# EDGAR Filing Document

**Accession Number:** 0001864843
**File Stem:** 0001410368-25-032195
**Filing Date:** 2025-11
**Character Count:** 729970
**Document Hash:** e959af844368acacb2a1071ef4ddc7da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032195.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032195

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock ESG Capital Allocation Term Trust
- **CENTRAL INDEX KEY:** 0001864843

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23701
- **FILM NUMBER:** 251525927

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock ESG Capital Allocation Trust
- **DATE OF NAME CHANGE:** 20210527

## Nport-Ex

September 30, 2025

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

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

**BlackRock ESG Capital Allocation Term Trust (ECAT)**<br>

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

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

------

Consolidated Schedule of Investments (unaudited)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| **Cayman Islands**<sup>(a)(b)</sup> **— 0.4%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.4%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXVI, Series 2021-36A, Class B, (3-mo. <br> CME Term SOFR + 1.86%), 6.19%, 07/20/34<br>| USD | 250 | &nbsp;&nbsp; $250655 |
| CarVal CLO VC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, (3-mo. CME Term SOFR + <br> 3.51%), 7.83%, 10/15/34<br>|  | 250 | &nbsp;&nbsp; 250765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, (3-mo. CME Term SOFR + <br> 7.01%), 11.33%, 10/15/34<br>|  | 250 | &nbsp;&nbsp; 250565 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO I Ltd., Series 19-1A, Class 1RR, (3-mo. <br> CME Term SOFR + 1.52%), 5.85%, 04/20/37<br>|  | 250 | &nbsp;&nbsp; 251259 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO VII Ltd., Series 2020-4A, Class SUB, <br> 0.00%, 10/17/37<br>|  | 1000 | &nbsp;&nbsp; 425575 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXVIII Ltd., Series 2021-38A, <br> Class B, (3-mo. CME Term SOFR + 1.91%), 6.19%, <br> 07/17/34<br>|  | 500 | &nbsp;&nbsp; 500950 |
| &nbsp;&nbsp;&nbsp; Marble Point CLO XXIII Ltd., Series 2021-4A, <br> Class D1, (3-mo. CME Term SOFR + 3.91%), <br> 8.24%, 01/22/35<br>|  | 250 | &nbsp;&nbsp; 250531 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd., <br> Series 2021-46A, Class BR, (3-mo. CME Term <br> SOFR + 1.50%), 5.83%, 01/20/37<br>|  | 250 | &nbsp;&nbsp; 249635 |
| &nbsp;&nbsp;&nbsp; Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. <br> CME Term SOFR + 3.31%), 7.63%, 07/15/34<br>|  | 1500 | &nbsp;&nbsp; 1499897 |
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., Series 2013-2A, Class AR, <br> (3-mo. CME Term SOFR + 1.30%), 5.50%, <br> 05/23/31<br>|  | 124 | &nbsp;&nbsp; 124221 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2020-3ARR, <br> Class A2R2, (3-mo. CME Term SOFR + 2.30%), <br> 6.51%, 11/15/36<br>|  | 500 | &nbsp;&nbsp; 502235 |
| &nbsp;&nbsp;&nbsp; Regatta XXIV Funding Ltd., Series 2021-5A, <br> Class D1R, (3-mo. CME Term SOFR + 2.80%), <br> 7.13%, 01/20/38<br>|  | 250 | &nbsp;&nbsp; 252453 |
| &nbsp;&nbsp;&nbsp; RR Ltd., Series 2024-28RA, Class A1R, (3-mo. CME <br> Term SOFR + 1.55%), 5.87%, 04/15/37<br>|  | 500 | &nbsp;&nbsp; 501887 |
