> Loan, (1-mo. CME Term SOFR + 4.10%), 8.42%, <br> 11/24/27<br>| &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp; 81181 |
| &nbsp;&nbsp;&nbsp; Ascend Performance Materials Operations LLC, 2021 <br> Term Loan B, (6-mo. CME Term SOFR at 0.75% <br> Floor + 4.75%), 9.07%, 08/27/26<br>| &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; 1264 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems U.S. Holdings Inc., 2024 Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 6.05%, 12/20/29<br>| &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp; 202512 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The), 2023 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 08/18/28<br>| &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp; 67271 |
| &nbsp;&nbsp;&nbsp; Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 11/01/30<br>| &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp; 118263 |
| &nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.02%, <br> 10/04/29<br>| &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp; 36668 |
| &nbsp;&nbsp;&nbsp; ECO Services Operations Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 06/12/31<br>| &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp; 156573 |
| &nbsp;&nbsp;&nbsp; Element Solutions Inc., 2023 Term Loan B, (1-mo. <br> CME Term SOFR + 1.75%), 6.07%, 12/18/30<br>| &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp; 162548 |
| &nbsp;&nbsp;&nbsp; Fortis 333 Inc., (3-mo. CME Term SOFR at 0.00% <br> Floor + 3.50%), 7.80%, 03/29/32<br>| &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp; 47836 |
| &nbsp;&nbsp;&nbsp; HB Fuller Co., (1-mo. CME Term SOFR at 0.50% Floor <br> + 1.75%), 6.07%, 02/15/30<br>| &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 144436 |
| &nbsp;&nbsp;&nbsp; INEOS U.S. Finance LLC, 2023 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.57%, 02/18/30<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 18437 |
| &nbsp;&nbsp;&nbsp; INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.57%, 10/07/31<br>| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 37575 |
| &nbsp;&nbsp;&nbsp; Lonza Group AG, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.03%), 8.32%, <br> 07/03/28<br>| &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp; 130286 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, <br> 11/26/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp; 120852 |
| &nbsp;&nbsp;&nbsp; Momentive Performance Materials Inc., 2023 Term <br> Loan, (1-mo. CME Term SOFR + 4.00%), 8.32%, <br> 03/29/28<br>| &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp; 124326 |
| &nbsp;&nbsp;&nbsp; Nouryon Finance B.V., 2024 USD Term Loan B1, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.55%, 04/03/28<br>| &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp; 70938 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp; Oxea Holding Drei GmbH, 2017 USD Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.60%), <br> 7.78%, 12/31/26<br>| &nbsp;&nbsp;&nbsp; $56 | &nbsp;&nbsp; $51548 |
| &nbsp;&nbsp;&nbsp; Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, <br> 10/09/31<br>| &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 64837 |
| &nbsp;&nbsp;&nbsp; Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.00%), 7.32%, <br> 08/02/30<br>| &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp; 152507 |
|  |  | &nbsp;&nbsp; 1789858 |
| **Commercial Services — 8.3%** | **Commercial Services — 8.3%** | **Commercial Services — 8.3%** |
| &nbsp;&nbsp;&nbsp; Albion Financing 3 SARL, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.00%), 7.30%, 08/16/29<br>| &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp; 160251 |
| &nbsp;&nbsp;&nbsp; AlixPartners LLP, 2021 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.61%), 6.94%, <br> 02/04/28<br>| &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 169527 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2021 USD Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.17%, 05/12/28<br>| &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp; 232216 |
| &nbsp;&nbsp;&nbsp; Anticimex International AB, 2024 Term Loan B6, <br> (3-mo. SOFR + 3.40%), 7.74%, 11/16/28<br>| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 44341 |
| &nbsp;&nbsp;&nbsp; APi Group DE Inc., (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.07%, 01/03/29<br>| &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp; 290560 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC, 2020 Term Loan B, <br> (1-mo. CME Term SOFR + 1.86%), 6.19%, <br> 08/06/27<br>| &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp; 71978 |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br> 7.05%, 10/16/31<br>| &nbsp;&nbsp;&nbsp; 377 | &nbsp;&nbsp; 375342 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, (3-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.30%, 01/31/31<br>| &nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 129710 |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions LLC, 2024 Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 6.07%, 11/24/28<br>| &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 159489 |
| &nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR + 2.75%), 7.07%, <br> 01/31/31<br>| &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp; 179542 |
| &nbsp;&nbsp;&nbsp; Champions Financing Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, <br> 02/23/29<br>| &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 120395 |
| &nbsp;&nbsp;&nbsp; CHG Healthcare Services Inc., 2024 Term Loan B1, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.31%, 09/29/28<br>| &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp; 128062 |
| &nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors LLC, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 04/01/32<br>| &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 83986 |
| &nbsp;&nbsp;&nbsp; Creative Artists Agency LLC, 2024 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.07%, 10/01/31<br>| &nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp; 311374 |
| &nbsp;&nbsp;&nbsp; Element Materials Technology Group U.S. Holdings <br> Inc., 2022 USD Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.75%), 8.05%, 07/06/29<br>| &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp; 58302 |
| &nbsp;&nbsp;&nbsp; Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.28%, <br> 08/01/29<br>| &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp; 168672 |
| &nbsp;&nbsp;&nbsp; Fleet Midco I Ltd., 2024 1st Lien Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.06%, <br> 02/21/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp; 52521 |
| &nbsp;&nbsp;&nbsp; Galaxy U.S. Opco Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 9.28%, 07/31/30<br>| &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp; 52995 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.29%, 02/01/29<br>| &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp; 134921 |
| Hertz Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.76%), 8.04%, 06/30/28<br>| &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 96259 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan C, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.76%), 8.04%, 06/30/28<br>| &nbsp;&nbsp;&nbsp; $24 | &nbsp;&nbsp; $18848 |
| &nbsp;&nbsp;&nbsp; Ingenovis Health Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.51%), 8.82%, 03/06/28<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 11042 |
| &nbsp;&nbsp;&nbsp; KUEHG Corp., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30<br>| &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 27649 |
| &nbsp;&nbsp;&nbsp; Learning Care Group U.S. No. 2 Inc., 2024 Term Loan <br> B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 4.00%), 8.29%, 08/11/28<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 7833 |
| &nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco Corp., 2025 <br> Repriced Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 3.00%), 7.31%, 05/04/28<br>| &nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp; 187961 |
| &nbsp;&nbsp;&nbsp; Nuvei Technologies Corp., 2024 Term Loan B1, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 11/17/31<br>| &nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp; 182662 |
| &nbsp;&nbsp;&nbsp; OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.03%, <br> 07/25/30<br>| &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 104033 |
| &nbsp;&nbsp;&nbsp; PG Investment Co. 59 SARL, Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, <br> 03/26/31<br>| &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 59581 |
| Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.07%, 03/07/32<br>| &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 162490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, <br> 10/13/30<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 29623 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 11/19/31<br>| &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp; 80712 |
| &nbsp;&nbsp;&nbsp; Ryan LLC, Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.82%, 11/14/30<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 5919 |
| &nbsp;&nbsp;&nbsp; Spring Education Group Inc., Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.30%, <br> 10/04/30<br>| &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp; 52751 |
| Trans Union LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.07%, 06/24/31<br>| &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp; 178019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 6.07%, 06/24/31<br>| &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 253761 |
| &nbsp;&nbsp;&nbsp; TruGreen LP, 2020 Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 4.10%), 8.42%, 11/02/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 61361 |
| &nbsp;&nbsp;&nbsp; Veritiv Corp., 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30<br>| &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 49384 |
| &nbsp;&nbsp;&nbsp; Vestis Corp., Term Loan, (3-mo. CME Term SOFR + <br> 2.25%), 6.58%, 02/22/31<br>| &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp; 129364 |
| &nbsp;&nbsp;&nbsp; Vortex Opco LLC, Second Out Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.36%), 8.66%, <br> 12/17/28<br>| &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp; 18840 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3 Inc., 1st Lien Term Loan B-2, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.82%, <br> 01/30/31<br>| &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp; 200243 |
| WEX Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.07%, 03/31/28<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 29570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.07%, 03/05/32<br>| &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 58925 |
|  |  | &nbsp;&nbsp; 4931014 |
| **Computers — 2.4%** | **Computers — 2.4%** | **Computers — 2.4%** |
| Atlas CC Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.82%, 05/25/28<br>| &nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp; 151168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.82%, 05/25/28<br>| &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp; 28568 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.29%, <br> 12/09/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; $132 | &nbsp;&nbsp; $131670 |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3 Inc., Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), 8.07%, <br> 06/27/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp; 57433 |
| &nbsp;&nbsp;&nbsp; Kaseya Inc., (1-mo. CME Term SOFR at 0.00% Floor <br> + 3.25%), 7.57%, 03/20/32<br>| &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp; 281768 |
| Magenta Security Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.00%), 11.54%, <br> 07/27/28<br>| &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp; 11916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Third Out Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, <br> 07/27/28<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 8148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Super Priority Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.25%), 10.53%, <br> 07/27/28<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 8577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 First Out Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 7.01%), 11.29%, 07/27/28<br>| &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 20765 |
| &nbsp;&nbsp;&nbsp; McAfee LLC, 2024 USD 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 03/01/29<br>| &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp; 212045 |
| Peraton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1-mo. CME Term SOFR at 0.75% <br> Floor + 3.85%), 8.17%, 02/01/28<br>| &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp; 181108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan B1, (3-mo. CME Term SOFR at <br> 0.50% Floor + 7.85%), 12.18%, 02/01/29<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 22455 |
| &nbsp;&nbsp;&nbsp; Tempo Acquisition LLC, 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 1.75%), 6.07%, <br> 08/31/28<br>| &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp; 200596 |
| X Corp., 10/26/29<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 77420 |
|  |  | &nbsp;&nbsp; 1393637 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
| Opal Bidco SAS, 03/31/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 148595 |
| **Distribution & Wholesale — 1.9%** | **Distribution & Wholesale — 1.9%** | **Distribution & Wholesale — 1.9%** |
| &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co. Inc., 2024 <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.07%, 01/31/31<br>| &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp; 167767 |
| Core & Main LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.27%, 07/27/28<br>| &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp; 96477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan E, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.27%, 02/09/31<br>| &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp; 215639 |
| &nbsp;&nbsp;&nbsp; Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 07/02/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp; 122812 |
| &nbsp;&nbsp;&nbsp; Gates Global LLC, 2024 Term Loan B5, (1-mo. CME <br> Term SOFR at 0.50% Floor + 1.75%), 6.07%, <br> 06/04/31<br>| &nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp; 250600 |
| &nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., 2024 USD Term <br> Loan, (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 7.30%, 06/20/31<br>| &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp; 207903 |
| &nbsp;&nbsp;&nbsp; PAI Holdco Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.01%), 8.29%, 10/28/27<br>| &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp; 57045 |
|  |  | &nbsp;&nbsp; 1118243 |
| **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** |
| &nbsp;&nbsp;&nbsp; Apex Group Treasury LLC, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.50%), 7.82%, 02/27/32<br>| &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp; 82620 |
| &nbsp;&nbsp;&nbsp; Aretec Group Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, <br> 08/09/30<br>| &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp; 67924 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp; Citadel Securities LP, 2024 First Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.32%, 10/31/31<br>| &nbsp;&nbsp;&nbsp; $150 | &nbsp;&nbsp; $149362 |
| &nbsp;&nbsp;&nbsp; Corpay Technologies Operating Co. LLC, Term Loan <br> B5, (1-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 6.07%, 04/28/28<br>| &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 268777 |
| CPI Holdco B LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (1-mo. CME Term SOFR + <br> 2.00%), 6.32%, 05/19/31<br>| &nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 203477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 05/17/31<br>| &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp; 68583 |
| Deerfield Dakota Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 USD Term Loan B, (3-mo. CME Term SOFR <br> at 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>| &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 189257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.01%), 11.31%, <br> 04/07/28<br>| &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 45532 |
| &nbsp;&nbsp;&nbsp; Edelman Financial Engines Center LLC (The), 2024 <br> Term Loan, (1-mo. CME Term SOFR at 0.00% Floor <br> + 3.00%), 7.32%, 04/07/28<br>| &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 169063 |
| &nbsp;&nbsp;&nbsp; EOC Borrower LLC, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.00%), 7.32%, 03/24/32<br>| &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp; 363771 |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.07%, 09/15/31<br>| &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp; 117076 |
| &nbsp;&nbsp;&nbsp; Grant Thornton Advisors LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.07%, 06/02/31<br>| &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp; 97166 |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.31%, <br> 12/15/31<br>| &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp; 186465 |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 10/21/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp; 62764 |
| &nbsp;&nbsp;&nbsp; Osaic Holdings Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.82%, <br> 08/17/28<br>| &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 64329 |
| &nbsp;&nbsp;&nbsp; Setanta Aircraft Leasing DAC, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.05%, 11/05/28<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15003 |
|  |  | &nbsp;&nbsp; 2151169 |
| **Electric — 1.2%** | **Electric — 1.2%** | **Electric — 1.2%** |
| &nbsp;&nbsp;&nbsp; Calpine Construction Finance Co. LP, 2023 <br> Refinancing Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.32%, 07/31/30<br>| &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp; 148179 |
| &nbsp;&nbsp;&nbsp; Calpine Corp., 2024 Term Loan B10, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 01/31/31<br>| &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp; 68413 |
| &nbsp;&nbsp;&nbsp; ExGen Renewables IV LLC, 2020 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 2.25%), 6.56%, <br> 12/15/27<br>| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp; 36364 |
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31<br>| &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp; 144485 |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, 2024-1 Incremental Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.82%, 12/15/31<br>| &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp; 58579 |
| &nbsp;&nbsp;&nbsp; Thunder Generation Funding LLC, Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.30%, 10/03/31<br>| &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 135094 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 1st Lien Term Loan B3, <br> (1-mo. CME Term SOFR + 1.75%), 6.07%, <br> 12/20/30<br>| &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp; 118785 |
|  |  | &nbsp;&nbsp; 709899 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
| &nbsp;&nbsp;&nbsp; Celestica Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; $69 | &nbsp;&nbsp; $68717 |
| &nbsp;&nbsp;&nbsp; Roper Industrial Products Investment Co. LLC, 2024 <br> USD 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.05%, 11/22/29<br>| &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp; 113104 |
|  |  | &nbsp;&nbsp; 181821 |
| **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp; Covia Holdings Corp., (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 7.57%, 02/14/32<br>| &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp; 43876 |
| **Engineering & Construction — 1.8%** | **Engineering & Construction — 1.8%** | **Engineering & Construction — 1.8%** |
| &nbsp;&nbsp;&nbsp; Apple Bidco LLC, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.82%, 09/23/31<br>| &nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp; 233921 |
| &nbsp;&nbsp;&nbsp; Arcosa Inc., Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.57%, 08/12/31<br>| &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp; 65482 |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services Inc., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.79%, 08/01/30<br>| &nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp; 282298 |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan B2, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.80%, <br> 07/01/31<br>| &nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp; 162213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.50%), 6.82%, 07/01/31<br>| &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 182810 |
| &nbsp;&nbsp;&nbsp; Construction Partners Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.82%, <br> 11/03/31<br>| &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 27697 |
| &nbsp;&nbsp;&nbsp; Cube A&D Buyer Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.77%, <br> 10/17/31<br>| &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 32670 |
| &nbsp;&nbsp;&nbsp; Legence Holdings LLC, (1-mo. CME Term SOFR at <br> 0.75% Floor + 3.25%), 7.57%, 12/18/28<br>| &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp; 85899 |
|  |  | &nbsp;&nbsp; 1072990 |
| **Entertainment — 4.9%** | **Entertainment — 4.9%** | **Entertainment — 4.9%** |
| &nbsp;&nbsp;&nbsp; Bally's Corp., 2021 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28<br>| &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp; 137229 |
| Caesars Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 2.25%), 6.56%, 02/06/30<br>| &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; 33099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.25%), 6.56%, 02/06/31<br>| &nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp; 341799 |
| &nbsp;&nbsp;&nbsp; Crown Finance U.S. Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, <br> 12/02/31<br>| &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 64169 |
| Delta 2 Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B2, 09/30/31<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp; 97257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.00%), 6.30%, 09/30/31<br>| &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 193808 |
| &nbsp;&nbsp;&nbsp; DK Crown Holdings Inc., (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.07%, 03/04/32<br>| &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99021 |
| &nbsp;&nbsp;&nbsp; ECL Entertainment LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.82%, 08/31/30<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 29399 |
| &nbsp;&nbsp;&nbsp; Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 1.75%), 6.05%, <br> 11/30/30<br>| &nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp; 332259 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.05%, 11/01/29<br>| &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp; 72655 |
| &nbsp;&nbsp;&nbsp; Herschend Entertainment Co. LLC, 2021 Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 08/27/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp; 93942 |
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., 2024 Term Loan B2, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.57%, 04/14/29<br>| &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp; 200829 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment Inc., Term Loan B4, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, <br> 10/19/26<br>| &nbsp;&nbsp;&nbsp; $166 | &nbsp;&nbsp; $165788 |
| &nbsp;&nbsp;&nbsp; Motion Finco SARL, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 11/12/29<br>| &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp; 124308 |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP, (3-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.55%, 08/01/30<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 19310 |
| &nbsp;&nbsp;&nbsp; OVG Business Services LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR + 3.00%), 7.32%, <br> 06/25/31<br>| &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp; 59913 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.82%, <br> 05/03/29<br>| &nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp; 195688 |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP, 2024 USD Term Loan <br> B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 7.28%, 04/04/29<br>| &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp; 93555 |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment Inc., 2024 Term Loan <br> B3, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.00%), 6.32%, 12/04/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp; 71967 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.32%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp; 67832 |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 11/21/31<br>| &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp; 255983 |
| &nbsp;&nbsp;&nbsp; WMG Acquisition Corp., 2024 Term Loan J, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 01/24/31<br>| &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp; 140604 |
|  |  | &nbsp;&nbsp; 2890414 |
| **Environmental Control — 2.0%** | **Environmental Control — 2.0%** | **Environmental Control — 2.0%** |
| &nbsp;&nbsp;&nbsp; Clean Harbors Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 10/09/28<br>| &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp; 72399 |
| Covanta Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.82%, <br> 11/30/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 74429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan C, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.82%, <br> 11/30/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 4098 |
| &nbsp;&nbsp;&nbsp; Filtration Group Corp., 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 10/21/28<br>| &nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp; 335773 |
| &nbsp;&nbsp;&nbsp; GFL ES U.S. LLC, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.82%, 02/04/32<br>| &nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp; 235415 |
| &nbsp;&nbsp;&nbsp; JFL-Tiger Acquisition Co. Inc., Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.00%), 8.30%, <br> 10/17/30<br>| &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60244 |
| Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp; 05/06/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp; 164237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (6-mo. CME Term SOFR at 0.50% Floor <br> + 2.50%), 6.76%, 06/21/28<br>| &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp; 149898 |
| &nbsp;&nbsp;&nbsp; Packers Holdings LLC, 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.35%), 7.67%, <br> 03/09/28<br>| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp; 19397 |
| Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.25%), 6.58%, 11/30/28<br>| &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp; 43415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.25%), 6.58%, 11/30/28<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 3344 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| &nbsp;&nbsp;&nbsp; The Action Environmental Group Inc. (The), 2023 Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.75%), 8.05%, 10/24/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; $24 | &nbsp;&nbsp; $23647 |
|  |  | &nbsp;&nbsp; 1186296 |
| **Food — 1.7%** | **Food — 1.7%** | **Food — 1.7%** |
| &nbsp;&nbsp;&nbsp; Chobani LLC, 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.82%, 10/25/27<br>| &nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 264141 |
| &nbsp;&nbsp;&nbsp; Froneri International Ltd., 2024 USD Term Loan B4, <br> (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.24%, 09/30/31<br>| &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp; 254159 |
| &nbsp;&nbsp;&nbsp; H-Food Holdings LLC, (3-mo. CME Term SOFR at <br> 2.00% Floor + 6.50%), 10.80%, 04/01/30<br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 4713 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management Inc., (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.03%, <br> 03/15/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp; 97837 |
| &nbsp;&nbsp;&nbsp; Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, <br> 11/12/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 29485 |
| &nbsp;&nbsp;&nbsp; US Foods Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 10/03/31<br>| &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp; 161944 |
| &nbsp;&nbsp;&nbsp; UTZ Quality Foods LLC, 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.82%, <br> 01/29/32<br>| &nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp; 220236 |
|  |  | &nbsp;&nbsp; 1032515 |
| **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
| Aramark Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.32%, 06/22/30<br>| &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 149839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B7, (1-mo. CME Term SOFR + <br> 2.00%), 6.32%, 04/06/28<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 20015 |
|  |  | &nbsp;&nbsp; 169854 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| &nbsp;&nbsp;&nbsp; Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, <br> 09/07/27<br>| &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp; 113909 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| &nbsp;&nbsp;&nbsp; Madison Safety & Flow LLC, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.75%), 7.07%, 09/26/31<br>| &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp; 66168 |
| **Health Care - Products — 2.0%** | **Health Care - Products — 2.0%** | **Health Care - Products — 2.0%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.10%), 6.42%, <br> 11/08/27<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 6792 |
| Bausch & Lomb Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.50% Floor <br> + 3.35%), 7.67%, 05/10/27<br>| &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp; 204291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.32%, <br> 09/29/28<br>| &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp; 87983 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2024 USD Add-on Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.57%, 10/23/28<br>| &nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp; 610914 |
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.55%, 05/30/31<br>| &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp; 267650 |
|  |  | &nbsp;&nbsp; 1177630 |
| **Health Care - Services — 1.4%** | **Health Care - Services — 1.4%** | **Health Care - Services — 1.4%** |
| &nbsp;&nbsp;&nbsp; Concentra Health Services Inc., (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, 07/26/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 69226 |
| &nbsp;&nbsp;&nbsp; Examworks Bidco Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.07%, <br> 11/01/28<br>| &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp; 225887 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| &nbsp;&nbsp;&nbsp; Fortrea Holdings Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.75%), 8.07%, 07/01/30<br>| &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp; $3360 |
| &nbsp;&nbsp;&nbsp; ICON Luxembourg SARL, 2024 LUX Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>| &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 24686 |
| &nbsp;&nbsp;&nbsp; Parexel International Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.82%, <br> 11/15/28<br>| &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp; 197260 |
| &nbsp;&nbsp;&nbsp; Reverb Buyer Inc., 2021 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.60%), 7.88%, <br> 11/01/28<br>| &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 17418 |
| &nbsp;&nbsp;&nbsp; Star Parent Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>| &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp; 100316 |
| &nbsp;&nbsp;&nbsp; Surgery Center Holdings Inc., 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.07%, 12/19/30<br>| &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 169226 |
|  |  | &nbsp;&nbsp; 807379 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| &nbsp;&nbsp;&nbsp; FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.57%, 06/27/29<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 11921 |
| &nbsp;&nbsp;&nbsp; Intrado Corp., 2023 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.50%), 7.80%, 01/31/30<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 28812 |
|  |  | &nbsp;&nbsp; 40733 |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| &nbsp;&nbsp;&nbsp; AI Aqua Merger Sub Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 07/31/28<br>| &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp; 220622 |
| &nbsp;&nbsp;&nbsp; Tempur Sealy International Inc., 2024 Term Loan B, <br> (1-mo. SOFR + 2.50%), 6.78%, 10/24/31<br>| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 44753 |
| &nbsp;&nbsp;&nbsp; Weber-Stephen Products LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.36%), 7.69%, <br> 10/30/27<br>| &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp; 119722 |
|  |  | &nbsp;&nbsp; 385097 |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products LLC, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 03/04/32<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30062 |
| **Housewares — 0.7%** | **Housewares — 0.7%** | **Housewares — 0.7%** |
| &nbsp;&nbsp;&nbsp; Hunter Douglas Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 01/20/32<br>| &nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp; 213224 |
| Restoration Hardware Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.61%), 6.94%, 10/20/28<br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp; 18057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.35%), 7.67%, <br> 10/20/28<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 18198 |