| &nbsp;&nbsp;&nbsp; RRX Ltd., Series 2022-7A, Class D, (3-mo. CME Term <br> SOFR + 6.85%), 11.17%, 07/15/35<br>|  | 250 | &nbsp;&nbsp; 249862 |
| &nbsp;&nbsp;&nbsp; Stratus CLO Ltd., Series 2021-1A, Class SUB, 0.00%, <br> 12/29/29<sup>(c)</sup><br>|  | 1250 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Trimaran CAVU Ltd., Series 2021-2A, Class D1, (3-mo. <br> CME Term SOFR + 3.51%), 7.83%, 10/25/34<br>|  | 550 | &nbsp;&nbsp; 552532 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo. <br> CME Term SOFR + 1.91%), 6.19%, 10/17/32<br>|  | 250 | &nbsp;&nbsp; 250250 |
|  |  |  | &nbsp;&nbsp; 6363272 |
| **Ireland**<sup>(a)(d)</sup> **— 0.6%** | **Ireland**<sup>(a)(d)</sup> **— 0.6%** | **Ireland**<sup>(a)(d)</sup> **— 0.6%** |  |
| &nbsp;&nbsp;&nbsp; AB Carval Euro CLO II-C DAC, Series 2X, Class D, <br> (3-mo. EURIBOR + 3.75%), 5.79%, 02/15/37<br>| EUR | 270 | &nbsp;&nbsp; 320836 |
| &nbsp;&nbsp;&nbsp; Arbour CLO VI DAC, Series 6X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.24%, 11/15/37<br>|  | 300 | &nbsp;&nbsp; 354195 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.40%), 5.59%, 04/25/39<br>|  | 350 | &nbsp;&nbsp; 417446 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO II DAC, Series 2X, Class D, (3-mo. <br> EURIBOR + 3.30%), 0.00%, 07/25/39<br>|  | 160 | &nbsp;&nbsp; 189550 |
| &nbsp;&nbsp;&nbsp; Arini European CLO IV DAC, Series 4X, Class D, (3-<br> mo. EURIBOR + 3.50%), 5.53%, 01/15/38<br>|  | 430 | &nbsp;&nbsp; 513884 |
| &nbsp;&nbsp;&nbsp; Arini European CLO V DAC, Series 5X, Class D, (3-<br> mo. EURIBOR + 2.80%), 5.17%, 01/15/39<br>|  | 230 | &nbsp;&nbsp; 269972 |
| &nbsp;&nbsp;&nbsp; Aurium CLO VII DAC, Series 7X, Class DR, (3-mo. <br> EURIBOR + 3.15%), 5.28%, 10/15/38<br>|  | 110 | &nbsp;&nbsp; 130647 |
| &nbsp;&nbsp;&nbsp; Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. <br> EURIBOR + 2.80%), 5.17%, 04/15/38<br>|  | 160 | &nbsp;&nbsp; 187398 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |  |
| &nbsp;&nbsp;&nbsp; Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo. <br> EURIBOR + 3.05%), 5.08%, 01/15/38<br>| EUR | 170 | &nbsp;&nbsp; $200716 |
| &nbsp;&nbsp;&nbsp; Avoca Static CLO I DAC, Series 1X, Class DR, (3-mo. <br> EURIBOR + 2.90%), 4.93%, 01/15/35<br>|  | 150 | &nbsp;&nbsp; 177018 |
| &nbsp;&nbsp;&nbsp; Capital Four CLO VIII DAC, Series 8X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.19%, 10/25/37<br>|  | 350 | &nbsp;&nbsp; 415103 |
| &nbsp;&nbsp;&nbsp; Contego CLO V DAC, Series 5X, Class DR, (3-mo. <br> EURIBOR + 3.10%), 5.13%, 10/15/37<br>|  | 230 | &nbsp;&nbsp; 271830 |
| &nbsp;&nbsp;&nbsp; Contego CLO VII DAC, Series 7X, Class DR, (3-mo. <br> EURIBOR + 3.45%), 5.42%, 01/23/38<br>|  | 290 | &nbsp;&nbsp; 344288 |
| &nbsp;&nbsp;&nbsp; Contego CLO XI DAC, Series 11X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.23%, 11/20/38<br>|  | 220 | &nbsp;&nbsp; 261114 |
| &nbsp;&nbsp;&nbsp; CVC Cordatus Opportunity Loan Fund-R DAC, <br> Series 1X, Class DR, (3-mo. EURIBOR + 2.80%), <br> 4.84%, 08/15/33<br>|  | 700 | &nbsp;&nbsp; 823006 |
| &nbsp;&nbsp;&nbsp; Fidelity Grand Harbour CLO DAC, Series 2023-1X, <br> Class DR, (3-mo. EURIBOR + 2.70%), 4.74%, <br> 02/15/38<br>|  | 300 | &nbsp;&nbsp; 350333 |
| &nbsp;&nbsp;&nbsp; Hambridge Euro CLO 1 DAC, Series 1X, Class D, (3-<br> mo. EURIBOR + 3.30%), 1.00%, 10/20/38<br>|  | 210 | &nbsp;&nbsp; 246551 |
| &nbsp;&nbsp;&nbsp; Harvest CLO XXXII DAC, Series 2032X, Class D, (3-<br> mo. EURIBOR + 3.60%), 5.54%, 07/25/37<br>|  | 230 | &nbsp;&nbsp; 274330 |
| &nbsp;&nbsp;&nbsp; Henley CLO XI DAC, Series 11X, Class D, (3-mo. <br> EURIBOR + 2.60%), 4.96%, 04/25/39<br>|  | 330 | &nbsp;&nbsp; 389869 |
| &nbsp;&nbsp;&nbsp; Henley CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.10%), 5.13%, 01/15/38<br>|  | 220 | &nbsp;&nbsp; 261937 |
| &nbsp;&nbsp;&nbsp; Jubilee CLO XXIX DAC, Series 2024-29X, Class D, <br> (3-mo. EURIBOR + 3.20%), 5.23%, 01/15/39<br>|  | 370 | &nbsp;&nbsp; 438936 |
| Palmer Square European Loan Funding DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (3-mo. EURIBOR + <br> 3.15%), 5.19%, 05/15/34<br>|  | 270 | &nbsp;&nbsp; 317823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class D, (3-mo. EURIBOR + <br> 3.05%), 5.09%, 05/15/34<br>|  | 220 | &nbsp;&nbsp; 260434 |
| &nbsp;&nbsp;&nbsp; Penta CLO DAC, Series 2024-17X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.29%, 08/15/38<br>|  | 253 | &nbsp;&nbsp; 299042 |
| &nbsp;&nbsp;&nbsp; Providus CLO II DAC, Series 2X, Class DRR, (3-mo. <br> EURIBOR + 3.20%), 5.23%, 10/15/38<br>|  | 238 | &nbsp;&nbsp; 281875 |
| &nbsp;&nbsp;&nbsp; Rockford Tower Europe CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.21%, <br> 10/25/37<br>|  | 290 | &nbsp;&nbsp; 342457 |
| &nbsp;&nbsp;&nbsp; Signal Harmonic CLO I DAC, Series 1X, Class DR, <br> (3-mo. EURIBOR + 3.50%), 5.42%, 07/15/38<br>|  | 190 | &nbsp;&nbsp; 225634 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.27%, 04/20/37<br>|  | 470 | &nbsp;&nbsp; 557687 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO V DAC, Series 5X, Class D, (3-mo. <br> EURIBOR + 3.30%), 5.33%, 08/25/38<br>|  | 180 | &nbsp;&nbsp; 213733 |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital Euro CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.20%, <br> 04/16/39<br>|  | 350 | &nbsp;&nbsp; 415820 |
| &nbsp;&nbsp;&nbsp; Tikehau CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.27%, 10/20/38<br>|  | 380 | &nbsp;&nbsp; 448396 |
| &nbsp;&nbsp;&nbsp; Victory Street CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.45%), 5.48%, 01/15/38<br>|  | 320 | &nbsp;&nbsp; 381919 |
|  |  |  | &nbsp;&nbsp; 10583779 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(d)</sup><br>| GBP | 302 | &nbsp;&nbsp; 424566 |
| **United States**<sup>(b)</sup> **— 2.2%** | **United States**<sup>(b)</sup> **— 2.2%** | **United States**<sup>(b)</sup> **— 2.2%** |  |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust, Series 2022-SFR1, Class E1, <br> 5.00%, 05/19/39<br>| USD | 3000 | &nbsp;&nbsp; 2969937 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| Home Partners of America Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class F, 3.80%, 12/17/26 | USD | 2399 | &nbsp;&nbsp; $2337103 |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class F, 4.24%, 01/17/41 |  | 3596 | &nbsp;&nbsp; 3316051 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust, Series 2021-BA, <br> Class E, 4.68%, 11/20/36<br>|  | 470 | &nbsp;&nbsp; 437396 |