| &nbsp;&nbsp;&nbsp; Springs Windows Fashions LLC, 2024 First Lien <br> Second Out TL A2, (1-mo. CME Term SOFR at <br> 1.00% Floor + 4.11%), 8.44%, 10/06/28<br>| &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp; 129015 |
| &nbsp;&nbsp;&nbsp; SWF Holdings I Corp., 2024 FLFO A1 Term Loan, <br> (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), <br> 8.82%, 12/19/29<br>| &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; 16340 |
|  |  | &nbsp;&nbsp; 394834 |
| **Insurance — 6.1%** | **Insurance — 6.1%** | **Insurance — 6.1%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate, LLC, 2024 Term Loan <br> B6, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.07%, 09/19/31<br>| &nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp; 270309 |
| &nbsp;&nbsp;&nbsp; AmWINS Group Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.25%), 6.57%, <br> 01/30/32<br>| &nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp; 340165 |
| &nbsp;&nbsp;&nbsp; Amynta Agency Borrower Inc., 2024 1st Lien Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.32%, 12/29/31<br>| &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp; 224641 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp; Ardonagh Midco 3 PLC, 2024 USD Term Loan B, <br> (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 3.44%, 02/15/31<br>| &nbsp;&nbsp;&nbsp; $195 | &nbsp;&nbsp; $190735 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.36%), 7.69%, 12/23/26<br>| &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp; 125632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.36%), 7.69%, 07/31/27<br>| &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 33831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B11, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.35%), 8.67%, 08/19/28<br>| &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 82174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan B3, (1-mo. CME Term <br> SOFR + 5.36%), 9.69%, 01/31/28<br>| &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 60543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan B4, (1-mo. CME Term <br> SOFR + 5.36%), 9.69%, 01/20/29<br>| &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 59495 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC, 2024 <br> Repriced Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.29%, 05/26/31<br>| &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp; 175728 |
| &nbsp;&nbsp;&nbsp; Howden Group Holdings Ltd., 2024 USD 1st Lien Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 7.32%, 02/15/31<br>| &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp; 214853 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 1st Lien Term Loan B-1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.77%, <br> 06/20/30<br>| &nbsp;&nbsp;&nbsp; 507 | &nbsp;&nbsp; 503783 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 09/15/31<br>| &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp; 206864 |
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services Inc., 2023 <br> Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 3.00%), 7.31%, 07/31/31<br>| &nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp; 387504 |
| Truist Insurance Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.05%, 05/06/31<br>| &nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp; 285389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 9.05%, 05/06/32<br>| &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 29356 |
| USI Inc./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan C, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 09/29/30<br>| &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp; 192513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan D, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 11/21/29<br>| &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp; 229065 |
|  |  | &nbsp;&nbsp; 3612580 |
| **Internet — 3.1%** | **Internet — 3.1%** | **Internet — 3.1%** |
| &nbsp;&nbsp;&nbsp; Barracuda Networks Inc., 2022 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, <br> 08/15/29<br>| &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp; 122957 |
| &nbsp;&nbsp;&nbsp; CNT Holdings I Corp., (3-mo. CME Term SOFR at <br> 0.75% Floor + 2.50%), 6.78%, 11/08/32<br>| &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp; 128266 |
| Gen Digital Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 04/16/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp; 90896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 6.07%, 09/12/29<br>| &nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp; 297642 |
| Go Daddy Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B7, (1-mo. CME Term SOFR + <br> 1.75%), 6.07%, 05/30/31<br>| &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp; 200704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.07%, 11/09/29<br>| &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 84809 |
| MH Sub I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.57%, 05/03/28<br>| &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp; 87772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.57%, 12/31/31<br>| &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp; 54947 |
| &nbsp;&nbsp;&nbsp; Proofpoint Inc., 2024 Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.00%), 7.32%, 08/31/28<br>| &nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp; 187044 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp; Speedster Bidco GmbH, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.55%, 12/10/31<br>| &nbsp;&nbsp;&nbsp; $259 | &nbsp;&nbsp; $256734 |
| &nbsp;&nbsp;&nbsp; StubHub Holdco Sub LLC, 2024 Extended Term Loan <br> B, (1-mo. CME Term SOFR + 4.75%), 9.07%, <br> 03/15/30<br>| &nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp; 331300 |
| &nbsp;&nbsp;&nbsp; Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.76%), 8.03%, <br> 07/20/28<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 8618 |
|  |  | &nbsp;&nbsp; 1851689 |
| **Leisure Time — 1.4%** | **Leisure Time — 1.4%** | **Leisure Time — 1.4%** |
| &nbsp;&nbsp;&nbsp; Alterra Mountain Co., 2024 Term Loan B7, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 05/31/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 89513 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan (2027), (1-mo. CME Term SOFR at <br> 0.75% Floor + 2.00%), 6.33%, 08/08/27<br>| &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp; 123008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan (2028), (1-mo. CME Term SOFR at <br> 0.75% Floor + 2.00%), 6.33%, 10/18/28<br>| &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 64716 |
| &nbsp;&nbsp;&nbsp; City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.04%, <br> 07/22/30<br>| &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp; 145654 |
| &nbsp;&nbsp;&nbsp; Hayward Industries Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.61%), 6.94%, <br> 05/30/28<br>| &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp; 23993 |
| Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 11587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>| &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; 20309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 5.10%), 9.42%, <br> 06/30/28<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 3556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.42%, 11/15/29<br>| &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp; 135429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.42%, 11/15/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 27941 |
| &nbsp;&nbsp;&nbsp; Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.82%, <br> 08/03/28<br>| &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp; 167810 |
|  |  | &nbsp;&nbsp; 813516 |
| **Lodging — 1.7%** | **Lodging — 1.7%** | **Lodging — 1.7%** |
| Aimbridge Acquisition Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-mo. CME Term SOFR at 1.00% Floor + 5.50%), <br> 9.94%, 03/11/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 19998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-mo. CME Term SOFR at 1.00% Floor + 7.50%), <br> 11.94%, 03/11/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 17566 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.50%), 7.82%, <br> 01/27/29<br>| &nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp; 424505 |
| &nbsp;&nbsp;&nbsp; Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.07%, 11/30/29<br>| &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp; 81148 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co. Inc., 2023 Term Loan <br> B4, (1-mo. CME Term SOFR + 1.75%), 6.08%, <br> 11/08/30<br>| &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp; 128472 |
| &nbsp;&nbsp;&nbsp; Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.07%, <br> 01/05/29<br>| &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; 15602 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.32%, <br> 03/14/31<br>| &nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp; 216900 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan 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; Wyndham Hotels & Resorts Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.07%, 05/24/30<br>| &nbsp;&nbsp;&nbsp; $111 | &nbsp;&nbsp; $110474 |
|  |  | &nbsp;&nbsp; 1014665 |
| **Machinery — 2.3%** | **Machinery — 2.3%** | **Machinery — 2.3%** |
| &nbsp;&nbsp;&nbsp; Arcline FM Holdings LLC, (1-mo. CME Term SOFR at <br> 0.75% Floor + 3.50%), 7.82%, 06/24/30<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp; 100621 |
| &nbsp;&nbsp;&nbsp; Chart Industries Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.79%, <br> 03/15/30<br>| &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp; 41159 |
| &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.80%, <br> 05/14/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp; 47120 |
| &nbsp;&nbsp;&nbsp; Generac Power Systems Inc., 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.07%, 07/03/31<br>| &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 49346 |
| &nbsp;&nbsp;&nbsp; SPX FLOW Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 04/05/29<br>| &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp; 180821 |
| &nbsp;&nbsp;&nbsp; Titan Acquisition Ltd./Canada, 2024 Term Loan B, <br> (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.72%, 02/15/29<br>| &nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 316981 |
| TK Elevator Midco GmbH, 04/30/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 268650 |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 03/02/27<br>| &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp; 186430 |
| &nbsp;&nbsp;&nbsp; Wec U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 01/27/31<br>| &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp; 146576 |
|  |  | &nbsp;&nbsp; 1337704 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp; A L PARENT LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 4.50%), 8.82%, <br> 06/30/28<br>| &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp; 78705 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, 2023 Term <br> Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 6.30%, 12/07/30<br>| &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp; 41011 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating, LLC, 2024 Term <br> Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.25%), 6.55%, 12/15/31<br>| &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp; 81500 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br> 1.50%), 9.00%, 04/15/27<br>| &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp; 208965 |
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 6142 |
| &nbsp;&nbsp;&nbsp; Gray Television Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR + 5.25%), 9.57%, 06/04/29<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 19133 |
| &nbsp;&nbsp;&nbsp; NEP Group Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR + 3.51%, 1.76% PIK), 9.32%, 08/19/26<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 80689 |
| &nbsp;&nbsp;&nbsp; Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.36%), 7.69%, <br> 09/25/26<br>| &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 166426 |
| &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, 2020 USD Term Loan Q, <br> (1-mo. CME Term SOFR + 3.36%), 7.69%, <br> 01/31/29<br>| &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp; 23621 |
| &nbsp;&nbsp;&nbsp; Ziggo Financing Partnership, USD Term Loan I, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.61%), 6.94%, <br> 04/30/28<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 29475 |
|  |  | &nbsp;&nbsp; 735667 |
| **Metal Fabricate & Hardware — 0.1%** | **Metal Fabricate & Hardware — 0.1%** | **Metal Fabricate & Hardware — 0.1%** |
| &nbsp;&nbsp;&nbsp; AZZ Inc., Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 2.50%), 6.82%, 05/13/29<br>| &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp; 43020 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp; Novelis Corp., (3-mo. CME Term SOFR at 0.00% Floor <br> + 2.00%), 6.29%, 03/11/32<br>| &nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp; 238254 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.32%, 02/11/30<br>| &nbsp;&nbsp;&nbsp; $85 | &nbsp;&nbsp; $83513 |
| **Packaging & Containers — 1.1%** | **Packaging & Containers — 1.1%** | **Packaging & Containers — 1.1%** |
| &nbsp;&nbsp;&nbsp; Charter Next Generation Inc., 2024 Term Loan B1, <br> (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), <br> 7.07%, 11/29/30<br>| &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp; 252770 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.48%, 04/01/32<br>| &nbsp;&nbsp;&nbsp; 0 <br><sup>(i)</sup><br>| &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.49%, 04/01/32<br>| &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp; 128246 |
| &nbsp;&nbsp;&nbsp; LABL Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.42%, <br> 10/30/28<br>| &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp; 136025 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., 2024 Term <br> Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%, <br> 04/15/27<br>| &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp; 48306 |
| &nbsp;&nbsp;&nbsp; Pregis TopCo Corp., 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.32%, <br> 07/31/26<br>| &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp; 26305 |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings Inc., 2024 Term Loan B7, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, <br> 09/15/28<br>| &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp; 41787 |
|  |  | &nbsp;&nbsp; 633506 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 2023 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), <br> 9.82%, 05/04/28<br>| &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp; 97348 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health Inc., Term Loan B, (1-mo. CME <br> Term SOFR + 1.85%), 6.17%, 08/01/27<br>| &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp; 140010 |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.40%, <br> 10/01/27<br>| &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp; 178272 |
| &nbsp;&nbsp;&nbsp; ICON Luxembourg SARL, 2024 US Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 6151 |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.57%, 05/05/28<br>| &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp; 161794 |
| &nbsp;&nbsp;&nbsp; Option Care Health Inc., 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, <br> 10/27/28<br>| &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp; 47903 |
| &nbsp;&nbsp;&nbsp; Organon & Co., 2024 USD Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.57%, <br> 05/19/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 95154 |
| &nbsp;&nbsp;&nbsp; Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, <br> 04/20/29<br>| &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp; 105750 |
| &nbsp;&nbsp;&nbsp; Vizient Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.07%, 08/01/31<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp; 100400 |
|  |  | &nbsp;&nbsp; 932782 |
| **Pipelines — 1.0%** | **Pipelines — 1.0%** | **Pipelines — 1.0%** |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP, 2025 Term Loan B2, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 11/22/30<br>| &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 34728 |
| &nbsp;&nbsp;&nbsp; Freeport LNG Investments LLLP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.52%, 12/21/28<br>| &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 221494 |
| &nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 10/04/30<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 8894 |
| &nbsp;&nbsp;&nbsp; M6 ETX Holdings II Midco LLC, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.32%, 04/01/32<br>| &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 64533 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp; New Fortress Energy Inc., (3-mo. CME Term SOFR at <br> 0.75% Floor + 5.50%), 9.79%, 10/30/28<br>| &nbsp;&nbsp;&nbsp; $49 | &nbsp;&nbsp; $35282 |
| &nbsp;&nbsp;&nbsp; NGL Energy Partners LP, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.75%), 8.07%, 02/03/31<br>| &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp; 44052 |
| &nbsp;&nbsp;&nbsp; NGP XI Midstream Holdings LLC, Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 07/25/31<br>| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp; 13756 |
| &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, <br> 10/05/28<br>| &nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp; 163757 |
|  |  | &nbsp;&nbsp; 586496 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| &nbsp;&nbsp;&nbsp; CoreLogic Inc., Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 06/02/28<br>| &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp; 199608 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower, LLC, 2024 <br> Tranche 2 Incremental Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.25%), 7.57%, <br> 01/31/30<br>| &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 29151 |
|  |  | &nbsp;&nbsp; 228759 |
| **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.32%, 05/18/30<br>| &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp; 70393 |
| &nbsp;&nbsp;&nbsp; SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/25/31<br>| &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp; 195678 |
|  |  | &nbsp;&nbsp; 266071 |
| **Retail — 2.1%** | **Retail — 2.1%** | **Retail — 2.1%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC Unlimited Liability Co., 2024 Term Loan <br> B6, (1-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 6.07%, 09/20/30<br>| &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp; 220407 |
| &nbsp;&nbsp;&nbsp; EG Group Ltd., 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.56%, 02/07/28<br>| &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp; 30795 |
| &nbsp;&nbsp;&nbsp; Foundation Building Materials Holding Co. LLC, 2024 <br> Term Loan B2, (1-mo. CME Term SOFR at 0.00% <br> Floor + 4.00%), 8.28%, 01/29/31<br>| &nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp; 229134 |
| &nbsp;&nbsp;&nbsp; Gulfside Supply Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31<br>| &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; 34127 |
| &nbsp;&nbsp;&nbsp; GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR + 2.25%), 6.57%, 05/12/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 59132 |
| &nbsp;&nbsp;&nbsp; IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 2.50%), 6.82%, <br> 12/15/27<br>| &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp; 137549 |
| LBM Acquisition LLC, Term Loan B, 12/17/27<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 24460 |
| &nbsp;&nbsp;&nbsp; Murphy USA Inc., (1-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 6.07%, 01/31/28<br>| &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 33106 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.85%), 8.17%, 02/11/28<br>| &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp; 71622 |
| QXO Inc., 04/30/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 84894 |
| &nbsp;&nbsp;&nbsp; White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 10/19/29<br>| &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp; 344137 |
|  |  | &nbsp;&nbsp; 1269363 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 6.32%, <br> 07/02/29<br>| &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 192349 |
| &nbsp;&nbsp;&nbsp; Entegris Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.05%, 07/06/29<br>| &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp; 62600 |
| &nbsp;&nbsp;&nbsp; MKS Instruments Inc., 2025 USD Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.32%, 08/17/29<br>| &nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp; 245688 |
|  |  | &nbsp;&nbsp; 500637 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software — 11.8%** | **Software — 11.8%** | **Software — 11.8%** |
| &nbsp;&nbsp;&nbsp; Applied Systems Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 02/24/31<br>| &nbsp;&nbsp;&nbsp; $370 | &nbsp;&nbsp; $368853 |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 02/15/29<br>| &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp; 231933 |
| &nbsp;&nbsp;&nbsp; Azalea Topco Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 04/30/31<br>| &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp; 68135 |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer Inc., USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, <br> 11/25/31<br>| &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp; 132529 |
| &nbsp;&nbsp;&nbsp; BMC Software Inc., 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 07/30/31<br>| &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp; 280933 |
| &nbsp;&nbsp;&nbsp; Capstone Borrower Inc., (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.05%, 06/17/30<br>| &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp; 116837 |
| &nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Inc., Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.32%, <br> 01/23/32<br>| &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 224627 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 07/06/29<br>| &nbsp;&nbsp;&nbsp; 347 | &nbsp;&nbsp; 288686 |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics LLC, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.53%, 04/21/32<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp; 31840 |
| Cloud Software Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.50%), 7.80%, <br> 03/29/29<br>| &nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp; 269980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>| &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 222490 |
| Cloudera Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.17%, 10/08/28<br>| &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp; 212359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.10%), 10.42%, <br> 10/08/29<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 28100 |
| &nbsp;&nbsp;&nbsp; Cotiviti Corp., 2024 Term Loan, (1-mo. CME Term <br> SOFR + 2.75%), 7.07%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp; 305205 |
| &nbsp;&nbsp;&nbsp; Dayforce Inc., (3-mo. CME Term SOFR at 0.00% Floor <br> + 2.00%), 6.28%, 03/01/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp; 201104 |
| &nbsp;&nbsp;&nbsp; DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR + 4.25%), 8.55%, 06/26/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp; 58265 |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Corp. (The), 2024 Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 01/18/29<br>| &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp; 166222 |
| Ellucian Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 10/09/29<br>| &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp; 294012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 4.75%), 9.07%, 11/22/32<br>| &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp; 48939 |
| &nbsp;&nbsp;&nbsp; Epicor Software Corp., 2024 Term Loan E, (1-mo. <br> CME Term SOFR at 0.75% Floor + 2.75%), 7.07%, <br> 05/30/31<br>| &nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp; 217704 |
| &nbsp;&nbsp;&nbsp; Flexera Software LLC, 2024 1st Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), <br> 7.30%, 03/03/28<br>| &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 39643 |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services Holdings II LLC, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.82%, <br> 01/30/32<br>| &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp; 170296 |
| &nbsp;&nbsp;&nbsp; Informatica LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.57%, 10/27/28<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp; 135302 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Mitchell International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.25%), 7.57%, 06/17/31<br>| &nbsp;&nbsp;&nbsp; $254 | &nbsp;&nbsp; $250077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 5.25%), 9.57%, 06/17/32<br>| &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; 36699 |
| &nbsp;&nbsp;&nbsp; Modena Buyer LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.50%), 8.78%, 07/01/31<br>| &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 51705 |
| &nbsp;&nbsp;&nbsp; Planview Parent Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 12/17/27<br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp; 18433 |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp., 2021 Term Loan B1, (1-mo. <br> CME Term SOFR + 2.86%), 7.19%, 03/13/28<br>| &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp; 87887 |
| &nbsp;&nbsp;&nbsp; PointClickCare Technologies Inc., 2024 USD Term <br> Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.25%), 7.55%, 11/03/31<br>| &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp; 73389 |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.01%), 8.29%, <br> 06/02/28<br>| &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 260265 |
| Project Alpha Intermediate Holding Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10/28/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 34743 |
| &nbsp;&nbsp;&nbsp; 2024 Add-on Term Loan B, 10/28/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp; 23883 |
| &nbsp;&nbsp;&nbsp; Project Boost Purchaser LLC, 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, <br> 07/16/31<br>| &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp; 167639 |
| &nbsp;&nbsp;&nbsp; Quartz Acquireco LLC, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 06/28/30<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp; 192795 |
| &nbsp;&nbsp;&nbsp; RealPage Inc., 1st Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.26%), 7.56%, 04/24/28<br>| &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 187919 |
| &nbsp;&nbsp;&nbsp; Skopima Consilio Parent LLC, 2024 Repriced Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.75%), 8.07%, 05/15/28<br>| &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 73491 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Inc., 2024 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, <br> 05/09/31<br>| &nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp; 365475 |
| &nbsp;&nbsp;&nbsp; UKG Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.00%), 7.32%, 02/10/31<br>| &nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp; 425934 |
| &nbsp;&nbsp;&nbsp; VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.02%, <br> 04/12/31<br>| &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp; 285615 |
| &nbsp;&nbsp;&nbsp; Waystar Technologies Inc., 2024 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.25%), 6.57%, 10/22/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp; 57536 |
| Zelis Payments Buyer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1-mo. CME Term SOFR + 2.75%), <br> 7.07%, 09/28/29<br>| &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp; 91771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5th Amendment Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 11/26/31<br>| &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp; 212665 |
|  |  | &nbsp;&nbsp; 7011915 |
| **Telecommunications — 2.3%** | **Telecommunications — 2.3%** | **Telecommunications — 2.3%** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, USD 2017 1st Lien Term Loan, <br> (Prime + 1.75%), 9.25%, 01/31/26<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; 35932 |
| &nbsp;&nbsp;&nbsp; Altice France SA, 2023 USD Term Loan B14, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, <br> 08/15/28<br>| &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp; 123770 |
| &nbsp;&nbsp;&nbsp; Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 10/24/30<br>| &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp; 98295 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.82%, 09/27/29<br>| &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 62953 |
| &nbsp;&nbsp;&nbsp; GOGO Intermediate Holdings LLC, Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.86%), <br> 8.19%, 04/30/28<br>| &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; 15849 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp; Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.25%), 6.57%, <br> 09/20/30<br>| &nbsp;&nbsp;&nbsp; $46 | &nbsp;&nbsp; $45091 |
| Level 3 Financing Inc., 03/27/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp; 349771 |
| Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, <br> 04/16/29<br>| &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp; 117514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, <br> 04/15/30<br>| &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 27801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan A, (1-mo. CME Term SOFR at <br> 2.00% Floor + 6.00%), 10.32%, 06/01/28<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 3144 |
| Viasat Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.50% Floor <br> + 4.61%), 8.94%, 03/02/29<br>| &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; 36376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.61%), 8.94%, 05/30/30<br>| &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 25931 |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings Inc., USD Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, <br> 03/09/27<br>| &nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 394340 |
|  |  | &nbsp;&nbsp; 1336767 |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming Inc. (New), 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.05%, 04/10/31<br>| &nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp; 219036 |
| &nbsp;&nbsp;&nbsp; OLA Netherlands BV, Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 6.35%), 10.67%, 12/15/26<br>| &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp; 37931 |
| &nbsp;&nbsp;&nbsp; Rand Parent LLC, (3-mo. CME Term SOFR at 0.00% <br> Floor + 3.00%), 7.30%, 03/18/30<br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 9917 |
|  |  | &nbsp;&nbsp; 266884 |
| **Total Floating Rate Loan Interests — 84.2%** <br>**(Cost: $50,650,817)** | **Total Floating Rate Loan Interests — 84.2%** <br>**(Cost: $50,650,817)** | &nbsp;&nbsp; 49853004 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Learfield Communications LLC, NVS, (Acquired <br> 09/06/23, Cost $3,910)<sup>(c)(j)</sup><br>| &nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp; 23478 |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
| Hearthside Equity, NVS<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp; 3588 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| AIMBRIDGE, NVS<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1559 | &nbsp;&nbsp; 85752 |
| **Total Common Stocks — 0.2%** <br>**(Cost $107,570)** | **Total Common Stocks — 0.2%** <br>**(Cost $107,570)** | &nbsp;&nbsp; 112818 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 3.9%** | **Exchange Traded Funds — 3.9%** | **Exchange Traded Funds — 3.9%** |
| iShares 0-5 Year High Yield Corporate Bond ETF<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; 25250 | &nbsp;&nbsp; 1068580 |
| iShares Broad USD High Yield Corporate Bond ETF<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp; 658800 |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(b)(k)</sup> | &nbsp;&nbsp;&nbsp; 7175 | &nbsp;&nbsp; 563955 |
|  |  | &nbsp;&nbsp; 2291335 |
| **Total Investment Companies — 3.9%** <br>**(Cost $2,254,341)** | **Total Investment Companies — 3.9%** <br>**(Cost $2,254,341)** | &nbsp;&nbsp; 2291335 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| &nbsp;&nbsp;&nbsp; Veritas Kapital Assurance PLC, Series G-1, Preference <br> Shares, NVS<br>| &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp; $1558 |
| &nbsp;&nbsp;&nbsp; Veritas Kapital Assurance PLC, Series G, Preference <br> Shares, NVS<br>| &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp; 2553 |
|  |  | &nbsp;&nbsp; 4111 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $2,925)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $2,925)** | &nbsp;&nbsp; 4111 |
| **Total Long-Term Investments — 90.4%** <br>**(Cost: $54,280,778)** | **Total Long-Term Investments — 90.4%** <br>**(Cost: $54,280,778)** | &nbsp;&nbsp; 53501342 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 12.5%** | **Money Market Funds — 12.5%** | **Money Market Funds — 12.5%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(k)(l)(m)</sup><br>| &nbsp;&nbsp;&nbsp; 615953 | &nbsp;&nbsp; 616199 |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(k)(l)</sup><br>| &nbsp;&nbsp;&nbsp; 6800000 | &nbsp;&nbsp; 6800000 |
| **Total Short-Term Securities — 12.5%** <br>**(Cost: $7,416,195)** | **Total Short-Term Securities — 12.5%** <br>**(Cost: $7,416,195)** | &nbsp;&nbsp; 7416199 |
| **Total Investments — 102.9%** <br>**(Cost: $61,696,973)** | **Total Investments — 102.9%** <br>**(Cost: $61,696,973)** | &nbsp;&nbsp; 60917541 |
| **Liabilities in Excess of Other Assets — (2.9)%** | **Liabilities in Excess of Other Assets — (2.9)%** | &nbsp;&nbsp; (1701049)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $59216492 |