| Mill City Solar Loan Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class C, 5.92%, 03/20/43 |  | 988 | &nbsp;&nbsp; 743805 |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class D, 7.14%, 03/20/43 |  | 1512 | &nbsp;&nbsp; 1036883 |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, Series 2018-2GS, Class C, <br> 5.97%, 02/22/44<br>|  | 265 | &nbsp;&nbsp; 234805 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2022-<br> SFR1, Class F, 4.44%, 02/17/39<br>|  | 3000 | &nbsp;&nbsp; 2936671 |
| Progress Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class F, 4.61%, 12/17/40 |  | 2521 | &nbsp;&nbsp; 2466036 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class G, 4.69%, 01/17/39 |  | 3000 | &nbsp;&nbsp; 2890646 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR9, Class F, 4.05%, 11/17/40 |  | 2400 | &nbsp;&nbsp; 2280058 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F, 4.88%, 02/17/41 |  | 2000 | &nbsp;&nbsp; 1949203 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class G, 5.52%, 02/17/41 |  | 2000 | &nbsp;&nbsp; 1958218 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class E1, 5.20%, 04/17/39 |  | 2700 | &nbsp;&nbsp; 2683477 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust, Series 2021-A, <br> Class D, 5.23%, 12/22/31<br>|  | 800 | &nbsp;&nbsp; 783386 |
| &nbsp;&nbsp;&nbsp; RMF Buyout Issuance Trust, Series 2021-HB1, <br> Class M4, 4.70%, 11/25/31<sup>(a)</sup><br>|  | 3500 | &nbsp;&nbsp; 3325346 |
| Tricon Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F, 3.69%, 07/17/38 |  | 1375 | &nbsp;&nbsp; 1356094 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class G, 4.13%, 07/17/38 |  | 887 | &nbsp;&nbsp; 874112 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E2, 5.74%, 04/17/39 |  | 1200 | &nbsp;&nbsp; 1193628 |
|  |  |  | &nbsp;&nbsp; 35772855 |
| **Total Asset-Backed Securities — 3.2%** <br>**(Cost: $55,529,910)** | **Total Asset-Backed Securities — 3.2%** <br>**(Cost: $55,529,910)** | **Total Asset-Backed Securities — 3.2%** <br>**(Cost: $55,529,910)** | &nbsp;&nbsp; 53144472 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 1.0%** | **Canada — 1.0%** |  |
| Cameco Corp. | 173002 | &nbsp;&nbsp; 14507948 |
| Enbridge, Inc. | 22000 | &nbsp;&nbsp; 1109880 |
|  |  | &nbsp;&nbsp; 15617828 |
| **China — 0.5%** | **China — 0.5%** |  |
| Alibaba Group Holding Ltd., ADR | 1170 | &nbsp;&nbsp; 209114 |
| BYD Co. Ltd., Class H | 567000 | &nbsp;&nbsp; 8014362 |
| Tencent Holdings Ltd. | 3110 | &nbsp;&nbsp; 265002 |
|  |  | &nbsp;&nbsp; 8488478 |
| **Denmark — 0.7%** | **Denmark — 0.7%** |  |
| DSV A/S | 37087 | &nbsp;&nbsp; 7408890 |
| Novo Nordisk A/S, Class B | 74568 | &nbsp;&nbsp; 4152067 |
|  |  | &nbsp;&nbsp; 11560957 |
| **France — 3.1%** | **France — 3.1%** |  |
| Arkema SA | 23768 | &nbsp;&nbsp; 1507083 |
| Cie de Saint-Gobain SA | 165453 | &nbsp;&nbsp; 17927098 |
| EssilorLuxottica SA | 48240 | &nbsp;&nbsp; 15714362 |
| Hermes International SCA | 4896 | &nbsp;&nbsp; 12039458 |
| Societe Generale SA | 12293 | &nbsp;&nbsp; 818422 |
| TotalEnergies SE, ADR | 44000 | &nbsp;&nbsp; 2626360 |
|  |  | &nbsp;&nbsp; 50632783 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Germany — 0.3%** | **Germany — 0.3%** |  |
| SAP SE | 19981 | &nbsp;&nbsp; $5350259 |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| Deep Instinct Ltd.<sup>(c)(e)</sup> | 52360 | &nbsp;&nbsp; 3142 |
| **Italy — 1.8%** | **Italy — 1.8%** |  |
| Intesa Sanpaolo SpA | 2509747 | &nbsp;&nbsp; 16612462 |
| UniCredit SpA | 177194 | &nbsp;&nbsp; 13483592 |
|  |  | &nbsp;&nbsp; 30096054 |
| **Netherlands — 1.6%** | **Netherlands — 1.6%** |  |
| ASML Holding NV | 25630 | &nbsp;&nbsp; 24994041 |
| ING Groep NV | 63116 | &nbsp;&nbsp; 1654634 |
|  |  | &nbsp;&nbsp; 26648675 |
| **Norway — 0.0%** | **Norway — 0.0%** |  |
| Equinor ASA, ADR<sup>(f)</sup> | 24000 | &nbsp;&nbsp; 585120 |
| **Spain — 0.4%** | **Spain — 0.4%** |  |
| CaixaBank SA | 86464 | &nbsp;&nbsp; 913226 |
| Cellnex Telecom SA<sup>(b)</sup> | 179638 | &nbsp;&nbsp; 6222199 |
|  |  | &nbsp;&nbsp; 7135425 |
| **Sweden — 0.0%** | **Sweden — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Volta Trucks, Series C, (Acquired 02/22/22, Cost: <br> $293,944)<sup>(c)(e)(g)</sup><br>| 2492 | &nbsp;&nbsp; — |
| **Taiwan — 2.2%** | **Taiwan — 2.2%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 126557 | &nbsp;&nbsp; 35346105 |
| **United Kingdom — 2.1%** | **United Kingdom — 2.1%** |  |
| AstraZeneca PLC | 4000 | &nbsp;&nbsp; 612804 |
| Compass Group PLC | 251482 | &nbsp;&nbsp; 8571949 |
| National Grid PLC | 930323 | &nbsp;&nbsp; 13367495 |
| RELX PLC | 259440 | &nbsp;&nbsp; 12395732 |
| &nbsp;&nbsp;&nbsp; Teya Services Ltd., (Acquired 11/16/21, Cost: <br> $1,099,370)<sup>(c)(e)(g)</sup><br>| 566 | &nbsp;&nbsp; 185167 |
|  |  | &nbsp;&nbsp; 35133147 |
| **United States — 53.1%** | **United States — 53.1%** |  |
| Advanced Micro Devices, Inc.<sup>(e)</sup> | 2700 | &nbsp;&nbsp; 436833 |
| Air Products and Chemicals, Inc. | 13543 | &nbsp;&nbsp; 3693447 |
| Alphabet, Inc., Class C | 155868 | &nbsp;&nbsp; 37961651 |
| Amazon.com, Inc.<sup>(e)</sup> | 104579 | &nbsp;&nbsp; 22962411 |
| Apollo Global Management, Inc. | 38791 | &nbsp;&nbsp; 5169677 |
| Apple, Inc. | 169738 | &nbsp;&nbsp; 43220387 |
| Autodesk, Inc.<sup>(e)</sup> | 22844 | &nbsp;&nbsp; 7256854 |
| Bank of America Corp. | 297627 | &nbsp;&nbsp; 15354577 |
| Boston Scientific Corp.<sup>(e)</sup> | 282038 | &nbsp;&nbsp; 27535370 |
| Broadcom, Inc. | 72012 | &nbsp;&nbsp; 23757479 |
| Cadence Design Systems, Inc.<sup>(e)</sup> | 28626 | &nbsp;&nbsp; 10055169 |
| Capital One Financial Corp. | 61492 | &nbsp;&nbsp; 13071969 |
| Carrier Global Corp. | 6100 | &nbsp;&nbsp; 364170 |
| Cheniere Energy, Inc. | 1540 | &nbsp;&nbsp; 361869 |
| Cisco Systems, Inc. | 160051 | &nbsp;&nbsp; 10950689 |
| Citigroup, Inc. | 175998 | &nbsp;&nbsp; 17863797 |
| Coinbase Global, Inc., Class A<sup>(e)</sup> | 796 | &nbsp;&nbsp; 268642 |
| Confluent, Inc., Class A<sup>(e)</sup> | 169815 | &nbsp;&nbsp; 3362337 |
| CoreWeave, Inc.<sup>(e)</sup> | 10353 | &nbsp;&nbsp; 1416808 |
| Costco Wholesale Corp. | 20100 | &nbsp;&nbsp; 18605163 |
| CRH PLC | 133231 | &nbsp;&nbsp; 15974397 |
| Delta Air Lines, Inc. | 127300 | &nbsp;&nbsp; 7224275 |
| DF Residential III Equity Fund<sup>(e)</sup> | 577125 | &nbsp;&nbsp; 577125 |
| DF Residential III LP<sup>(c)(e)</sup> | 2270079 | &nbsp;&nbsp; 2383583 |
| DR Horton, Inc. | 32218 | &nbsp;&nbsp; 5459985 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Eaton Corp. PLC | 16339 | &nbsp;&nbsp; $6114871 |
| Eli Lilly & Co. | 34490 | &nbsp;&nbsp; 26315870 |
| Figma, Inc., Class A<sup>(e)(f)</sup> | 4658 | &nbsp;&nbsp; 241610 |
| Flyr AS<sup>(c)(e)</sup> | 392187 | &nbsp;&nbsp; 4 |
| Freeport-McMoRan, Inc. | 42231 | &nbsp;&nbsp; 1656300 |
| Freewire Equity<sup>(c)(e)</sup> | 63 | &nbsp;&nbsp; — |
| General Electric Co. | 9190 | &nbsp;&nbsp; 2764536 |