---

&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> All or a portion of this security is on loan.

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

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

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

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

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

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

<sup>(j)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $23,478, representing less than 0.05% of its net assets as of period end, and an original cost of $3,910. 

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

<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. 

**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>| $— | $616415 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(220)<br>| $4 | $616199 | 615953 | $1158 <br><sup>(b)</sup><br>| $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 8020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1220000 )<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; 6800000 | 6800000 | &nbsp;&nbsp; 280370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares 0-5 Year High Yield Corporate Bond ETF | 1292582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (211044)<br>| &nbsp;&nbsp; (1397)<br>| (11561)<br>| &nbsp;&nbsp; 1068580 | 25250 | &nbsp;&nbsp;&nbsp; 58842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares Broad USD High Yield Corporate Bond <br> ETF<br>| &nbsp;&nbsp; 738000 | &nbsp;&nbsp;&nbsp; 853509 | &nbsp;&nbsp; (890356)<br>| &nbsp;&nbsp; (36209)<br>| (6144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 658800 | 18000 | &nbsp;&nbsp;&nbsp; 57635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares iBoxx $ High Yield Corporate Bond ETF | 1113304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (550525)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11455 | (10279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 563955 | 7175 | &nbsp;&nbsp;&nbsp; 41043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  | $(26371) | $(27980) | $9707534 |  | $439048 | $— |

---

&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. 

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

**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)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.43.V1 | 5.00<br> %<br>| Quarterly | 12/20/29<br> B | USD | 1000 | $44407 | $78570 | $(34163) |

---

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

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

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-DAY SOFR,, 4.41% | Quarterly | &nbsp;&nbsp;&nbsp; Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 06/20/25 | USD | 500 | $9342 | $(6636)<br>| $15978 |
| 1-DAY SOFR,, 4.41% | Quarterly | &nbsp;&nbsp;&nbsp; Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 06/20/25 | USD | 1000 | (7854)<br>| (11010)<br>| 3156 |
| 1-DAY SOFR,, 4.41% | Quarterly | &nbsp;&nbsp;&nbsp; Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 06/20/25 | USD | 500 | 2983 | (2166)<br>| 5149 |
| 1-DAY SOFR,, 4.41% | Quarterly | &nbsp;&nbsp;&nbsp; Markit iBoxx USD Liquid <br> Leveraged Loan Index<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 06/20/25 | USD | 1500 | (16620)<br>| (4562)<br>| (12058)<br>|
|  |  |  |  |  |  |  |  |  | $(12149)<br>| $(24374)<br>| $12225 |

---

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $921802 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $921802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 191207 | &nbsp;&nbsp; 127065 | &nbsp;&nbsp; 318272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 47604312 | &nbsp;&nbsp; 2248692 | &nbsp;&nbsp; 49853004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 112818 | &nbsp;&nbsp; 112818 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Floating Rate Loan Active ETF**

**(Formerly BlackRock Floating Rate Loan ETF)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; $2291335 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2291335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 4111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4111 |
| &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; 7416199 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7416199 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (427)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (427)<br>|
|  | &nbsp;&nbsp; $9707534 | &nbsp;&nbsp; $48721005 | &nbsp;&nbsp; $2488575 | &nbsp;&nbsp; $60917114 |
| Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24283 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24283 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (34163)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (34163)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (12058)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12058)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21938)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21938)<br>|

---

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

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

<sup>(b)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Common* <br>*Stocks*<br>| *Fixed* <br>*Rate* <br>*Loan* <br>*Interests*<br>| *Floatings* <br>*Rates* <br>*Loans* <br>*Interests*<br>| *Unfunded* <br>*Floatings* <br>*Rates* <br>*Loan* <br>*Interests*<br>| *Total* |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Opening balance, as of July 31, 2024 | &nbsp;&nbsp; $20280 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1871765 | &nbsp;&nbsp; $34 | &nbsp;&nbsp; $1892079 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 531958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 531958 |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (936160)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (936160)<br>|
| &nbsp;&nbsp;&nbsp; Accrued discounts/premiums | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1109 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (250)<br>| &nbsp;&nbsp; (12026)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12276)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp; (11122)<br>| &nbsp;&nbsp; (1935)<br>| &nbsp;&nbsp; (20536)<br>| &nbsp;&nbsp; (34)<br>| &nbsp;&nbsp; (33627)<br>|
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; 103660 | &nbsp;&nbsp; 169000 | &nbsp;&nbsp; 2395839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2668499 |
| &nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp; — | &nbsp;&nbsp; (39750)<br>| &nbsp;&nbsp; (1556643)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1596393)<br>|
| &nbsp;&nbsp;&nbsp; Closing balance, as of April 30, 2025 | &nbsp;&nbsp; $112818 | &nbsp;&nbsp; $127065 | &nbsp;&nbsp; $2275306 | &nbsp;&nbsp; — | &nbsp;&nbsp; $2515189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investment still held <br> at April 30, 2025<br>| &nbsp;&nbsp; $(11122)<br>| &nbsp;&nbsp; $(1935)<br>| &nbsp;&nbsp; $(18847)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(31904)<br>|
| <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. |  |  |
| &nbsp;&nbsp;&nbsp; <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on <br> investments still held at April 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. | &nbsp;&nbsp;&nbsp; <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on <br> investments still held at April 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. | &nbsp;&nbsp;&nbsp; <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on <br> investments still held at April 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. | &nbsp;&nbsp;&nbsp; <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on <br> investments still held at April 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. |  |  |

---

The Fund's financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial investments. <br>

---

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

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| CPI | Consumer Price Index |
| GO | General Obligation |

---

---

| | |
|:---|:---|
| NVS | Non-Voting Shares |
| PIK | Payment-in-kind |
| PILOT | Payment in Lieu of Taxes |
| SOFR | Secured Overnight Financing Rate |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** iShares Floating Rate Loan Active ETF

- **b. EDGAR series identifier (if any):** S000077718

- **c. LEI of Series:** 549300ROS5C1CAWJAS67

**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:** $63161996.04

**Total Liabilities:** $3946127.06

**Net Assets:** $59215868.98

**Delayed Delivery Securities:** $2587425.83

**Cash Not Reported:** $263774.43

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 584.39000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 13780.29000000 | **1-Year:** 16.95000000 | **5-Year:** 768.38000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000238207 | 0.04%                | -0.52%               | 0.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6452.30                 | $-308520.60                                |
| Month 2  | $-47519.18               | $-607215.77                                |
| Month 3  | $-281545.66              | $-3164.18                                  |