| Hilton Worldwide Holdings, Inc. | 18228 | &nbsp;&nbsp; 4729072 |
| &nbsp;&nbsp;&nbsp; HNG Hospitality Offshore LP, (Acquired 02/16/24, Cost: <br> $2,660,000)<sup>(c)(e)(g)</sup><br>| 2660000 | &nbsp;&nbsp; 1915200 |
| Home Depot, Inc. | 41491 | &nbsp;&nbsp; 16811738 |
| Intel Corp. | 29000 | &nbsp;&nbsp; 972950 |
| Intuit, Inc. | 17553 | &nbsp;&nbsp; 11987119 |
| Intuitive Surgical, Inc.<sup>(e)</sup> | 40040 | &nbsp;&nbsp; 17907089 |
| JPMorgan Chase & Co. | 60882 | &nbsp;&nbsp; 19204009 |
| Lam Research Corp. | 6049 | &nbsp;&nbsp; 809961 |
| Linde PLC | 16945 | &nbsp;&nbsp; 8048875 |
| Lionsgate Studios Corp.<sup>(e)</sup> | 66792 | &nbsp;&nbsp; 460865 |
| Live Nation Entertainment, Inc.<sup>(e)</sup> | 35038 | &nbsp;&nbsp; 5725209 |
| Lumen Technologies, Inc.<sup>(e)</sup> | 29588 | &nbsp;&nbsp; 181079 |
| Marsh & McLennan Cos., Inc. | 87149 | &nbsp;&nbsp; 17563138 |
| Mastercard, Inc., Class A | 47980 | &nbsp;&nbsp; 27291504 |
| McDonald's Corp. | 7356 | &nbsp;&nbsp; 2235415 |
| McKesson Corp. | 23968 | &nbsp;&nbsp; 18516239 |
| Medtronic PLC | 98129 | &nbsp;&nbsp; 9345806 |
| Meta Platforms, Inc., Class A | 33425 | &nbsp;&nbsp; 24546652 |
| Micron Technology, Inc. | 61251 | &nbsp;&nbsp; 10248517 |
| Microsoft Corp.<sup>(h)</sup> | 134059 | &nbsp;&nbsp; 69435859 |
| &nbsp;&nbsp;&nbsp; MNTN, Inc., (Acquired 11/05/21, Cost: <br> $1,239,070)<sup>(e)(g)</sup><br>| 53954 | &nbsp;&nbsp; 1000847 |
| MongoDB, Inc., Class A<sup>(e)</sup> | 2986 | &nbsp;&nbsp; 926795 |
| Netflix, Inc.<sup>(e)</sup> | 7770 | &nbsp;&nbsp; 9315608 |
| NextEra Energy, Inc. | 215933 | &nbsp;&nbsp; 16300782 |
| NRG Energy, Inc. | 5008 | &nbsp;&nbsp; 811046 |
| NVIDIA Corp. | 386874 | &nbsp;&nbsp; 72182951 |
| Oracle Corp. | 47743 | &nbsp;&nbsp; 13427241 |
| Progressive Corp. | 57989 | &nbsp;&nbsp; 14320384 |
| Salesforce, Inc. | 58469 | &nbsp;&nbsp; 13857153 |
| Sanofi SA | 53836 | &nbsp;&nbsp; 5097944 |
| Schneider Electric SE | 62857 | &nbsp;&nbsp; 17692503 |
| &nbsp;&nbsp;&nbsp; Screaming Eagle Acquisition Crop., Pipe, (Acquired <br> 05/14/24, Cost: $1,168,975)<sup>(e)(g)</sup><br>| 115000 | &nbsp;&nbsp; 785273 |
| ServiceNow, Inc.<sup>(e)</sup> | 5893 | &nbsp;&nbsp; 5423210 |
| ServiceTitan, Inc., Class A<sup>(e)</sup> | 11422 | &nbsp;&nbsp; 1151680 |
| Sonder Holdings, Inc., Class A<sup>(e)</sup> | 15727 | &nbsp;&nbsp; 19973 |
| Source Global PBC<sup>(c)(e)</sup> | 4243 | &nbsp;&nbsp; 339 |
| Starz Entertainment Corp.<sup>(e)</sup> | 1506 | &nbsp;&nbsp; 22183 |
| Stryker Corp. | 31261 | &nbsp;&nbsp; 11556254 |
| Tesla, Inc.<sup>(e)</sup> | 26535 | &nbsp;&nbsp; 11800645 |
| Thermo Fisher Scientific, Inc. | 5205 | &nbsp;&nbsp; 2524529 |
| TJX Cos., Inc. | 32465 | &nbsp;&nbsp; 4692491 |
| Toll Brothers, Inc. | 4174 | &nbsp;&nbsp; 576596 |
| Trane Technologies PLC | 41849 | &nbsp;&nbsp; 17658604 |
| TransDigm Group, Inc. | 1885 | &nbsp;&nbsp; 2484468 |
| Uber Technologies, Inc.<sup>(e)</sup> | 21274 | &nbsp;&nbsp; 2084214 |
| Union Pacific Corp. | 38783 | &nbsp;&nbsp; 9167138 |
| United Airlines Holdings, Inc.<sup>(e)</sup> | 32465 | &nbsp;&nbsp; 3132873 |
| UnitedHealth Group, Inc. | 3864 | &nbsp;&nbsp; 1334239 |
| Vertex Pharmaceuticals, Inc.<sup>(e)</sup> | 10586 | &nbsp;&nbsp; 4145901 |
| Vertiv Holdings Co., Class A | 7240 | &nbsp;&nbsp; 1092226 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Walmart, Inc. | 205522 | &nbsp;&nbsp; $21181097 |
| Walt Disney Co. | 75443 | &nbsp;&nbsp; 8638224 |
| Wolfspeed, Inc. | 397 | &nbsp;&nbsp; 11363 |
|  |  | &nbsp;&nbsp; 874734925 |
| **Total Common Stocks — 66.8%** <br>**(Cost: $739,080,698)** | **Total Common Stocks — 66.8%** <br>**(Cost: $739,080,698)** | &nbsp;&nbsp; 1101332898 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| Fortescue Treasury Pty. Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/15/30 | USD | 67 | &nbsp;&nbsp; 68667 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/15/32 |  | 100 | &nbsp;&nbsp; 103335 |
| Mineral Resources Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/01/27 |  | 57 | &nbsp;&nbsp; 58100 |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/28 |  | 393 | &nbsp;&nbsp; 411789 |
| &nbsp;&nbsp;&nbsp; Oceana Australian Fixed Income Trust, A Note <br> Upsize<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/31/28 | AUD | 3541 | &nbsp;&nbsp; 2381272 |
| &nbsp;&nbsp;&nbsp; Class A, 12.50%, 07/31/26 |  | 2524 | &nbsp;&nbsp; 1705704 |
| &nbsp;&nbsp;&nbsp; Class A, 12.50%, 07/31/27 |  | 4206 | &nbsp;&nbsp; 2908350 |
|  |  |  | &nbsp;&nbsp; 7637217 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., 8.20%, <br> 01/15/39<br>| USD | 2189 | &nbsp;&nbsp; 2824785 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>|  | 600 | &nbsp;&nbsp; 596487 |
|  |  |  | &nbsp;&nbsp; 3421272 |
| **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** |
| Air Canada, 3.88%, 08/15/26<sup>(b)</sup> |  | 182 | &nbsp;&nbsp; 180348 |
| &nbsp;&nbsp;&nbsp; Alexandrite Lake Lux Holdings SARL, 6.75%, <br> 07/30/30<sup>(d)</sup><br>| EUR | 403 | &nbsp;&nbsp; 484034 |
| Bombardier, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/15/30 | USD | 83 | &nbsp;&nbsp; 89507 |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/33 |  | 100 | &nbsp;&nbsp; 104356 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC, 4.88%, 02/15/30<sup>(b)</sup><br>|  | 37 | &nbsp;&nbsp; 34700 |
| &nbsp;&nbsp;&nbsp; Burger King (Restaurant Brands International Inc.)/New <br> Red Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/29 |  | 114 | &nbsp;&nbsp; 116565 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/29 |  | 100 | &nbsp;&nbsp; 101203 |
| &nbsp;&nbsp;&nbsp; Burger King (Restaurant Brands International, <br> Inc.)/New Red Finance, Inc., 4.00%, 10/15/30<sup>(b)</sup><br>|  | 166 | &nbsp;&nbsp; 156442 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/32 |  | 100 | &nbsp;&nbsp; 103659 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/32 |  | 200 | &nbsp;&nbsp; 207605 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan Co-<br> Borrower LLC, 9.00%, 02/15/29<sup>(b)</sup><br>|  | 144 | &nbsp;&nbsp; 150507 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 96515 |
| NOVA Chemicals Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 |  | 169 | &nbsp;&nbsp; 169486 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/29 |  | 106 | &nbsp;&nbsp; 102585 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/15/30 |  | 159 | &nbsp;&nbsp; 170471 |
| Open Text Corp., 3.88%, 12/01/29<sup>(b)</sup> |  | 250 | &nbsp;&nbsp; 236313 |
| Parkland Corp., 6.63%, 08/15/32<sup>(b)</sup> |  | 109 | &nbsp;&nbsp; 112004 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| RB Global Holdings, Inc., 6.75%, 03/15/28<sup>(b)</sup> | USD | 147 | &nbsp;&nbsp; $150285 |