**Designated Index Information**

- **Index Name:** Morningstar LSTA Leveraged Loan Index

- **Index Identifier:** SPBDAL

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SCIENTIFIC GAMES HOLDINGS LP                         | Scientific Games Holdings LP 2024 USD Term Loan B                              | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |     94487 | PA      | $93555.07     | 0.16%             | 2029-04-04      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                               | TK Elevator Midco GmbH 2025 USD Term Loan B                                    | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |    270000 | PA      | $268650.00    | 0.45%             | 2030-04-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| NAKED JUICE LLC                                      | NAKED JUICE LLC 2025 FLFO TERM LOAN                                            | CUSIP: 000000000<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |    136211 | PA      | $129877.48    | 0.22%             | 2029-01-24      | Floating      | 9.71%                 | No            |                  2 | On Loan: No      |
| Core & Main LP                                       | Core & Main LP 2024 Term Loan B                                                | CUSIP: 40416VAG0<br>LEI: 549300ZSLF8Q660SCD17 | Long             | LON              | CORP              | US        |     96719 | PA      | $96476.85     | 0.16%             | 2028-07-27      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                 | Chart Industries Inc 2024 Term Loan B                                          | CUSIP: 16115EAT4<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |     41443 | PA      | $41158.63     | 0.07%             | 2030-03-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Penn Entertainment Inc                               | PENN Entertainment Inc 2022 Term Loan B                                        | CUSIP: 70757DAZ2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    196671 | PA      | $195687.86    | 0.33%             | 2029-05-03      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Madison Safety & Flow LLC                            | Madison Safety & Flow LLC 2025 Term Loan B                                     | CUSIP: 55822DAM3<br>LEI: 5493007D2J7BBIFYBY65 | Long             | LON              | CORP              | US        |     66752 | PA      | $66168.21     | 0.11%             | 2031-09-26      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                    | Clarios Global LP 2025 USD Term Loan B                                         | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    150000 | PA      | $146688.00    | 0.25%             | 2032-01-28      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Flutter Financing BV                                 | Flutter Financing BV 2024 Term Loan B                                          | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    337961 | PA      | $332259.42    | 0.56%             | 2030-11-30      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc                   | Clear Channel Outdoor Holdings Inc 2024 Term Loan                              | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |     23822 | PA      | $23047.66     | 0.04%             | 2028-08-23      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                         | US Foods Inc 2024 1st Lien Term Loan B                                         | CUSIP: 90351HAG3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | LON              | CORP              | US        |    161595 | PA      | $161944.05    | 0.27%             | 2031-10-03      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Camelot US Acquisition LLC                           | Camelot US Acquisition LLC 2024 Term Loan B                                    | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |    182123 | PA      | $179541.85    | 0.30%             | 2031-01-31      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                         | Cloudera Inc 2021 Term Loan                                                    | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    216278 | PA      | $212359.31    | 0.36%             | 2028-10-08      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC            | Oryx Midstream Services Permian Basin LLC 2025 Term Loan B                     | CUSIP: 68764JAJ0<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |    165594 | PA      | $163757.47    | 0.28%             | 2028-10-05      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Motion Finco Sarl                                    | Motion Finco Sarl 2024 USD Term Loan B                                         | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | LON              | CORP              | LU        |    131891 | PA      | $124307.64    | 0.21%             | 2029-11-12      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| VS BUYER LLC                                         | VS Buyer LLC 2024 1st Lien Term Loan B                                         | CUSIP: 91834WAF7<br>LEI: 254900G5QLDMHSCYJK25 | Long             | LON              | CORP              | US        |    287229 | PA      | $285614.82    | 0.48%             | 2031-04-12      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| INFORMATICA LLC                                      | Informatica LLC 2024 Term Loan B                                               | CUSIP: 45673YAL0<br>LEI: 5493007SV33RZV7RPS40 | Long             | LON              | CORP              | US        |    135641 | PA      | $135301.85    | 0.23%             | 2028-10-27      | Floating      | 6.57%                 | No            |                  3 | On Loan: No      |
| CITY FOOTBALL GROUP LIMITED                          | City Football Group Limited 2024 Term Loan                                     | CUSIP: 17781XAD8<br>LEI: 213800K6VVWALRH9UJ69 | Long             | LON              | CORP              | GB        |    149389 | PA      | $145654.46    | 0.25%             | 2030-07-22      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC                      | ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan                    | CUSIP: 00076VBM1<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |    100000 | PA      | $97625.00     | 0.16%             | 2032-02-13      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Heritage-Crystal Clean Inc                           | Heritage-Crystal Clean Inc Term Loan B                                         | CUSIP: 465966AB5<br>LEI: 254900KPFL42CYD2VY03 | Long             | LON              | CORP              | US        |     60471 | PA      | $60244.11     | 0.10%             | 2030-10-17      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| ECO SERVICES OPERATIONS CORP                         | ECO Services Operations Corp 2024 Term Loan B                                  | CUSIP: 27922JAC0<br>LEI: 254900NH3N3I82Z6Q744 | Long             | LON              | CORP              | US        |    159439 | PA      | $156573.41    | 0.26%             | 2031-06-12      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| FREEPORT LNG INVESTMENTS LLLP                        | Freeport LNG Investments LLLP 2025 Term Loan B                                 | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    225324 | PA      | $221493.60    | 0.37%             | 2028-12-21      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corporation                  | Six Flags Entertainment Corporation 2024 Term Loan B                           | CUSIP: 15018LAN1<br>LEI: 529900AS2CYWYFHRS781 | Long             | LON              | CORP              | US        |     68482 | PA      | $67831.92     | 0.11%             | 2031-05-01      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                | GFL Environmental Inc 2025 Term Loan B                                         | CUSIP: 36257SAB8<br>LEI: 254900PGDQWC19PRP053 | Long             | LON              | CORP              | US        |    239000 | PA      | $235415.00    | 0.40%             | 2032-02-04      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings LLC                        | Truist Insurance Holdings LLC 2nd Lien Term Loan                               | CUSIP: 89788VAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29474 | PA      | $29355.79     | 0.05%             | 2032-05-06      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| 1011778 BC Unlimited Liability Company               | 1011778 BC Unlimited Liability Company 2024 Term Loan B6                       | CUSIP: 000000000<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |    222915 | PA      | $220406.79    | 0.37%             | 2030-09-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                             | Boost Newco Borrower LLC 2025 USD Term Loan B                                  | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |    130035 | PA      | $129709.91    | 0.22%             | 2031-01-31      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Company           | Mauser Packaging Solutions Holding Company 2024 Term Loan B                    | CUSIP: 57763TAE3<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |     49104 | PA      | $48305.77     | 0.08%             | 2027-04-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| KUEHG CORP                                           | KUEHG Corp 2024 Term Loan                                                      | CUSIP: 50118YAG4<br>LEI: 549300YNT566T1NYJX62 | Long             | LON              | CORP              | US        |     27778 | PA      | $27649.39     | 0.05%             | 2030-06-12      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Galaxy US Opco Inc                                   | Galaxy US Opco Inc Term Loan                                                   | CUSIP: 36321DAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     63849 | PA      | $52994.57     | 0.09%             | 2030-07-31      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| POTTERS INDUSTRIES LLC                               | Potters Industries LLC 2025 Repriced Term Loan B                               | CUSIP: 73813HAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     58411 | PA      | $58100.95     | 0.10%             | 2027-12-14      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| NUVEI TECHNOLOGIES CORP                              | Nuvei Technologies Corp 2024 Term Loan B1                                      | CUSIP: 69425BAB3<br>LEI: 254900L3D6CI0XH2P605 | Long             | LON              | CORP              | US        |    184000 | PA      | $182662.32    | 0.31%             | 2031-11-17      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| PG Investment Company 59 Sa rl                       | PG Investment Company 59 Sa rl Term Loan B                                     | CUSIP: 91728NAB5<br>LEI: 254900XMCCB3IEZ2A005 | Long             | LON              | CORP              | LU        |     59850 | PA      | $59580.68     | 0.10%             | 2031-03-26      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Genesee & Wyoming Inc (New)                          | Genesee & Wyoming Inc (New) 2024 Term Loan B                                   | CUSIP: 37156QAZ9<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |    222130 | PA      | $219035.73    | 0.37%             | 2031-04-10      | Floating      | 6.05%                 | 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        |     25250 | NS      | $1068580.00   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sparta US HoldCo LLC                                 | Sparta US HoldCo LLC 2024 Term Loan B                                          | CUSIP: 84673EAE9<br>LEI: 5493004EFF9NBQ1A8453 | Long             | LON              | CORP              | US        |    155699 | PA      | $152507.09    | 0.26%             | 2030-08-02      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| The Action Environmental Group Inc                   | The Action Environmental Group Inc 2023 Term Loan B                            | CUSIP: 00507JAF3<br>LEI: 549300BB30QUQC86W666 | Long             | LON              | CORP              | US        |     23766 | PA      | $23647.43     | 0.04%             | 2030-10-24      | Floating      | 8.05%                 | No            |                  3 | On Loan: No      |
| LEGENCE HOLDINGS LLC                                 | Legence Holdings LLC 2025 Term Loan B                                          | CUSIP: 75865HAK4<br>LEI: 2549003DYOLJRQR9G070 | Long             | LON              | CORP              | US        |     87318 | PA      | $85899.33     | 0.15%             | 2028-12-18      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| MCAFEE LLC                                           | McAfee LLC 2024 USD 1st Lien Term Loan B                                       | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |    226484 | PA      | $212045.29    | 0.36%             | 2029-03-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                   | TRSWAP: IBXXLLTR INDEX                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   1000000 | OU      | $-7853.51     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Gogo Intermediate Holdings LLC                       | GOGO Intermediate Holdings LLC Term Loan B                                     | CUSIP: 38046JAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     16801 | PA      | $15849.28     | 0.03%             | 2028-04-30      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| SBA Senior Finance II LLC                            | SBA Senior Finance II LLC 2024 Term Loan B                                     | CUSIP: 78404XAJ4<br>LEI: 549300PVT2ADFWMYEW87 | Long             | LON              |  | US        |    195957 | PA      | $195678.33    | 0.33%             | 2031-01-25      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                        | TransDigm Inc 2024 Term Loan K                                                 | CUSIP: 89364MCB8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    116818 | PA      | $116473.82    | 0.20%             | 2030-03-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                             | Trident TPI Holdings Inc 2024 Term Loan B7                                     | CUSIP: 00216EAL3<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |     43272 | PA      | $41787.19     | 0.07%             | 2028-09-15      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| FORTIS 333 INC                                       | FORTIS 333 INC USD TERM LOAN B                                                 | CUSIP: 34958SAB5<br>LEI: 254900SLITS19RU1VB55 | Long             | LON              | CORP              | US        |     49000 | PA      | $47836.25     | 0.08%             | 2032-03-29      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Project Alpha Intermediate Holding, Inc.             | Project Alpha Intermediate Holding Inc 2024 Add-on Term Loan B                 | CUSIP: 74339DAQ1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24000 | PA      | $23883.36     | 0.04%             | 2030-10-28      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                           | Dynasty Acquisition Co Inc 2024 1st Lien Term Loan B1                          | CUSIP: 26812CAN6<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |    258035 | PA      | $256438.15    | 0.43%             | 2031-10-31      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| AIMBRIDGE ACQUISITION CO INC                         | Aimbridge Acquisition Co Inc 2025 1st Lien Second Out Term Loan                | CUSIP: 00900YAH9<br>LEI: 549300SPGKLVE9WYCQ20 | Long             | LON              | CORP              | US        |     17924 | PA      | $17565.58     | 0.03%             | 2030-03-11      | Floating      | 11.94%                | No            |                  3 | On Loan: No      |
| MH Sub I LLC                                         | MH Sub I LLC 2023 Term Loan                                                    | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     92881 | PA      | $87772.63     | 0.15%             | 2028-05-03      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                       | Sabre GLBL Inc 2022 1st Lien Term Loan B                                       | CUSIP: 78571YBJ8<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |      3780 | PA      | $3555.70      | 0.01%             | 2028-06-30      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc                                | American Airlines Inc 2017 1st Lien Term Loan                                  | CUSIP: 02376CAX3<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | US        |     78359 | PA      | $76656.90     | 0.13%             | 2027-01-29      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                       | Sabre GLBL Inc 2021 Term Loan B1                                               | CUSIP: 78571YBG4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |     21421 | PA      | $20309.48     | 0.03%             | 2027-12-17      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC                                      | Rand Parent LLC 2025 Term Loan B                                               | CUSIP: 75223LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     10781 | PA      | $9916.94      | 0.02%             | 2030-03-18      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Cotiviti Corporation                                 | Cotiviti Corporation 2024 Fixed Term Loan B                                    | CUSIP: 000000000<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    128071 | PA      | $126390.71    | 0.21%             | 2031-05-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Playa Resorts Holding BV                             | Playa Resorts Holding BV 2022 Term Loan B                                      | CUSIP: 72812NAJ5<br>LEI: 5493005SPBUMPZZCIZ96 | Long             | LON              | CORP              | NL        |     15640 | PA      | $15601.84     | 0.03%             | 2029-01-05      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Zelis Payments Buyer Inc                             | Zelis Payments Buyer Inc Term Loan B                                           | CUSIP: 98932TAG8<br>LEI: 549300U8NGLZN5R1Y309 | Long             | LON              | CORP              | US        |     94124 | PA      | $91771.32     | 0.15%             | 2029-09-28      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Chamberlain Group Inc                                | Chamberlain Group Inc Term Loan B                                              | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    252066 | PA      | $248633.33    | 0.42%             | 2028-11-03      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Parexel International Corporation                    | Parexel International Corporation 2025 Term Loan B                             | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |    198575 | PA      | $197260.09    | 0.33%             | 2028-11-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| JAZZ FINANCING LUX SARL                              | Jazz Financing Lux Sarl 2024 1st Lien Term Loan B                              | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |    162462 | PA      | $161794.23    | 0.27%             | 2028-05-05      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC                | Charter Communications Operating LLC 2024 Term Loan B5                         | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |     81827 | PA      | $81499.91     | 0.14%             | 2031-12-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                | American Airlines Inc 2024 1st Lien Term Loan B                                | CUSIP: 02376CBR5<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | US        |    148501 | PA      | $144231.61    | 0.24%             | 2028-02-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Viasat Inc                                           | ViaSat Inc 2023 Term Loan                                                      | CUSIP: 92555WAF2<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |     28565 | PA      | $25930.74     | 0.04%             | 2030-05-30      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                           | Fertitta Entertainment LLC 2022 Term Loan B                                    | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |    436227 | PA      | $424505.41    | 0.72%             | 2029-01-27      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| PROJECT BOOST PURCHASER LLC                          | Project Boost Purchaser LLC 2024 Term Loan                                     | CUSIP: 74339NAG1<br>LEI: 254900SVSL94NTLSDY26 | Long             | LON              | CORP              | US        |    169357 | PA      | $167639.27    | 0.28%             | 2031-07-16      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| WEX INC                                              | WEX Inc 2025 Incremental Term Loan B                                           | CUSIP: 96208UAX9<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | LON              | CORP              | US        |     60000 | PA      | $58924.80     | 0.10%             | 2032-03-05      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| FILTRATION GROUP CORPORATION                         | Filtration Group Corporation 2025 USD Term Loan B                              | CUSIP: 31732FAV8<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |    336432 | PA      | $335772.85    | 0.57%             | 2028-10-21      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                                         | Peraton Corp Term Loan B                                                       | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |    201191 | PA      | $181108.53    | 0.31%             | 2028-02-01      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| PLANVIEW PARENT INC                                  | Planview Parent Inc 2024 1st Lien Term Loan                                    | CUSIP: 72751PAJ3<br>LEI: 549300SEALM1D9FKMA32 | Long             | LON              | CORP              | US        |     18858 | PA      | $18433.28     | 0.03%             | 2027-12-17      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Summer (BC) Holdco B Sa rl                           | Summer (BC) Holdco B Sa rl 2024 USD Term Loan B                                | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | LU        |     27000 | PA      | $26617.41     | 0.04%             | 2029-02-15      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Amynta Agency Borrower Inc                           | Amynta Agency Borrower Inc 2024 1st Lien Term Loan B                           | CUSIP: 57810JAL2<br>LEI: 5493000GP6HBRVTWBO85 | Long             | LON              | CORP              | US        |    226958 | PA      | $224640.89    | 0.38%             | 2031-12-29      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CNT HOLDINGS I CORP                                  | CNT Holdings I Corp 2025 Term Loan                                             | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |    129036 | PA      | $128265.97    | 0.22%             | 2032-11-08      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPERATING COMPANY LLC                       | Go Daddy Operating Company LLC 2024 Term Loan B7                               | CUSIP: 38017BAW6<br>LEI: 5493005GJOH8HLL11157 | Long             | LON              | CORP              | US        |    201860 | PA      | $200703.81    | 0.34%             | 2031-05-30      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Viasat Inc                                           | ViaSat Inc Term Loan                                                           | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |     38924 | PA      | $36376.43     | 0.06%             | 2029-03-02      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| Restoration Hardware Inc                             | Restoration Hardware Inc 2022 Incremental Term Loan                            | CUSIP: 76133MAC5<br>LEI: 549300H9H1H3OC7C3H47 | Long             | LON              | CORP              | US        |     19500 | PA      | $18197.60     | 0.03%             | 2028-10-20      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS LLC                         | Focus Financial Partners LLC 2025 Incremental Term Loan B                      | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    118640 | PA      | $117076.13    | 0.20%             | 2031-09-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| VERITAS SERIES G PREFERRED STO                       | VERITAS SERIES G PREFERRED STO                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       111 | NS      | $2553.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PRESS GANEY HOLDINGS INC                             | Press Ganey Holdings Inc 2024 1st Lien Term Loan B                             | CUSIP: 05477JAD3<br>LEI: 549300HC42NZULO53062 | Long             | LON              | CORP              | US        |     68630 | PA      | $68134.49     | 0.12%             | 2031-04-30      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| ARCLINE FM HOLDINGS LLC                              | ARCLINE FM HOLDINGS LLC 2025 TERM LOAN                                         | CUSIP: 03960DAH6<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |    101000 | PA      | $100621.25    | 0.17%             | 2030-06-24      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORPORATION                          | Covanta Holding Corporation 2024 1st Lien Term Loan C                          | CUSIP: 22282GAK3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |      4113 | PA      | $4097.83      | 0.01%             | 2028-11-30      | Floating      | 6.82%                 | No            |                  3 | On Loan: No      |
| EG GROUP LIMITED                                     | EG Group Limited 2024 Term Loan B                                              | CUSIP: 000000000<br>LEI: 549300BY1CRYVPEG9R57 | Long             | LON              | CORP              | US        |     30845 | PA      | $30795.34     | 0.05%             | 2028-02-07      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| Atlas CC Acquisition Corp                            | Atlas CC Acquisition Corp Term Loan C                                          | CUSIP: 04921TAC8<br>LEI: 6HHLXIOGCDNZ4IRAIW26 | Long             | LON              | CORP              | US        |     51929 | PA      | $28567.62     | 0.05%             | 2028-05-25      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC                                          | Chobani LLC 2025 Repriced Term Loan B                                          | CUSIP: 17026YAK5<br>LEI: 549300ISVDMZ91KNTR38 | Long             | LON              | CORP              | US        |    264528 | PA      | $264141.42    | 0.45%             | 2027-10-25      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| DELTA 2 LUX SARL                                     | DELTA 2 LUX SARL 2024 TERM LOAN B2                                             | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |     97806 | PA      | $97256.60     | 0.16%             | 2031-09-30      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC                | Prime Security Services Borrower LLC 2025 Incremental Term Loan B              | CUSIP: 03765VAQ3<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |    165000 | PA      | $162490.35    | 0.27%             | 2032-03-07      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                            | Bausch & Lomb Corporation Term Loan                                            | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    206961 | PA      | $204291.14    | 0.34%             | 2027-05-10      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| NGP XI Midstream Holdings LLC                        | NGP XI Midstream Holdings LLC Term Loan B                                      | CUSIP: 62927UAB9<br>LEI: 2549002U9Q0WZYCHRJ82 | Long             | LON              | CORP              | US        |     13965 | PA      | $13755.53     | 0.02%             | 2031-07-25      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| WILSONART LLC                                        | Wilsonart LLC 2024 Term Loan B                                                 | CUSIP: 97246FAM8<br>LEI: 549300SAZRUMYKDJBY14 | Long             | LON              | CORP              | US        |    217542 | PA      | $209928.18    | 0.35%             | 2031-08-05      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Altice Financing SA                                  | Altice Financing SA USD 2017 1st Lien Term Loan                                | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | LON              | CORP              | LU        |     38845 | PA      | $35931.73     | 0.06%             | 2026-01-31      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| II-VI Incorporated                                   | II-VI Inc 2024 1st Lien Term Loan B                                            | CUSIP: 45173JAS3<br>LEI: 549300O5C25A0MMHHU33 | Long             | LON              | CORP              | US        |    194784 | PA      | $192348.96    | 0.32%             | 2029-07-02      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| ALTERRA MOUNTAIN COMPANY                             | Alterra Mountain Company 2024 Term Loan B7                                     | CUSIP: 46124CAR8<br>LEI: 549300C5O4FSVNUEI843 | Long             | LON              | CORP              | US        |     89513 | PA      | $89513.25     | 0.15%             | 2030-05-31      | Floating      | 7.32%                 | No            |                  3 | On Loan: No      |
| CoreLogic Inc                                        | CoreLogic Inc Term Loan                                                        | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |    202648 | PA      | $199607.82    | 0.34%             | 2028-06-02      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC                                     | APi Group DE Inc 2025 Term Loan                                                | CUSIP: 00186XAN3<br>LEI: 549300XP4G7B4QYA0G83 | Long             | LON              | CORP              | US        |    291248 | PA      | $290560.35    | 0.49%             | 2029-01-03      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| IPS Corporation                                      | IPS Corporation 2021 Term Loan                                                 | CUSIP: 12659EAC2<br>LEI: 25490024F0AS5UR7DB02 | Long             | LON              | CORP              | US        |    101655 | PA      | $100002.80    | 0.17%             | 2028-10-02      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| VERITAS SERIES G 1 PREFERRED                         | VERITAS SERIES G 1 PREFERRED                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        76 | NS      | $1558.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Comm Corporation LLC                             | Air Comm Corporation LLC 2024 Term Loan                                        | CUSIP: 82670NAB2<br>LEI: 254900S9ONE06XB1T251 | Long             | LON              | CORP              | US        |     71039 | PA      | $70062.19     | 0.12%             | 2031-11-21      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                      | SWAP/CDSWAP/ICE: (CDX.NA.HY.43.V1)                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   1000000 | OU      | $44407.31     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COMPANIES INC                          | BAUSCH HEALTH COMPANIES INC 2025 TERM LOAN B                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |         0 | PA      | $0.00         | 0.00%             | 2030-10-08      | Floating      | 10.54%                | No            |                  2 | On Loan: No      |
| Nomad Foods US LLC                                   | Nomad Foods US LLC 2023 Term Loan B5                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29559 | PA      | $29484.79     | 0.05%             | 2029-11-12      | Floating      | 6.54%                 | No            |                  3 | On Loan: No      |
| TWITTER INC                                          | Twitter Inc Term Loan                                                          | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     80000 | PA      | $77420.00     | 0.13%             | 2029-10-26      | Floating      | 10.97%                | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                           | Amneal Pharmaceuticals LLC 2023 Term Loan B                                    | CUSIP: 03167DAQ7<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |     97306 | PA      | $97348.34     | 0.16%             | 2028-05-04      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                  | Medline Borrower LP 2024 USD Add-on Term Loan B                                | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    615468 | PA      | $610913.98    | 1.03%             | 2028-10-23      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                   | TRSWAP: IBXXLLTR INDEX                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   1500000 | OU      | $-16619.81    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Connect Finco SARL                                   | Connect Finco Sarl 2024 Extended Term Loan B                                   | CUSIP: 000000000<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |     70289 | PA      | $62953.09     | 0.11%             | 2029-09-27      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| ECL ENTERTAINMENT LLC                                | ECL Entertainment LLC 2024 1st Lien Term Loan B                                | CUSIP: 26826TAL7<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |     29696 | PA      | $29398.64     | 0.05%             | 2030-08-31      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Medical Solutions Holdings Inc                       | Medical Solutions Holdings Inc 2021 1st Lien Term Loan                         | CUSIP: 58462QAH4<br>LEI: 549300JH2XHZ7TIKYR39 | Long             | LON              | CORP              | US        |     29152 | PA      | $17418.21     | 0.03%             | 2028-11-01      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                | Citadel Securities LP 2024 First Lien Term Loan                                | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    149656 | PA      | $149362.34    | 0.25%             | 2031-10-31      | Floating      | 6.32%                 | 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        |      7175 | NS      | $563955.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: —       |
| Corpay Technologies Operating Company LLC            | Corpay Technologies Operating Company LLC Term Loan B5                         | CUSIP: 33903RAZ2<br>LEI: 549300FKKKZCXLK48427 | Long             | LON              | CORP              | US        |    269935 | PA      | $268777.13    | 0.45%             | 2028-04-28      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health Incorporated                    | Elanco Animal Health Inc Term Loan B                                           | CUSIP: 28414BAF3<br>LEI: 549300SHPNDCE059M934 | Long             | LON              | CORP              | US        |    140937 | PA      | $140010.09    | 0.24%             | 2027-08-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Aretec Group Inc                                     | Aretec Group Inc 2024 1st Lien Term Loan B                                     | CUSIP: 04009DAH7<br>LEI: 549300NV2T8A33L0PQ58 | Long             | LON              | CORP              | US        |     68351 | PA      | $67924.22     | 0.11%             | 2030-08-09      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| TWITTER INC                                          | Twitter Inc 2025 Fixed Term Loan                                               | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     19000 | PA      | $18521.01     | 0.03%             | 2029-10-26      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Learning Care Group (US) No 2 Inc                    | Learning Care Group (US) No 2 Inc 2024 Term Loan B                             | CUSIP: 52200MAL4<br>LEI: 5493000VMN44LK8QID23 | Long             | LON              | CORP              | US        |      7880 | PA      | $7833.12      | 0.01%             | 2028-08-11      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| LABL Inc                                             | LABL Inc 2021 USD 1st Lien Term Loan                                           | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |    158275 | PA      | $136024.30    | 0.23%             | 2028-10-30      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| PROPULSION BC FINCO SARL                             | Propulsion (BC) Finco Sarl 2024 Term Loan B                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     14849 | PA      | $14842.46     | 0.03%             | 2029-09-14      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| GENERAC POWER SYSTEMS INC                            | Generac Power Systems Inc 2024 Term Loan B                                     | CUSIP: 36874VAQ1<br>LEI: 549300JQWLGGW8KC1X38 | Long             | LON              | CORP              | US        |     49625 | PA      | $49346.11     | 0.08%             | 2031-07-03      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Pregis TopCo Corporation                             | Pregis TopCo Corporation 1st Lien Term Loan                                    | CUSIP: 74045BAC1<br>LEI: 549300LJXHJYHS1GM034 | Long             | LON              | CORP              | US        |     26395 | PA      | $26305.27     | 0.04%             | 2026-07-31      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                | Caesars Entertainment Inc                                                      | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     45000 | PA      | $41541.90     | 0.07%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Setanta Aircraft Leasing Designated Activity Company | Setanta Aircraft Leasing Designated Activity Company 2024 Term Loan B          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |     15000 | PA      | $15002.70     | 0.03%             | 2028-11-05      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| AI AQUA MERGER SUB INC                               | AI Aqua Merger Sub Inc 2024 1st Lien Term Loan B                               | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |    223480 | PA      | $220622.00    | 0.37%             | 2028-07-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CLOVER HOLDINGS 2 LLC                                | Clover Holdings 2 LLC Term Loan B                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    132000 | PA      | $131670.00    | 0.22%             | 2031-12-09      | Floating      | 8.29%                 | No            |                  3 | On Loan: No      |
| REWORLD HOLDING CORP                                 | Reworld Holding Corp Term Loan B                                               | CUSIP: 22282GAM9<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |     43633 | PA      | $43414.62     | 0.07%             | 2028-11-30      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Barracuda Networks Inc                               | Barracuda Networks Inc 2022 Term Loan                                          | CUSIP: 06832FAB3<br>LEI: 549300CXGRZWNMPU8080 | Long             | LON              | CORP              | US        |    148425 | PA      | $122956.82    | 0.21%             | 2029-08-15      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Company LLC                        | Vistra Operations Company LLC 1st Lien Term Loan B3                            | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |    119332 | PA      | $118785.20    | 0.20%             | 2030-12-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Tenneco Inc                                          | Tenneco Inc 2022 Term Loan B                                                   | CUSIP: 88037HAP9<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |    119000 | PA      | $112306.25    | 0.19%             | 2028-11-17      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LIMITED                            | HUB International Limited 2025 Term Loan B                                     | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    507385 | PA      | $503782.52    | 0.85%             | 2030-06-20      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                          | Asurion LLC 2021 Second Lien Term Loan B4                                      | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     65000 | PA      | $59495.15     | 0.10%             | 2029-01-20      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| MITCHELL INTERNATIONAL INC                           | Mitchell International Inc 2024 1st Lien Term Loan                             | CUSIP: 60662WAW2<br>LEI: 5493002RDNIGEM7SSV41 | Long             | LON              | CORP              | US        |    253787 | PA      | $250076.97    | 0.42%             | 2031-06-17      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| NAKED JUICE LLC                                      | NAKED JUICE LLC 2025 FLSO TERM LOAN                                            | CUSIP: 000000000<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |    121131 | PA      | $75858.03     | 0.13%             | 2029-01-24      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                              | Zayo Group Holdings Inc USD Term Loan                                          | CUSIP: 98919XAB7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |    425000 | PA      | $394340.50    | 0.67%             | 2027-03-09      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| Zurn Holdings Inc                                    | Zurn Holdings Inc 2021 Term Loan B                                             | CUSIP: 76168JAS5<br>LEI: 549300XLZXRC2KJ6VK87 | Long             | LON              | CORP              | US        |     20000 | PA      | $20075.00     | 0.03%             | 2028-10-04      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Restoration Hardware Inc                             | Restoration Hardware Inc Term Loan B                                           | CUSIP: 76133MAB7<br>LEI: 549300H9H1H3OC7C3H47 | Long             | LON              | CORP              | US        |     19495 | PA      | $18057.16     | 0.03%             | 2028-10-20      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| CCC Intelligent Solutions Inc                        | CCC Intelligent Solutions Inc Term Loan                                        | CUSIP: 12511BAC6<br>LEI: 5493006JEEL9RIWY5T17 | Long             | LON              | CORP              | US        |    225190 | PA      | $224626.96    | 0.38%             | 2032-01-23      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| SWF HOLDINGS I CORP                                  | SWF Holdings I Corp                                                            | CUSIP: 78500CAA2<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | DBT              | CORP              | US        |     29344 | PA      | $14965.44     | 0.03%             | 2029-10-06      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                     | EOC Borrower LLC Term Loan B                                                   | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    369000 | PA      | $363771.27    | 0.61%             | 2032-03-24      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CVENT INC                                            | Cvent Inc 2025 Term Loan B                                                     | CUSIP: 14071CAE8<br>LEI: 254900YSP2BAI3YKIX08 | Long             | LON              | CORP              | US        |    117482 | PA      | $116837.17    | 0.20%             | 2030-06-17      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                               | Mauser Packaging Solutions Holding Co                                          | CUSIP: 57763RAB3<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54172.95     | 0.09%             | 2026-08-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                            | Gainwell Acquisition Corp Term Loan B                                          | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    192109 | PA      | $178271.84    | 0.30%             | 2027-10-01      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| Hertz Corporation, (The)                             | Hertz Corporation (The) 2021 Term Loan B                                       | CUSIP: 42804VBB6<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |    124607 | PA      | $96258.70     | 0.16%             | 2028-06-30      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| DEALER TIRE FINANCIAL LLC                            | Dealer Tire Financial LLC 2024 1st Lien Term Loan B                            | CUSIP: 24228HAR9<br>LEI: 894500QBE5Z2XQWCJ779 | Long             | LON              | CORP              | US        |    123429 | PA      | $122811.67    | 0.21%             | 2031-07-02      | Floating      | 7.32%                 | No            |                  3 | On Loan: No      |
| Great Canadian Gaming Corporation                    | Great Canadian Gaming Corporation 2024 Term Loan B                             | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |     75564 | PA      | $72654.63     | 0.12%             | 2029-11-01      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Veritiv Corporation                                  | Veritiv Corporation Term Loan B                                                | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |     49875 | PA      | $49383.91     | 0.08%             | 2030-11-30      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| THUNDER GENERATION FUNDING LLC                       | Thunder Generation Funding LLC Term Loan B                                     | CUSIP: 88604KAB6<br>LEI: 254900JBXSZJDYE69921 | Long             | LON              | CORP              | US        |    135297 | PA      | $135093.74    | 0.23%             | 2031-10-03      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                             | Vertiv Group Corporation 2024 Term Loan B                                      | CUSIP: 92537EAF5<br>LEI: 549300ZT8RQ5VK10E643 | Long             | LON              | CORP              | US        |    187261 | PA      | $186429.86    | 0.31%             | 2027-03-02      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| VIZIENT INC                                          | Vizient Inc 2024 Term Loan B                                                   | CUSIP: 92855LAR7<br>LEI: 5493007V6T3HZ7777P70 | Long             | LON              | CORP              | US        |    100652 | PA      | $100400.19    | 0.17%             | 2031-08-01      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                          | Asurion LLC 2021 2nd Lien Term Loan B3                                         | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     65000 | PA      | $60542.95     | 0.10%             | 2028-01-31      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| Aruba Investments Holdings LLC                       | Aruba Investments Holdings LLC 2020 USD Term Loan                              | CUSIP: 04317JAB4<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |     83316 | PA      | $81181.03     | 0.14%             | 2027-11-24      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Perrigo Investments, LLC                             | Perrigo Investments LLC 2024 Term Loan B                                       | CUSIP: 71429TAF7<br>LEI: 549300POZGC78VHAAJ73 | Long             | LON              | CORP              | US        |    106148 | PA      | $105750.04    | 0.18%             | 2029-04-20      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| American Builders & Contractors Supply Co Inc        | American Builders & Contractors Supply Co Inc 2024 Term Loan B                 | CUSIP: 02474RAJ2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | LON              | CORP              | US        |    168058 | PA      | $167767.46    | 0.28%             | 2031-01-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| GIP Pilot Acquisition Partners LP                    | GIP Pilot Acquisition Partners LP 2025 Term Loan B                             | CUSIP: 31773HAE2<br>LEI: 254900NQOAOPPA12X060 | Long             | LON              | CORP              | US        |      8972 | PA      | $8893.79      | 0.02%             | 2030-10-04      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Option Care Health Inc                               | Option Care Health Inc 2021 Term Loan B                                        | CUSIP: 68404YAB0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | LON              | CORP              | US        |     47963 | PA      | $47902.90     | 0.08%             | 2028-10-27      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding LLC                         | Deerfield Dakota Holding LLC 2021 USD 2nd Lien Term Loan                       | CUSIP: 24440EAG2<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |     50000 | PA      | $45531.50     | 0.08%             | 2028-04-07      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                    | Polaris Newco LLC USD Term Loan B                                              | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |    270318 | PA      | $260265.21    | 0.44%             | 2028-06-02      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| OMNIA PARTNERS LLC                                   | OMNIA Partners LLC 2024 Term Loan B                                            | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |    104600 | PA      | $104032.75    | 0.18%             | 2030-07-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Minerals Technologies Inc                            | Minerals Technologies Inc 2024 Term Loan B                                     | CUSIP: 60315GAH1<br>LEI: 549300D3I1QU67GP6403 | Long             | LON              | CORP              | US        |    122692 | PA      | $120852.11    | 0.20%             | 2031-11-26      | Floating      | 6.32%                 | No            |                  3 | On Loan: No      |
| DAYFORCE INC                                         | Dayforce Inc 2025 Term Loan B                                                  | CUSIP: 23958CAD9<br>LEI: 549300T64GVCHFJ8L449 | Long             | LON              | CORP              | US        |    201355 | PA      | $201103.48    | 0.34%             | 2031-03-01      | Floating      | 6.28%                 | No            |                  3 | On Loan: No      |
| BlackRock Funds III                                  | BlackRock Cash Funds: Institutional, SL Agency Shares                          | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |    614177 | NS      | $614423.16    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BCPE PEQUOD BUYER INC                                | BCPE Pequod Buyer Inc USD Term Loan B                                          | CUSIP: 000000000<br>LEI: 254900HEEOS2IWC84V94 | Long             | LON              | CORP              | US        |    133000 | PA      | $132529.18    | 0.22%             | 2031-11-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Herschend Entertainment Company LLC                  | Herschend Entertainment Company LLC 2021 Term Loan                             | CUSIP: 42778EAF8<br>LEI: 54930087KQ7RPDXK0716 | Long             | LON              | CORP              | US        |     94891 | PA      | $93941.91     | 0.16%             | 2028-08-27      | Floating      | 7.32%                 | No            |                  3 | On Loan: No      |
| Axalta Coating Systems U.S. Holdings, Inc.           | Axalta Coating Systems US Holdings Inc 2024 Term Loan B                        | CUSIP: 90347BAP3<br>LEI: 549300NZ43V4QV4UGN28 | Long             | LON              | CORP              | US        |    202808 | PA      | $202511.55    | 0.34%             | 2029-12-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| CCRR Parent Inc                                      | CCRR Parent Inc Term Loan B                                                    | CUSIP: 12510MAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29845 | PA      | $11042.49     | 0.02%             | 2028-03-06      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Project Alpha Intermediate Holding, Inc.             | Project Alpha Intermediate Holding Inc 2024 1st Lien Term Loan B               | CUSIP: 74339DAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     34912 | PA      | $34742.61     | 0.06%             | 2030-10-28      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Oxea Holding Drei GmbH                               | Oxea Holding Drei GmbH 2017 USD Term Loan B2                                   | CUSIP: 000000000<br>LEI: 529900MSP24R2FE9U796 | Long             | LON              | CORP              | US        |     55727 | PA      | $51547.80     | 0.09%             | 2026-12-31      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| UFC HOLDINGS LLC                                     | UFC Holdings LLC 2024 Term Loan B                                              | CUSIP: 90266UAK9<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |    256358 | PA      | $255983.22    | 0.43%             | 2031-11-21      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| WEX INC                                              | WEX Inc 2024 Term Loan B2                                                      | CUSIP: 96208UAW1<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | LON              | CORP              | US        |     29925 | PA      | $29569.60     | 0.05%             | 2028-03-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Celestica Inc                                        | Celestica Inc 2024 Term Loan B                                                 | CUSIP: 000000000<br>LEI: 549300J3CG5T6RZWLN53 | Long             | LON              | CORP              | CA        |     69236 | PA      | $68716.78     | 0.12%             | 2031-06-20      | Floating      | 6.07%                 | No            |                  3 | On Loan: No      |
| SMYRNA READY MIX CONCRETE LLC                        | Smyrna Ready Mix Concrete LLC 2025 Term Loan B                                 | CUSIP: 83283EAK9<br>LEI: 549300S7RFWHQFOIOY93 | Long             | LON              | CORP              | US        |     27308 | PA      | $26625.12     | 0.04%             | 2029-04-02      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| AlixPartners LLP                                     | AlixPartners LLP 2021 USD Term Loan B                                          | CUSIP: 01642PBB1<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |    169763 | PA      | $169527.25    | 0.29%             | 2028-02-04      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| TRUIST INSURANCE HOLDINGS LLC                        | Truist Insurance Holdings LLC 2024 Term Loan B                                 | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    288879 | PA      | $285389.37    | 0.48%             | 2031-05-06      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Gulfside Supply Inc                                  | Gulfside Supply Inc Term Loan B                                                | CUSIP: 40273UAE9<br>LEI: 5493009BEGVKVXE2HW08 | Long             | LON              | CORP              | US        |     34479 | PA      | $34127.53     | 0.06%             | 2031-06-17      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Element Materials Technology Group US Holdings Inc   | Element Materials Technology Group US Holdings Inc 2022 USD Term Loan          | CUSIP: 000000000<br>LEI: 213800EGOJGGUKUGEZ30 | Long             | LON              | CORP              | US        |     58650 | PA      | $58301.62     | 0.10%             | 2029-07-06      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| DRAKE SOFTWARE LLC                                   | Drake Software LLC 2024 Term Loan B                                            | CUSIP: 23344UAF7<br>LEI: 25490030X7DBAF7KCR65 | Long             | LON              | CORP              | US        |     60693 | PA      | $58265.07     | 0.10%             | 2031-06-26      | Floating      | 8.55%                 | No            |                  3 | On Loan: No      |
| Mavis Tire Express Services Corp.                    | Mavis Tire Express Services Corp 2025 Repriced Term Loan                       | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |    190556 | PA      | $187960.95    | 0.32%             | 2028-05-04      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Entegris Inc                                         | Entegris Inc 2023 Term Loan B                                                  | CUSIP: 29362LAM6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | LON              | CORP              | US        |     62827 | PA      | $62600.41     | 0.11%             | 2029-07-06      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| WAYSTAR TECHNOLOGIES INC                             | Waystar Technologies Inc 2024 1st Lien Term Loan B                             | CUSIP: 000000000<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | LON              | CORP              | US        |     57825 | PA      | $57535.71     | 0.10%             | 2029-10-22      | Floating      | 6.57%                 | No            |                  3 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                | Quikrete Holdings Inc 2025 Term Loan B1                                        | CUSIP: 74839XAM1<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    136418 | PA      | $133639.26    | 0.23%             | 2031-04-14      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Packers Holdings LLC                                 | Packers Holdings LLC 2021 Term Loan                                            | CUSIP: 69519UAF9<br>LEI: 549300X0L6OJNRPME518 | Long             | LON              | CORP              | US        |     35558 | PA      | $19396.92     | 0.03%             | 2028-03-09      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| HEARTHSIDE EQUITY                                    | HEARTHSIDE EQUITY                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       276 | NS      | $3588.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CARNIVAL CORPORATION                                 | Carnival Corporation 2025 Term Loan (2027)                                     | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |    123238 | PA      | $123007.86    | 0.21%             | 2027-08-08      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| LES SCHWAB TIRE CENTERS                              | Les Schwab Tire Centers 2025 Term Loan B                                       | CUSIP: 50220KAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100619 | PA      | $99801.98     | 0.17%             | 2031-04-23      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                              | Brown Group Holding LLC 2022 Incremental Term Loan B2                          | CUSIP: 11565HAD8<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |    164041 | PA      | $162213.42    | 0.27%             | 2031-07-01      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Ellucian Holdings, Inc.                              | Ellucian Holdings Inc 2024 2nd Lien Term Loan                                  | CUSIP: 28917XAE0<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |     49000 | PA      | $48938.75     | 0.08%             | 2032-11-22      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Bright Horizons Family Solutions LLC                 | Bright Horizons Family Solutions LLC 2024 Term Loan B                          | CUSIP: 10919RAP4<br>LEI: 254900BHOU40CFNXWQ75 | Long             | LON              | CORP              | US        |    160089 | PA      | $159488.50    | 0.27%             | 2028-11-24      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                             | Virgin Media Bristol LLC 2020 USD Term Loan Q                                  | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |     24000 | PA      | $23620.80     | 0.04%             | 2029-01-31      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Skopima Merger Sub Inc                               | Skopima Merger Sub Inc 2024 Repriced Term Loan                                 | CUSIP: 36171NAG1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     74812 | PA      | $73491.31     | 0.12%             | 2028-05-15      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC                              | New Fortress Energy Inc 2025 Incremental Term Loan B                           | CUSIP: 64439HAC3<br>LEI: 254900EICTYTCHA5X705 | Long             | LON              | CORP              | US        |     49400 | PA      | $35282.47     | 0.06%             | 2028-10-30      | Floating      | 9.79%                 | No            |                  2 | On Loan: No      |
| Calpine Corporation                                  | Calpine Corporation 2024 Term Loan B10                                         | CUSIP: 13134MBW2<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |     68765 | PA      | $68412.92     | 0.12%             | 2031-01-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                            | Caesars Entertainment Inc Term Loan B                                          | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |     33620 | PA      | $33098.89     | 0.06%             | 2030-02-06      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Weber-Stephen Products LLC                           | Weber-Stephen Products LLC Term Loan B                                         | CUSIP: 94767KAN1<br>LEI: 549300XU8TJBBGLK8V26 | Long             | LON              | CORP              | US        |    127874 | PA      | $119722.21    | 0.20%             | 2027-10-30      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                        | Live Nation Entertainment Inc Term Loan B4                                     | CUSIP: 53803HAM2<br>LEI: 5493007B9BM9ZXJINO78 | Long             | LON              | CORP              | US        |    166274 | PA      | $165788.36    | 0.28%             | 2026-10-19      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| CREATIVE ARTISTS AGENCY LLC                          | Creative Artists Agency LLC 2024 1st Lien Term Loan B                          | CUSIP: 22526WAS7<br>LEI: 5493008FV5TCFL3KHH96 | Long             | LON              | CORP              | US        |    313276 | PA      | $311374.33    | 0.53%             | 2031-10-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| CROWN FINANCE US INC                                 | Crown Finance US Inc 2024 Term Loan B                                          | CUSIP: 22834KAU5<br>LEI: 254900ABTWPQTCKKR839 | Long             | LON              | CORP              | US        |     64838 | PA      | $64169.03     | 0.11%             | 2031-12-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield U.S. Borrower, LLC               | Cushman & Wakefield US Borrower LLC 2024 Tranche 2 Incremental Term Loan       | CUSIP: 23340DAU6<br>LEI: 549300870CMN3WI5IF97 | Long             | LON              | CORP              | US        |     29175 | PA      | $29150.78     | 0.05%             | 2030-01-31      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC                      | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B                      | CUSIP: 00076VBL3<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |    105530 | PA      | $103380.39    | 0.17%             | 2028-12-21      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Froneri Lux Finco Sarl                               | Froneri Lux Finco Sarl 2024 USD Term Loan B4                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    256273 | PA      | $254158.78    | 0.43%             | 2031-09-30      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Constellation Renewables, LLC                        | Constellation Renewables LLC 2020 Term Loan                                    | CUSIP: 30204KAD8<br>LEI: 5493004JBPWTPTK8LB51 | Long             | LON              | CORP              | US        |     36432 | PA      | $36364.11     | 0.06%             | 2027-12-15      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding LLC                         | Deerfield Dakota Holding LLC 2020 USD Term Loan B                              | CUSIP: 24440EAB3<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |    200249 | PA      | $189257.10    | 0.32%             | 2027-04-09      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| NAKED JUICE LLC                                      | NAKED JUICE LLC 2025 FLTO TERM LOAN                                            | CUSIP: 000000000<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |     44517 | PA      | $12576.16     | 0.02%             | 2030-01-24      | Floating      | 10.31%                | No            |                  2 | On Loan: No      |
| Element Solutions Inc                                | Element Solutions Inc 2023 Term Loan B                                         | CUSIP: 72766TAH2<br>LEI: 549300FLGN6P5CU20J91 | Long             | LON              | CORP              | US        |    163091 | PA      | $162547.57    | 0.27%             | 2030-12-18      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| MITCHELL INTERNATIONAL INC                           | Mitchell International Inc 2024 2nd Lien Term Loan                             | CUSIP: 60662WAZ5<br>LEI: 5493002RDNIGEM7SSV41 | Long             | LON              | CORP              | US        |     39000 | PA      | $36699.00     | 0.06%             | 2032-06-17      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                     | CSC Holdings LLC 2019 Term Loan B5                                             | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    217263 | PA      | $208965.40    | 0.35%             | 2027-04-15      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| JetBlue Airways Corporation                          | JetBlue Airways Corporation 2024 Term Loan B                                   | CUSIP: 000000000<br>LEI: 54930070J9H97ZO93T57 | Long             | LON              | CORP              | US        |     77685 | PA      | $69916.50     | 0.12%             | 2029-08-27      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                    | Clarios Global LP 2024 USD Term Loan B                                         | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    326971 | PA      | $320045.28    | 0.54%             | 2030-05-06      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Bleriot US Bidco Inc                                 | Bleriot US Bidco Inc 2023 Term Loan B                                          | CUSIP: 09353TAJ9<br>LEI: 254900ALCQ2A2VYD5Z08 | Long             | LON              | CORP              | US        |     66356 | PA      | $65858.71     | 0.11%             | 2030-10-31      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| GATES GLOBAL LLC                                     | Gates Global LLC 2024 Term Loan B5                                             | CUSIP: 36740UAY8<br>LEI: 984500F43C791F4C7894 | Long             | LON              | CORP              | US        |    252891 | PA      | $250600.07    | 0.42%             | 2031-06-04      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Discovery Purchaser Corporation                      | Discovery Purchaser Corporation Term Loan                                      | CUSIP: 25471NAC0<br>LEI: 2549001LSO1ZBIPA5D65 | Long             | LON              | CORP              | US        |     36908 | PA      | $36667.60     | 0.06%             | 2029-10-04      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| Radiate Holdco LLC                                   | Radiate Holdco LLC 2021 Term Loan B                                            | CUSIP: 75025KAH1<br>LEI: 5493000GQJ5RDX9DNJ71 | Long             | LON              | CORP              | US        |    190201 | PA      | $166425.71    | 0.28%             | 2026-09-25      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Standard Industries Inc                              | Standard Industries Inc 2021 Term Loan B                                       | CUSIP: 85350EAB2<br>LEI: 54930064UHXCIUWVI755 | Long             | LON              | CORP              | US        |     13133 | PA      | $13131.06     | 0.02%             | 2028-09-22      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| ICON Luxembourg Sarl                                 | ICON Luxembourg SARL 2024 LUX Term Loan B                                      | CUSIP: 000000000<br>LEI: 635400PUWMHSPI2DDA35 | Long             | LON              | CORP              | LU        |     24676 | PA      | $24686.44     | 0.04%             | 2028-07-03      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| WMG ACQUISITION CORP                                 | WMG Acquisition Corp 2024 Term Loan J                                          | CUSIP: 92929LBA5<br>LEI: 549300NAS11NXI33CP80 | Long             | LON              | CORP              | US        |    141000 | PA      | $140603.79    | 0.24%             | 2031-01-24      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Limited                            | Titan Acquisition Limited 2024 Term Loan B                                     | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |    324513 | PA      | $316981.27    | 0.54%             | 2029-02-15      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| Realtruck Group Inc                                  | RealTruck Group Inc 2023 Incremental Term Loan                                 | CUSIP: 89778PAH0<br>LEI: 54930007KT5CX7XNSD31 | Long             | LON              | CORP              | US        |     44887 | PA      | $42614.49     | 0.07%             | 2028-01-31      | Floating      | 9.44%                 | No            |                  2 | On Loan: No      |
| USI Inc                                              | USI Inc 2024 Term Loan C                                                       | CUSIP: 90351NAQ8<br>LEI: 2549006D7UF7072T7I27 | Long             | LON              | CORP              | US        |    193967 | PA      | $192512.45    | 0.33%             | 2030-09-29      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group Inc                               | Athenahealth Group Inc 2022 Term Loan B                                        | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    234237 | PA      | $231932.50    | 0.39%             | 2029-02-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Planet US Buyer LLC                                  | Planet US Buyer LLC 2024 Term Loan B                                           | CUSIP: 72706RAB2<br>LEI: 254900ZE51SEX2EFFH74 | Long             | LON              | CORP              | US        |     46852 | PA      | $46547.37     | 0.08%             | 2031-02-07      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Baldwin Insurance Group Holdings LLC                 | Baldwin Insurance Group Holdings LLC 2024 Repriced Term Loan B                 | CUSIP: 05825HAG9<br>LEI: 5493004GCDREAQPPYG20 | Long             | LON              | CORP              | US        |    177503 | PA      | $175728.27    | 0.30%             | 2031-05-26      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORPORATION                                  | Novelis Corporation 2025 Term Loan B                                           | CUSIP: 67000LAB8<br>LEI: 549300ZJQN1PEAT42X90 | Long             | LON              | CORP              | US        |    239000 | PA      | $238254.32    | 0.40%             | 2032-03-11      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                               | Cloud Software Group Inc                                                       | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29215.46     | 0.05%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PUG LLC                                              | PUG LLC 2024 Extended Term Loan B                                              | CUSIP: 74530DAH8<br>LEI: 549300NL9JUFIOARLW93 | Long             | LON              | CORP              | US        |    336985 | PA      | $331300.05    | 0.56%             | 2030-03-15      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc                                           | Kaseya Inc 2025 1st Lien Term Loan B                                           | CUSIP: 48578AAB4<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |    284000 | PA      | $281767.76    | 0.48%             | 2032-03-20      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Concentra Health Services Inc                        | Concentra Health Services Inc 2025 Repriced Term Loan B                        | CUSIP: 20602RAD2<br>LEI: 984500GB84105F75DE32 | Long             | LON              | CORP              | US        |     69925 | PA      | $69225.75     | 0.12%             | 2031-07-26      | Floating      | 6.32%                 | No            |                  3 | On Loan: No      |
| SOTERA HEALTH HOLDINGS LLC                           | Sotera Health Holdings LLC 2024 Term Loan B                                    | CUSIP: 83600VAG6<br>LEI: 549300OVT7MBXFLOFU20 | Long             | LON              | CORP              | US        |    268825 | PA      | $267649.80    | 0.45%             | 2031-05-30      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                              | Brown Group Holding LLC Term Loan B                                            | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |    184865 | PA      | $182809.70    | 0.31%             | 2031-07-01      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORPORATION                                 | Carnival Corporation 2025 Term Loan (2028)                                     | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |     65000 | PA      | $64715.95     | 0.11%             | 2028-10-18      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| QUARTZ ACQUIRECO LLC                                 | Quartz Acquireco LLC 2025 Term Loan B                                          | CUSIP: 74773KAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    194988 | PA      | $192794.75    | 0.33%             | 2030-06-28      | Floating      | 6.55%                 | No            |                  3 | On Loan: No      |
| DK CROWN HOLDINGS INC                                | DK Crown Holdings Inc 2025 Term Loan B                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100000 | PA      | $99021.00     | 0.17%             | 2032-03-04      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Learfield Communications, LLC                        | Learfield Communications LLC 2024 Term Loan B                                  | CUSIP: 00165HAL7<br>LEI: 549300177GK4LMS8T214 | Long             | LON              | CORP              | US        |     79021 | PA      | $78705.36     | 0.13%             | 2028-06-30      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                    | Clean Harbors Inc 2024 Term Loan B                                             | CUSIP: 18449EAH3<br>LEI: 5493000SJVZVZJKHJF48 | Long             | LON              | CORP              | US        |     72069 | PA      | $72398.98     | 0.12%             | 2028-10-09      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                              | UKG Inc 2024 Term Loan B                                                       | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    427624 | PA      | $425934.45    | 0.72%             | 2031-02-10      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                | Level 3 Financing Inc 2025 Term Loan B                                         | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |    351000 | PA      | $349771.50    | 0.59%             | 2032-03-27      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| AqGen Island Holdings Inc                            | AqGen Island Holdings Inc 2024 Term Loan B                                     | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    203983 | PA      | $202656.80    | 0.34%             | 2028-08-02      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                                       | Proofpoint Inc 2024 Term Loan                                                  | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    188267 | PA      | $187043.69    | 0.32%             | 2028-08-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| ACProducts Inc                                       | ACProducts Inc 2021 Term Loan B                                                | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2028-05-17      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| UTZ QUALITY FOODS LLC                                | UTZ Quality Foods LLC 2025 Term Loan B                                         | CUSIP: 91809EAG6<br>LEI: 549300K2HU2ISL0R2Q75 | Long             | LON              | CORP              | US        |    221788 | PA      | $220235.70    | 0.37%             | 2032-01-29      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| COVIA HOLDINGS CORPORATION                           | Covia Holdings Corporation 2025 Term Loan B                                    | CUSIP: 000000000<br>LEI: 213800IE4YGTGVTQ1806 | Long             | LON              | CORP              | US        |     44000 | PA      | $43876.36     | 0.07%             | 2032-02-14      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| NGL Energy Partners LP                               | NGL Energy Partners LP 2024 Term Loan B                                        | CUSIP: 62922KAF7<br>LEI: 5493008CQD36WWZJ3O79 | Long             | LON              | CORP              | US        |     46647 | PA      | $44052.13     | 0.07%             | 2031-02-03      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                | DirecTV Financing LLC Term Loan                                                | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      6151 | PA      | $6142.49      | 0.01%             | 2027-08-02      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                             | Vertiv Group Corp                                                              | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24143.89     | 0.04%             | 2028-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| VORTEX OPCO LLC                                      | Vortex Opco LLC Second Out Term Loan                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |     42819 | PA      | $18840.44     | 0.03%             | 2028-12-17      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| BARNES GROUP INC                                     | Barnes Group Inc 2025 Term Loan B                                              | CUSIP: 38021CAC2<br>LEI: G1MSYD2DQZX30V5DMX12 | Long             | LON              | CORP              | US        |     46000 | PA      | $45214.32     | 0.08%             | 2032-01-27      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Anticimex International AB                           | Anticimex International AB 2024 Term Loan B6                                   | CUSIP: 03703HAB2<br>LEI: 54930005SBU6WYFBEB41 | Long             | LON              | CORP              | SE        |     44550 | PA      | $44341.06     | 0.07%             | 2028-11-16      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| AIMBRIDGE                                            | AIMBRIDGE                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1559 | NS      | $85752.15     | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| Fanatics Commerce Intermediate Holdco LLC            | Fanatics Commerce Intermediate Holdco LLC Term Loan B                          | CUSIP: 30709UAB0<br>LEI: 254900YDIRBC66RGAG10 | Long             | LON              | CORP              | US        |     36871 | PA      | $36732.69     | 0.06%             | 2028-11-24      | Floating      | 7.69%                 | No            |                  3 | On Loan: No      |
| MADISON IAQ LLC                                      | MADISON IAQ LLC 2025 TERM LOAN B                                               | CUSIP: 55759VAD0<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    166000 | PA      | $164237.08    | 0.28%             | 2032-03-28      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                   | TRSWAP: IBXXLLTR INDEX                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    500000 | OU      | $9341.69      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PetSmart Inc                                         | PetSmart Inc 2021 Term Loan B                                                  | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     72805 | PA      | $71621.74     | 0.12%             | 2028-02-11      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                            | Bausch & Lomb Corporation 2023 Incremental Term Loan                           | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     88947 | PA      | $87983.68     | 0.15%             | 2028-09-29      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| IRB Holding Corp                                     | IRB Holding Corp 2024 1st Lien Term Loan B                                     | CUSIP: 44988LAL1<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |    138708 | PA      | $137548.82    | 0.23%             | 2027-12-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Chemours Company (The)                               | Chemours Company (The) 2023 USD Term Loan B                                    | CUSIP: 16384YAJ6<br>LEI: 549300M1BOLNXL8DOV14 | Long             | LON              | CORP              | US        |     69173 | PA      | $67271.02     | 0.11%             | 2028-08-18      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                     | AmWINS Group Inc 2025 Term Loan B                                              | CUSIP: 03234TBA5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | LON              | CORP              | US        |    342142 | PA      | $340164.92    | 0.57%             | 2032-01-30      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| COTIVITI CORPORATION                                 | Cotiviti Corporation 2024 Term Loan                                            | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    312230 | PA      | $305205.31    | 0.52%             | 2031-05-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                         | Wyndham Hotels & Resorts Inc 2024 Term Loan                                    | CUSIP: 98310CAF9<br>LEI: 549300FE3MQ4RVXXC673 | Long             | LON              | CORP              | US        |    110937 | PA      | $110474.07    | 0.19%             | 2030-05-24      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| MAGENTA SECURITY HOLDINGS LLC                        | Magenta Security Holdings LLC 2024 Second Out Term Loan                        | CUSIP: 55909UAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     23508 | PA      | $11913.83     | 0.02%             | 2028-07-27      | Floating      | 11.54%                | No            |                  2 | On Loan: No      |
| SeaWorld Parks & Entertainment Inc                   | SeaWorld Parks & Entertainment Inc 2024 Term Loan B3                           | CUSIP: 78488CAL4<br>LEI: 549300UZV72O3371JJ53 | Long             | LON              | CORP              | US        |     73063 | PA      | $71966.74     | 0.12%             | 2031-12-04      | Floating      | 6.32%                 | No            |                  3 | On Loan: No      |
| GARRETT LX I SARL                                    | Garrett LX I SARL 2025 Term Loan B                                             | CUSIP: 36649XAG3<br>LEI: 549300LKYJ4RR1ELO069 | Long             | LON              | CORP              | LU        |     13000 | PA      | $12870.00     | 0.02%             | 2032-01-17      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Emrld Borrower LP                                    | EMRLD Borrower LP Term Loan B                                                  | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |    258955 | PA      | $255622.03    | 0.43%             | 2030-05-31      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| CPI HOLDCO B LLC                                     | CPI Holdco B LLC 2024 Term Loan                                                | CUSIP: 1261MAAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    205107 | PA      | $203476.56    | 0.34%             | 2031-05-19      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| SPX FLOW INC                                         | SPX Flow Inc 2024 1st Lien Term Loan B                                         | CUSIP: 78470DAV0<br>LEI: 5493003YXEKRBINIEM78 | Long             | LON              | CORP              | US        |    181842 | PA      | $180820.46    | 0.31%             | 2029-04-05      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Fleet Midco I Limited                                | Fleet Midco I Limited 2024 1st Lien Term Loan B                                | CUSIP: 33902UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     52785 | PA      | $52520.95     | 0.09%             | 2031-02-21      | Floating      | 7.06%                 | No            |                  3 | On Loan: No      |
| ELLUCIAN HOLDINGS INC                                | Ellucian Holdings Inc                                                          | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |     41000 | PA      | $40959.65     | 0.07%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDINGS LLC                       | Raven Acquisition Holdings LLC Term Loan B                                     | CUSIP: 75419XAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     81645 | PA      | $80711.60     | 0.14%             | 2031-11-19      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| BOXER PARENT COMPANY INC                             | Boxer Parent Company Inc 2025 USD Term Loan B                                  | CUSIP: 05988HAQ0<br>LEI: 549300TEWK6ENMZQLF18 | Long             | LON              | CORP              | US        |    287000 | PA      | $280932.82    | 0.47%             | 2031-07-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| HUSKY INJECTION / TITAN                              | Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC                    | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     43000 | PA      | $43650.59     | 0.07%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| NRG Energy Inc                                       | NRG Energy Inc 2024 Term Loan                                                  | CUSIP: 62937NBC0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | LON              | CORP              | US        |    144976 | PA      | $144484.49    | 0.24%             | 2031-04-16      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Air Canada                                           | Air Canada 2024 Term Loan B                                                    | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |    142665 | PA      | $140595.25    | 0.24%             | 2031-03-21      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                          | Asurion LLC 2023 Term Loan B11                                                 | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     84933 | PA      | $82173.90     | 0.14%             | 2028-08-19      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| EDELMAN FINANCIAL CENTER LLC                         | Edelman Financial Center LLC 2024 Term Loan                                    | CUSIP: 27943UAM8<br>LEI: 549300Z31KZXNP05U733 | Long             | LON              | CORP              | US        |    169836 | PA      | $169063.44    | 0.29%             | 2028-04-07      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                             | Sinclair Television Group Inc                                                  | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34645.10     | 0.06%             | 2033-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| H-Food Holdings LLC                                  | H-Food Holdings LLC 2025 Exit Term Loan                                        | CUSIP: 000000000<br>LEI: 549300JY2LK0EQ95YT44 | Long             | LON              | CORP              | US        |      4801 | PA      | $4713.47      | 0.01%             | 2030-04-01      | Floating      | 10.80%                | No            |                  2 | On Loan: No      |
| CLOVER HOLDINGS 2 LLC                                | Clover Holdings 2 LLC Fixed Term Loan B                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    129000 | PA      | $127065.00    | 0.21%             | 2031-12-09      | Fixed         | 7.75%                 | No            |                  3 | On Loan: No      |
| Garda World Security Corporation                     | Garda World Security Corporation 2025 Term Loan B                              | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    136456 | PA      | $134921.25    | 0.23%             | 2029-02-01      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                   | TRSWAP: IBXXLLTR INDEX                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    500000 | OU      | $2983.27      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORPORATION                          | Covanta Holding Corporation 2024 1st Lien Term Loan B                          | CUSIP: 22282GAL1<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |     74709 | PA      | $74428.69     | 0.13%             | 2028-11-30      | Floating      | 6.82%                 | No            |                  3 | On Loan: No      |
| Spring Education Group Inc                           | Spring Education Group Inc Term Loan                                           | CUSIP: 84840EAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     53016 | PA      | $52751.12     | 0.09%             | 2030-10-04      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                     | Altice France SA 2023 USD Term Loan B14                                        | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    137829 | PA      | $123770.31    | 0.21%             | 2028-08-15      | Floating      | 9.76%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                           | Dynasty Acquisition Co Inc 2024 1st Lien Term Loan B2                          | CUSIP: 26812CAP1<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |     98494 | PA      | $97884.14     | 0.17%             | 2031-10-31      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                | GFL Environmental Inc                                                          | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23813.98     | 0.04%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ZELIS PAYMENTS BUYER INC                             | Zelis Payments Buyer Inc 5th Amendment Term Loan                               | CUSIP: 98932TAH6<br>LEI: 549300U8NGLZN5R1Y309 | Long             | LON              | CORP              | US        |    217455 | PA      | $212664.47    | 0.36%             | 2031-11-26      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                     | Wand NewCo 3 Inc 2024 1st Lien Term Loan B                                     | CUSIP: 93369PAL8<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2031-01-30      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                             | Chobani LLC / Chobani Finance Corp Inc                                         | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $57606.78     | 0.10%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                        | TransDigm Inc 2024 Term Loan                                                   | CUSIP: 89364MCD4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    162409 | PA      | $160598.57    | 0.27%             | 2032-01-19      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                              | RHP Hotel Properties LP 2024 1st Lien Term Loan B                              | CUSIP: 74958NAL0<br>LEI: 549300SJMSMA2471GA96 | Long             | LON              |  | US        |     71058 | PA      | $70392.47     | 0.12%             | 2030-05-18      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Ensemble RCM LLC                                     | Ensemble RCM LLC 2024 Term Loan B                                              | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |    168936 | PA      | $168672.37    | 0.28%             | 2029-08-01      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                                 | Reworld Holding Corp Term Loan C                                               | CUSIP: 22282GAN7<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |      3361 | PA      | $3343.78      | 0.01%             | 2028-11-30      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                             | Cloud Software Group Inc 2024 1st Lien Term Loan B                             | CUSIP: 88632NBF6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    273461 | PA      | $269980.03    | 0.46%             | 2029-03-29      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                            | Caesars Entertainment Inc 2024 Term Loan B1                                    | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    347813 | PA      | $341798.89    | 0.58%             | 2031-02-06      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Asplundh Tree Expert LLC                             | Asplundh Tree Expert LLC 2021 Term Loan B                                      | CUSIP: 04538FAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    114130 | PA      | $113909.47    | 0.19%             | 2027-09-07      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Avantor Funding Inc                                  | Avantor Funding Inc 2024 Term Loan                                             | CUSIP: 05350NAP9<br>LEI: 5493003VM0XB4U8YD238 | Long             | LON              | CORP              | US        |      6790 | PA      | $6791.68      | 0.01%             | 2027-11-08      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Advisor Group Inc                                    | Advisor Group Inc 2024 Term Loan B                                             | CUSIP: 00775KAK4<br>LEI: 549300XL60BDV6UW5C86 | Long             | LON              | CORP              | US        |     64640 | PA      | $64329.26     | 0.11%             | 2028-08-17      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| WEC US Holdings Ltd                                  | WEC US Holdings Ltd 2024 Term Loan                                             | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    148094 | PA      | $146576.41    | 0.25%             | 2031-01-27      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                                 | Aramark Services Inc 2024 Term Loan B7                                         | CUSIP: 03852JAU5<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |     20000 | PA      | $20015.00     | 0.03%             | 2028-04-06      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                       | Sabre GLBL Inc 2021 Term Loan B2                                               | CUSIP: 78571YBF6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |     12220 | PA      | $11586.57     | 0.02%             | 2027-12-17      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| TruGreen Limited Partnership                         | TruGreen Limited Partnership 2020 Term Loan                                    | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |     64932 | PA      | $61360.68     | 0.10%             | 2027-11-02      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE                             | Brand Industrial Services Inc                                                  | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |     68000 | PA      | $64594.96     | 0.11%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| CIENA CORPORATION                                    | Ciena Corporation 2025 Repriced Term Loan B                                    | CUSIP: 17178HAR3<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | LON              | CORP              | US        |     98913 | PA      | $98294.74     | 0.17%             | 2030-10-24      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Core & Main LP                                       | Core & Main LP 2024 Term Loan E                                                | CUSIP: 40416VAH8<br>LEI: 549300ZSLF8Q660SCD17 | Long             | LON              | CORP              | US        |    216360 | PA      | $215639.15    | 0.36%             | 2031-02-09      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| CHARTER NEX US INC                                   | Charter NEX US Inc 2024 Term Loan B1                                           | CUSIP: 16125TAM4<br>LEI: 549300KRNU8RNVGYXG75 | Long             | LON              | CORP              | US        |    253785 | PA      | $252769.99    | 0.43%             | 2030-11-29      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Kaman Corporation                                    | Kaman Corporation 2025 Term Loan B                                             | CUSIP: 000000000<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |     67426 | PA      | $66355.03     | 0.11%             | 2032-02-26      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Organon & Co                                         | Organon & Co 2024 USD Term Loan                                                | CUSIP: 68621XAG8<br>LEI: 549300AMCKY57OK2CO56 | Long             | LON              | CORP              | US        |     99637 | PA      | $95153.43     | 0.16%             | 2031-05-19      | Floating      | 6.57%                 | No            |                  3 | On Loan: No      |
| MKS INSTRUMENTS INC                                  | MKS Instruments Inc 2025 USD Repriced Term Loan                                | CUSIP: 55314NAZ7<br>LEI: 549300KEQATBHAGVF505 | Long             | LON              | CORP              | US        |    248045 | PA      | $245688.11    | 0.41%             | 2029-08-17      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Ontario Gaming GTA LP                                | Ontario Gaming GTA LP Term Loan B                                              | CUSIP: 000000000<br>LEI: 894500EC9KLZLOC3V025 | Long             | LON              | CORP              | CA        |     20000 | PA      | $19310.00     | 0.03%             | 2030-08-01      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Sedgwick Claims Management Services Inc              | Sedgwick Claims Management Services Inc 2023 Term Loan B                       | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |    389694 | PA      | $387503.86    | 0.65%             | 2031-07-31      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                                         | Peraton Corp 2nd Lien Term Loan B1                                             | CUSIP: 71360HAG2<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |     29860 | PA      | $22455.04     | 0.04%             | 2029-02-01      | Floating      | 12.18%                | No            |                  2 | On Loan: No      |
| AZZ Inc                                              | AZZ Inc Term Loan B                                                            | CUSIP: 00247NAG7<br>LEI: 549300HD1X2NFLWPYC83 | Long             | LON              | CORP              | US        |     43117 | PA      | $43020.36     | 0.07%             | 2029-05-13      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners LLC                                 | EyeCare Partners LLC 2024 Second Out Term Loan B                               | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |         0 | PA      | $0.04         | 0.00%             | 2028-11-30      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Trans Union LLC                                      | Trans Union LLC 2024 Term Loan B8                                              | CUSIP: 89334GBF0<br>LEI: X8NPN6PWJOM1QCTYFV34 | Long             | LON              | CORP              | US        |    179308 | PA      | $178018.95    | 0.30%             | 2031-06-24      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| REYNOLDS CONSUMER PRODUCTS LLC                       | Reynolds Consumer Products LLC 2025 Term Loan B                                | CUSIP: 76171JAE1<br>LEI: 549300DWNZYMOSR1X343 | Long             | LON              | CORP              | US        |     30000 | PA      | $30062.40     | 0.05%             | 2032-03-04      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings, Inc                           | Triton Water Holdings Inc 2025 Term Loan B                                     | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |    107341 | PA      | $106374.83    | 0.18%             | 2028-03-31      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FINANCE LLC                                | Jefferies Finance LLC 2024 Term Loan                                           | CUSIP: 000000000<br>LEI: 549300SKVB18YSSIDT75 | Long             | LON              | CORP              | US        |     62842 | PA      | $62763.95     | 0.11%             | 2031-10-21      | Floating      | 7.32%                 | No            |                  3 | On Loan: No      |
| Asurion LLC                                          | Asurion LLC 2021 Term Loan B9                                                  | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     34639 | PA      | $33831.04     | 0.06%             | 2027-07-31      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corporation (The)                   | Dun & Bradstreet Corporation (The) 2024 Term Loan                              | CUSIP: 26483NAW0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |    166926 | PA      | $166221.49    | 0.28%             | 2029-01-18      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                          | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B                   | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    232569 | PA      | $232215.64    | 0.39%             | 2028-05-12      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Cobham Ultra SeniorCo Sarl                           | Cobham Ultra SeniorCo Sarl USD Term Loan B                                     | CUSIP: 000000000<br>LEI: 254900L6IKLPZKIC4F32 | Long             | LON              | CORP              | LU        |    153249 | PA      | $150375.38    | 0.25%             | 2029-08-03      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                              | Talen Energy Supply LLC 2024-1 Incremental Term Loan                           | CUSIP: 87422LAY6<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |     58852 | PA      | $58579.42     | 0.10%             | 2031-12-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Ascend Performance Materials Operations LLC          | Ascend Performance Materials Operations LLC 2021 Term Loan B                   | CUSIP: 04350TAC8<br>LEI: 549300NIMFUIRMMAGQ29 | Long             | LON              | CORP              | US        |     16481 | PA      | $1263.61      | 0.00%             | 2026-08-27      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC                | Prime Security Services Borrower LLC 2024 1st Lien Term Loan B                 | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |     29776 | PA      | $29623.41     | 0.05%             | 2030-10-13      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Arcosa Inc                                           | Arcosa Inc Term Loan B                                                         | CUSIP: 03965EAF3<br>LEI: 549300WFHLTCZV7D6V29 | Long             | LON              | CORP              | US        |     65769 | PA      | $65481.75     | 0.11%             | 2031-08-12      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Tempur Sealy International Inc                       | Tempur Sealy International Inc 2024 Term Loan B                                | CUSIP: 88025BAN1<br>LEI: 549300HFEKVR3US71V91 | Long             | LON              | CORP              | US        |     44888 | PA      | $44752.84     | 0.08%             | 2031-10-24      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| FOUR SEASONS HOTELS LIMITED                          | Four Seasons Hotels Limited 2024 1st Lien Term Loan B                          | CUSIP: 000000000<br>LEI: 5493009FUVX8LHYY2202 | Long             | LON              | CORP              | CA        |     81137 | PA      | $81147.96     | 0.14%             | 2029-11-30      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Hayward Industries Inc                               | Hayward Industries Inc 2021 Term Loan                                          | CUSIP: 421300AL8<br>LEI: 549300NV8ZMMEDUHQ091 | Long             | LON              | CORP              | US        |     24103 | PA      | $23992.90     | 0.04%             | 2028-05-30      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                                  | Gray Television Inc 2024 Term Loan B                                           | CUSIP: 389376BC7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     19850 | PA      | $19133.02     | 0.03%             | 2029-06-04      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                       | OPAL BIDCO SAS USD TERM LOAN B                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150000 | PA      | $148594.50    | 0.25%             | 2032-03-31      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| FORTRESS INTERMEDIATE 3 INC                          | Fortress Intermediate 3 Inc Term Loan B                                        | CUSIP: 34966LAB0<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | LON              | CORP              | US        |     58755 | PA      | $57432.89     | 0.10%             | 2031-06-27      | Floating      | 8.07%                 | No            |                  3 | On Loan: No      |
| NEP Group Inc                                        | NEP Group Inc 2023 Term Loan B                                                 | CUSIP: 62908HAM7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     90171 | PA      | $80688.50     | 0.14%             | 2026-08-19      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                      | GEN DIGITAL INC 2025 TERM LOAN B                                               | CUSIP: 66877AAG3<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | LON              | CORP              | US        |     92000 | PA      | $90896.00     | 0.15%             | 2032-04-16      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| DELTA 2 LUX SARL                                     | Delta 2 (LUX) Sarl 2024 Term Loan B1                                           | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    194904 | PA      | $193808.28    | 0.33%             | 2031-09-30      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| SPRINGS WINDOWS FASHIONS LLC                         | Springs Windows Fashions LLC 2024 First Lien Second Out TL A2                  | CUSIP: 000000000<br>LEI: 549300VWKC5NLVJ7YX57 | Long             | LON              | CORP              | US        |    157954 | PA      | $129015.17    | 0.22%             | 2028-10-06      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| White Cap Buyer LLC                                  | White Cap Buyer LLC 2024 Term Loan B                                           | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |    353705 | PA      | $344136.93    | 0.58%             | 2029-10-19      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| CPG INTERNATIONAL INC                                | CPG International Inc 2024 Term Loan B                                         | CUSIP: 05478EAC5<br>LEI: 549300SVLALB4NVWP891 | Long             | LON              | CORP              | US        |     72818 | PA      | $72271.37     | 0.12%             | 2031-09-19      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| USI Inc                                              | USI Inc 2024 Term Loan D                                                       | CUSIP: 90351NAR6<br>LEI: 2549006D7UF7072T7I27 | Long             | LON              | CORP              | US        |    230670 | PA      | $229064.68    | 0.39%             | 2029-11-21      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Vestis Corporation                                   | Vestis Corporation Term Loan                                                   | CUSIP: 92550HAE3<br>LEI: 254900QDW0TA2TMFAP59 | Long             | LON              | CORP              | US        |    133022 | PA      | $129364.14    | 0.22%             | 2031-02-22      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                 | WR Grace Holdings LLC                                                          | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88594.74     | 0.15%             | 2029-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                          | Asurion LLC 2020 Term Loan B8                                                  | CUSIP: 04649VAX8<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    126762 | PA      | $125632.20    | 0.21%             | 2026-12-23      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                  | Station Casinos LLC 2024 Term Loan B                                           | CUSIP: 85769EBB6<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |    218790 | PA      | $216899.65    | 0.37%             | 2031-03-14      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Ellucian Holdings, Inc.                              | Ellucian Holdings Inc 2024 1st Lien Term Loan B                                | CUSIP: 28917XAB6<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |    295543 | PA      | $294011.86    | 0.50%             | 2029-10-09      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| OVG Business Services LLC                            | OVG Business Services LLC 2024 Term Loan B                                     | CUSIP: 62955EAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     60595 | PA      | $59913.31     | 0.10%             | 2031-06-25      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| OLA Netherlands BV                                   | OLA Netherlands BV Term Loan                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |     38218 | PA      | $37931.11     | 0.06%             | 2026-12-15      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| CITRIN COOPERMAN ADVISORS LLC                        | CITRIN COOPERMAN ADVISORS LLC 2025 TERM LOAN B                                 | CUSIP: 17737EAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     84942 | PA      | $83986.47     | 0.14%             | 2032-04-01      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| TEMPO ACQUISITION LLC                                | Tempo Acquisition LLC 2025 Repriced Term Loan B                                | CUSIP: 88023HAJ9<br>LEI: 549300VV0B2RPMHQGA61 | Long             | LON              | CORP              | US        |    202430 | PA      | $200596.24    | 0.34%             | 2028-08-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Magenta Security Holdings LLC                        | Magenta Security Holdings LLC 2024 Super Priority Term Loan                    | CUSIP: 55909UAC3<br>LEI: 254900F51KU7HIRXTS68 | Long             | LON              | CORP              | US        |      8550 | PA      | $8576.65      | 0.01%             | 2028-07-27      | Floating      | 10.53%                | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                 | Charter Communications Operating LLC 2023 Term Loan B4                         | CUSIP: 16117LCB3<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |     41263 | PA      | $41010.57     | 0.07%             | 2030-12-07      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                     | Getty Images Inc 2025 USD Term Loan B                                          | CUSIP: 37427UAQ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     47000 | PA      | $46295.00     | 0.08%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| NOURYON FINANCE BV                                   | Nouryon Finance BV 2024 USD Term Loan B1                                       | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |     71504 | PA      | $70937.54     | 0.12%             | 2028-04-03      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                                  | LBM Acquisition LLC Term Loan B                                                | CUSIP: 50179JAB4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |     24871 | PA      | $24459.83     | 0.04%             | 2027-12-17      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                | Quikrete Holdings Inc 2025 Term Loan B                                         | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    109000 | PA      | $106720.81    | 0.18%             | 2032-02-10      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| TRANS UNION LLC                                      | Trans Union LLC 2024 Term Loan B9                                              | CUSIP: 89334GBG8<br>LEI: X8NPN6PWJOM1QCTYFV34 | Long             | LON              | CORP              | US        |    255357 | PA      | $253760.64    | 0.43%             | 2031-06-24      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                               | Lumen Technologies Inc 2024 Extended Term Loan B1                              | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    123131 | PA      | $117513.65    | 0.20%             | 2029-04-16      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Ziggo Financing Partnership                          | Ziggo Financing Partnership USD Term Loan I                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     30000 | PA      | $29475.00     | 0.05%             | 2028-04-30      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| Hunter Douglas Inc.                                  | Hunter Douglas Inc 2025 USD Term Loan B                                        | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |    219393 | PA      | $213223.68    | 0.36%             | 2032-01-20      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 3 SARL                              | Albion Financing 3 SARL 2025 USD Term Loan B                                   | CUSIP: 00847NAE6<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |    160652 | PA      | $160250.54    | 0.27%             | 2029-08-16      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                         | Cloudera Inc 2021 Second Lien Term Loan                                        | CUSIP: 74339VAE8<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |     30000 | PA      | $28100.10     | 0.05%             | 2029-10-08      | Floating      | 10.42%                | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                  | United Airlines Inc 2024 1st Lien Term Loan B                                  | CUSIP: 90932RAP9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |    108139 | PA      | $107699.80    | 0.18%             | 2031-02-22      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES       | BlackRock Cash Funds: Treasury, SL Agency Shares                               | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   6800000 | NS      | $6800000.00   | 11.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Belron Finance 2019 LLC                              | Belron Finance 2019 LLC 2024 USD Term Loan B                                   | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    376861 | PA      | $375341.80    | 0.63%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Bally's Corporation                                  | Bally's Corporation 2021 Term Loan B                                           | CUSIP: 05875CAB0<br>LEI: 549300NS4D5IK406VT62 | Long             | LON              | CORP              | US        |    159107 | PA      | $137229.54    | 0.23%             | 2028-10-02      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| Flexera Software LLC                                 | Flexera Software LLC 2024 1st Lien Term Loan                                   | CUSIP: 33937KAX2<br>LEI: FHBIRN3K4PSRU4ZOQQ49 | Long             | LON              | CORP              | US        |     39900 | PA      | $39643.44     | 0.07%             | 2028-03-03      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                | American Airlines Inc 2025 Term Loan                                           | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |     44778 | PA      | $43770.30     | 0.07%             | 2028-04-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| M6 ETX HOLDINGS II MIDCO LLC                         | M6 ETX HOLDINGS II MIDCO LLC 2025 TERM LOAN B                                  | CUSIP: 55285DAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     65000 | PA      | $64532.65     | 0.11%             | 2032-04-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Murphy USA Inc                                       | Murphy USA Inc Term Loan B                                                     | CUSIP: 62675KAB5<br>LEI: 549300Y081F8XIKQIO72 | Long             | LON              | CORP              | US        |     33000 | PA      | $33105.93     | 0.06%             | 2028-01-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| MAGENTA SECURITY HOLDINGS LLC                        | Magenta Security Holdings LLC 2024 First Out Term Loan                         | CUSIP: 55909UAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     22882 | PA      | $20765.16     | 0.04%             | 2028-07-27      | Floating      | 11.29%                | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                  | Buckeye Partners LP 2025 Term Loan B2                                          | CUSIP: 11823LAQ8<br>LEI: 549300C1PQJLVEIUBK50 | Long             | LON              | CORP              | US        |     34825 | PA      | $34728.19     | 0.06%             | 2030-11-22      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| PRA Health Sciences Inc                              | PRA Health Sciences Inc 2024 US Term Loan B                                    | CUSIP: 000000000<br>LEI: 549300R1HR1VWWHIAK47 | Long             | LON              | CORP              | US        |      6148 | PA      | $6150.63      | 0.01%             | 2028-07-03      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| APEX GROUP TREASURY LLC                              | Apex Group Treasury LLC 2025 USD Term Loan B                                   | CUSIP: 000000000<br>LEI: 254900N6HRPDDNW7HP03 | Long             | LON              | CORP              | US        |     83000 | PA      | $82619.86     | 0.14%             | 2032-02-27      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Roper Industrial Products Investment Company LLC     | Roper Industrial Products Investment Company LLC 2024 USD 1st Lien Term Loan B | CUSIP: 77669LAK9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    114228 | PA      | $113104.10    | 0.19%             | 2029-11-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Atlas CC Acquisition Corp                            | Atlas CC Acquisition Corp Term Loan B                                          | CUSIP: 04921TAB0<br>LEI: 6HHLXIOGCDNZ4IRAIW26 | Long             | LON              | CORP              | US        |    274786 | PA      | $151168.06    | 0.26%             | 2028-05-25      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Hertz Corporation, (The)                             | Hertz Corporation (The) 2021 Term Loan C                                       | CUSIP: 42804VBC4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |     24399 | PA      | $18847.98     | 0.03%             | 2028-06-30      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                           | Avis Budget Car Rental LLC 2020 Term Loan B                                    | CUSIP: 05377JAR3<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | LON              | CORP              | US        |     73824 | PA      | $71978.13     | 0.12%             | 2027-08-06      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| SPEEDSTER BIDCO GMBH                                 | Speedster Bidco GmbH 2024 USD Term Loan B                                      | CUSIP: 000000000<br>LEI: 254900LE837QB2YYV824 | Long             | LON              | CORP              | DE        |    259000 | PA      | $256733.75    | 0.43%             | 2031-12-10      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                                 | Aramark Services Inc 2024 Term Loan B8                                         | CUSIP: 03852JAV3<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    150090 | PA      | $149839.49    | 0.25%             | 2030-06-22      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                                | SS&C Technologies Inc 2024 Term Loan B8                                        | CUSIP: 78466DBJ2<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    366123 | PA      | $365475.02    | 0.62%             | 2031-05-09      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Intrado Corporation                                  | Intrado Corporation 2023 Term Loan B                                           | CUSIP: 40147EAB5<br>LEI: 254900OSYC6XQ21DY128 | Long             | LON              | CORP              | US        |     29799 | PA      | $28811.93     | 0.05%             | 2030-01-31      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate, LLC                   | Alliant Holdings Intermediate LLC 2024 Term Loan B6                            | CUSIP: 01881UAM7<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |    272410 | PA      | $270309.24    | 0.46%             | 2031-09-19      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Crash Champions LLC                                  | Crash Champions LLC 2024 Term Loan B                                           | CUSIP: 15870MAC0<br>LEI: 391200ZDD75EGEUJ7625 | Long             | LON              | CORP              | US        |    134644 | PA      | $120394.63    | 0.20%             | 2029-02-23      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| IRIDIUM SATELLITE LLC                                | Iridium Satellite LLC 2024 Term Loan B                                         | CUSIP: 46269KAT1<br>LEI: 254900615BJ7139TFM33 | Long             | LON              | CORP              | US        |     45539 | PA      | $45090.74     | 0.08%             | 2030-09-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Company Inc                | Hilton Domestic Operating Company Inc 2023 Term Loan B4                        | CUSIP: 43289DAK9<br>LEI: 5493003EG7H0N1E4XV50 | Long             | LON              | CORP              | US        |    129000 | PA      | $128472.39    | 0.22%             | 2030-11-08      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                               | Lumen Technologies Inc 2024 Term Loan A                                        | CUSIP: 55024EAD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |      3159 | PA      | $3143.59      | 0.01%             | 2028-06-01      | Floating      | 10.32%                | No            |                  2 | On Loan: No      |
| DERBY BUYER LLC                                      | Derby Buyer LLC 2024 Repriced Term Loan B                                      | CUSIP: 24968CAE3<br>LEI: 2549003XRO7JUBUWQX87 | Long             | LON              | CORP              | US        |    120585 | PA      | $118263.30    | 0.20%             | 2030-11-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Voyage Australia Pty Limited                         | Voyage Australia Pty Limited USD Term Loan B                                   | CUSIP: 000000000<br>LEI: 984500552F00VE5LE453 | Long             | LON              | CORP              | AU        |      8628 | PA      | $8617.70      | 0.01%             | 2028-07-20      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| LEARFIELD COMMUNICATIONS LLC                         | LEARFIELD COMMUNICATIONS LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       312 | NS      | $23478.00     | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CONSTRUCTION PARTNERS INC                            | Construction Partners Inc Term Loan B                                          | CUSIP: 21043XAH5<br>LEI: 549300MHLFL4E8JLZU44 | Long             | LON              | CORP              | US        |     27930 | PA      | $27697.34     | 0.05%             | 2031-11-03      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                               | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc             | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $139985.25    | 0.24%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS INC                          | Surgery Center Holdings Inc 2024 Term Loan B                                   | CUSIP: 86880NBB8<br>LEI: 54930054EVI5HWPPW113 | Long             | LON              | CORP              | US        |    169916 | PA      | $169226.01    | 0.29%             | 2030-12-19      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                                      | Star Parent Inc Term Loan B                                                    | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |    103887 | PA      | $100316.19    | 0.17%             | 2030-09-27      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Jones DesLauriers Insurance Management Inc.          | Jones DesLauriers Insurance Management Inc 2025 Term Loan B                    | CUSIP: 000000000<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |     99327 | PA      | $97836.66     | 0.17%             | 2030-03-15      | Floating      | 7.03%                 | No            |                  3 | On Loan: No      |
| HILCORP ENERGY I LP                                  | Hilcorp Energy I LP Term Loan B                                                | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |     85000 | PA      | $83512.50     | 0.14%             | 2030-02-11      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                             | Cloud Software Group Inc 2024 USD Term Loan                                    | CUSIP: 88632NBE9<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    225270 | PA      | $222490.46    | 0.38%             | 2031-03-21      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Ryan LLC                                             | Ryan LLC Term Loan                                                             | CUSIP: 78350LAZ8<br>LEI: 549300TG86D8HZC6TE67 | Long             | LON              | CORP              | US        |      5940 | PA      | $5919.21      | 0.01%             | 2030-11-14      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Modena Buyer LLC                                     | Modena Buyer LLC Term Loan                                                     | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |     54663 | PA      | $51704.86     | 0.09%             | 2031-07-01      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                      | Gen Digital Inc 2024 Term Loan B                                               | CUSIP: 66877AAF5<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | LON              | CORP              | US        |    300606 | PA      | $297641.64    | 0.50%             | 2029-09-12      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| PointClickCare Technologies, Inc.                    | PointClickCare Technologies Inc 2024 USD Term Loan B                           | CUSIP: 000000000<br>LEI: 5493001Z0LHHBZLVDX36 | Long             | LON              | CORP              | CA        |     73573 | PA      | $73389.21     | 0.12%             | 2031-11-03      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                  | Clydesdale Acquisition Holdings Inc 2025 Term Loan B                           | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    129394 | PA      | $128246.09    | 0.22%             | 2032-04-01      | Floating      | 7.49%                 | No            |                  2 | On Loan: No      |
| AIMBRIDGE ACQUISITION CO INC                         | Aimbridge Acquisition Co Inc 2025 First Out Term Loan                          | CUSIP: 00900YAG1<br>LEI: 549300SPGKLVE9WYCQ20 | Long             | LON              | CORP              | US        |     20099 | PA      | $19998.55     | 0.03%             | 2030-03-11      | Floating      | 9.94%                 | No            |                  3 | On Loan: No      |
| MH SUB I LLC                                         | MH Sub I LLC 2024 Term Loan B4                                                 | CUSIP: 000000000<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     62861 | PA      | $54947.47     | 0.09%             | 2031-12-31      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| CPI HOLDCO B LLC                                     | CPI Holdco B LLC 2024 Incremental Term Loan B                                  | CUSIP: 1261MAAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     69000 | PA      | $68583.24     | 0.12%             | 2031-05-17      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Central Parent Inc                                   | Central Parent Inc 2024 Term Loan B                                            | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    347404 | PA      | $288686.08    | 0.49%             | 2029-07-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                               | AthenaHealth Group Inc                                                         | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95585.14     | 0.16%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| QXO INC                                              | QXO INC TERM LOAN B                                                            | CUSIP: 07368RAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     85000 | PA      | $84893.75     | 0.14%             | 2032-04-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| KKR APPLE BIDCO LLC                                  | KKR Apple Bidco LLC 2025 Term Loan                                             | CUSIP: 48254EAG6<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |    237095 | PA      | $233920.74    | 0.40%             | 2031-09-23      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Brand Industrial Services Inc                        | Brand Industrial Services Inc 2024 Term Loan B                                 | CUSIP: 10524MAS6<br>LEI: 549300B658W2BPDQMW42 | Long             | LON              | CORP              | US        |    305951 | PA      | $282298.15    | 0.48%             | 2030-08-01      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                       | Sabre GLBL Inc 2024 Term Loan B2                                               | CUSIP: 78571YBL3<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |     29804 | PA      | $27941.41     | 0.05%             | 2029-11-15      | Floating      | 10.42%                | No            |                  3 | On Loan: No      |
| Momentive Performance Materials Inc                  | Momentive Performance Materials Inc 2023 Term Loan                             | CUSIP: 60877JAG7<br>LEI: H2OFQI2FJX0T8IHKL414 | Long             | LON              | CORP              | US        |    126799 | PA      | $124326.17    | 0.21%             | 2028-03-29      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| GRANT THORNTON ADVISORS LLC                          | Grant Thornton Advisors LLC 2025 Term Loan B                                   | CUSIP: 38821UAD2<br>LEI: 254900XS1SHU0YY3WF58 | Long             | LON              | CORP              | US        |     98039 | PA      | $97165.52     | 0.16%             | 2031-06-02      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Oscar Acquisitionco LLC                              | Oscar AcquisitionCo LLC Term Loan B                                            | CUSIP: 68778DAB4<br>LEI: 254900RDCZK0Q19MEL65 | Long             | LON              | CORP              | US        |    108105 | PA      | $103146.41    | 0.17%             | 2029-04-29      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Howden Group Holdings Ltd                            | Howden Group Holdings Ltd 2024 USD 1st Lien Term Loan B                        | CUSIP: 000000000<br>LEI: 213800R6D9EVRN5D3117 | Long             | LON              | CORP              | LU        |    216313 | PA      | $214853.20    | 0.36%             | 2031-02-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| PAINT INTERMEDIATE III LLC                           | Paint Intermediate III LLC 2024 Term Loan B                                    | CUSIP: 69575EAL3<br>LEI: 549300C2JJM7BNZTR054 | Long             | LON              | CORP              | US        |     65000 | PA      | $64837.50     | 0.11%             | 2031-10-09      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower, LLC                            | Boost Newco Borrower LLC 2024 USD Term Loan B                                  | CUSIP: 92943EAE6<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2031-01-31      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO HOLDINGS UK LTD                        | INEOS Quattro Holdings UK Ltd 2024 USD Term Loan B                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     45000 | PA      | $37575.00     | 0.06%             | 2031-10-07      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                | Quikrete Holdings Inc 2024 Term Loan B1                                        | CUSIP: 74839XAK5<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |     99448 | PA      | $97759.48     | 0.17%             | 2029-03-19      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Columbus McKinnon Corporation                        | Columbus McKinnon Corporation 2024 Term Loan                                   | CUSIP: 19933MAQ6<br>LEI: 549300W3HQB0HO1F3G69 | Long             | LON              | CORP              | US        |     47298 | PA      | $47120.28     | 0.08%             | 2028-05-14      | Floating      | 6.80%                 | No            |                  3 | On Loan: No      |
| Applied Systems Inc                                  | Applied Systems Inc 2024 1st Lien Term Loan                                    | CUSIP: 03827FBD2<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    369882 | PA      | $368853.40    | 0.62%             | 2031-02-24      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Calpine Construction Finance Company LP              | Calpine Construction Finance Company LP 2023 Refinancing Term Loan B           | CUSIP: 13134NAH4<br>LEI: V0Q3DOB0FIB2XI1KWU77 | Long             | LON              | CORP              | US        |    148800 | PA      | $148179.22    | 0.25%             | 2030-07-31      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| HB FULLER COMPANY                                    | HB Fuller Company 2025 Term Loan B                                             | CUSIP: 40409VAW4<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | LON              | CORP              | US        |    144798 | PA      | $144435.55    | 0.24%             | 2030-02-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| CLEARWATER ANALYTICS LLC                             | CLEARWATER ANALYTICS LLC 2025 TERM LOAN B                                      | CUSIP: 18512EAF9<br>LEI: 894500N8DN2JO5ZDRQ11 | Long             | LON              | CORP              | US        |     32000 | PA      | $31840.00     | 0.05%             | 2032-04-21      | Floating      | 6.53%                 | No            |                  3 | On Loan: No      |
| American Airlines Inc                                | American Airlines Inc 2023 1st Lien Term Loan                                  | CUSIP: 02376CBM6<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | US        |    108900 | PA      | $105610.13    | 0.18%             | 2029-06-04      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC                                  | White Cap Buyer LLC                                                            | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24358.74     | 0.04%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                             | Clear Channel Outdoor Holdings Inc                                             | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45650.00     | 0.08%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PAI Holdco Inc                                       | PAI Holdco Inc 2020 Term Loan B                                                | CUSIP: 69315JAG8<br>LEI: 2549001NJ55NUV372F56 | Long             | LON              | CORP              | US        |     74036 | PA      | $57044.97     | 0.10%             | 2027-10-28      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP LLC                             | Ryan Specialty Group LLC 2024 USD Term Loan B                                  | CUSIP: 78350UAJ4<br>LEI: 549300K52N7QBO3PYY45 | Long             | LON              | CORP              | US        |    207904 | PA      | $206864.12    | 0.35%             | 2031-09-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                                | Jane Street Group LLC 2024 Term Loan B1                                        | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    189212 | PA      | $186464.99    | 0.31%             | 2031-12-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| CITRIN COOPERMAN ADVISORS LLC                        | CITRIN COOPERMAN ADVISORS LLC 2025 DELAYED DRAW TERM LOAN                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      5480 | PA      | $5418.49      | 0.01%             | 2032-04-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                | Level 3 Financing Inc                                                          | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     13504 | PA      | $15090.72     | 0.03%             | 2029-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                       | Sabre GLBL Inc 2024 Term Loan B1                                               | CUSIP: 78571YBK5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |    144458 | PA      | $135428.98    | 0.23%             | 2029-11-15      | Floating      | 10.42%                | No            |                  2 | On Loan: No      |
| Light and Wonder International, Inc.                 | Light and Wonder International Inc 2024 Term Loan B2                           | CUSIP: 80875AAW1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    201500 | PA      | $200829.22    | 0.34%             | 2029-04-14      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                      | Madison IAQ LLC Term Loan                                                      | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    151469 | PA      | $149898.46    | 0.25%             | 2028-06-21      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| RealPage Inc                                         | RealPage Inc 1st Lien Term Loan                                                | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |    189903 | PA      | $187918.94    | 0.32%             | 2028-04-24      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Electron BidCo Inc                                   | Electron BidCo Inc 2021 Term Loan                                              | CUSIP: 28542CAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    226958 | PA      | $225887.01    | 0.38%             | 2028-11-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Go Daddy Operating Company LLC                       | Go Daddy Operating Company LLC 2024 Term Loan B8                               | CUSIP: 38017BAX4<br>LEI: 5493005GJOH8HLL11157 | Long             | LON              | CORP              | US        |     85211 | PA      | $84809.38     | 0.14%             | 2029-11-09      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| iShares Broad USD High Yield Corporate Bond ETF      | iShares Broad USD High Yield Corporate Bond ETF                                | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             | EC               | RF                | US        |     18000 | NS      | $658800.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SPRINGS WINDOWS FASHIONS LLC                         | Springs Windows Fashions LLC 2024 FLFO A1 Term Loan                            | CUSIP: 000000000<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | LON              | CORP              | US        |     16422 | PA      | $16340.37     | 0.03%             | 2029-12-19      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| ARDONAGH MIDCO 3 PLC                                 | Ardonagh Midco 3 PLC 2024 USD Term Loan B                                      | CUSIP: 000000000<br>LEI: 254900YP2E642AGM4G32 | Long             | LON              | CORP              | AU        |    195000 | PA      | $190735.35    | 0.32%             | 2031-02-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Kaman Corporation                                    | Kaman Corporation 2025 Delayed Draw Term Loan                                  | CUSIP: 000000000<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |      6361 | PA      | $6259.91      | 0.01%             | 2032-02-26      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Genesys Cloud Services Holdings II LLC               | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B                    | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |    172852 | PA      | $170295.73    | 0.29%             | 2032-01-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| EPICOR SOFTWARE CORPORATION                          | Epicor Software Corporation 2024 Term Loan E                                   | CUSIP: 29426NAZ7<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | LON              | CORP              | US        |    218947 | PA      | $217703.75    | 0.37%             | 2031-05-30      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| EMRLD BORROWER LP                                    | EMRLD Borrower LP 2024 Term Loan B                                             | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |    186065 | PA      | $183623.83    | 0.31%             | 2031-08-04      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| CUBE INDUSTRIALS BUYER INC                           | Cube Industrials Buyer Inc 2024 Term Loan                                      | CUSIP: 22971EAB4<br>LEI: 25490058FG1NWDNJ5K52 | Long             | LON              | CORP              | US        |     33000 | PA      | $32670.00     | 0.06%             | 2031-10-17      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| MAGENTA SECURITY HOLDINGS LLC                        | Magenta Security Holdings LLC 2024 Third Out Term Loan                         | CUSIP: 55909UAG4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     28178 | PA      | $8148.17      | 0.01%             | 2028-07-27      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Fortrea Holdings Inc                                 | Fortrea Holdings Inc Term Loan B                                               | CUSIP: 34965PAD8<br>LEI: 5493000FIVFABOVCDU97 | Long             | LON              | CORP              | US        |      3722 | PA      | $3359.54      | 0.01%             | 2030-07-01      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| FINCO I LLC                                          | FinCo I LLC 2024 Term Loan B                                                   | CUSIP: 31774BAG9<br>LEI: 5493001RSEZ0X6VJMC68 | Long             | LON              | CORP              | US        |     11963 | PA      | $11921.15     | 0.02%             | 2029-06-27      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| CNT PRNT/CDK GLO II/FIN                              | Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc                  | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     94000 | PA      | $83226.51     | 0.14%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| INEOS US Finance LLC                                 | Ineos US Finance LLC 2023 USD Term Loan B                                      | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |     19751 | PA      | $18437.33     | 0.03%             | 2030-02-18      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| CHG HEALTHCARE SERVICES INC                          | CHG Healthcare Services Inc 2024 Term Loan B1                                  | CUSIP: 12541HAW3<br>LEI: 54930016Y1HPAVB9PZ54 | Long             | LON              | CORP              | US        |    128544 | PA      | $128062.42    | 0.22%             | 2028-09-29      | Floating      | 7.31%                 | 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