| Rogers Communications, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.62%), 7.13%, 04/15/55 |  | 114 | &nbsp;&nbsp; 120859 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.65%), 7.00%, 04/15/55 |  | 131 | &nbsp;&nbsp; 136568 |
|  |  |  | &nbsp;&nbsp; 3024012 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| Czechoslovak Group A/S, 5.25%, 01/10/31<sup>(d)</sup> | EUR | 225 | &nbsp;&nbsp; 274728 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |
| &nbsp;&nbsp;&nbsp; SGL Group ApS, (3-mo. EURIBOR + 4.25%), 6.28%, <br> 02/24/31<sup>(a)</sup><br>|  | 148 | &nbsp;&nbsp; 169194 |
| **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** |
| Citycon Treasury BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/11/30 |  | 100 | &nbsp;&nbsp; 117451 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/08/31 |  | 100 | &nbsp;&nbsp; 118058 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32 |  | 162 | &nbsp;&nbsp; 194230 |
|  |  |  | &nbsp;&nbsp; 429739 |
| **France — 0.4%** | **France — 0.4%** | **France — 0.4%** | **France — 0.4%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(d)</sup> |  | 299 | &nbsp;&nbsp; 366173 |
| Atos SE<sup>(d)(i)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/18/30 |  | 305 | &nbsp;&nbsp; 337847 |
| &nbsp;&nbsp;&nbsp; 1.04%, 12/18/32 |  | 250 | &nbsp;&nbsp; 151673 |
| &nbsp;&nbsp;&nbsp; 9.36%, 12/18/29 |  | 339 | &nbsp;&nbsp; 457641 |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.99%, 07/18/30<sup>(a)(d)</sup><br>|  | 337 | &nbsp;&nbsp; 378299 |
| ELO SACA, 2.88%, 01/29/26<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 116894 |
| Forvia SE, 5.50%, 06/15/31<sup>(d)</sup> |  | 360 | &nbsp;&nbsp; 434557 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(d)</sup> |  | 328 | &nbsp;&nbsp; 399858 |
| iliad SA, 4.25%, 01/09/32<sup>(d)</sup> |  | 300 | &nbsp;&nbsp; 354127 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(d)</sup> |  | 282 | &nbsp;&nbsp; 336222 |
| &nbsp;&nbsp;&nbsp; Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.64%, 07/01/29<sup>(a)(d)</sup><br>|  | 312 | &nbsp;&nbsp; 370381 |
| Loxam SAS, 6.38%, 05/31/29<sup>(d)</sup> |  | 596 | &nbsp;&nbsp; 724520 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(d)</sup> |  | 315 | &nbsp;&nbsp; 114233 |
| Maya SAS/Paris France<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/15/31 | USD | 232 | &nbsp;&nbsp; 248818 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/32 |  | 200 | &nbsp;&nbsp; 203961 |
| New Immo Holding SA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/17/28 | EUR | 100 | &nbsp;&nbsp; 121225 |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/08/28 |  | 300 | &nbsp;&nbsp; 356409 |
| RCI Banque SA<sup>(a)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>|  | 200 | &nbsp;&nbsp; 238908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 600 | &nbsp;&nbsp; 740978 |
| Worldline SA, 5.50%, 06/10/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 90994 |
|  |  |  | &nbsp;&nbsp; 6543718 |
| **Germany — 0.7%** | **Germany — 0.7%** | **Germany — 0.7%** | **Germany — 0.7%** |
| Adler Pelzer Holding GmbH, 9.50%, 04/01/27<sup>(b)</sup> |  | 177 | &nbsp;&nbsp; 197674 |
| Alstria Office AG, 5.50%, 03/20/31<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 122080 |
| &nbsp;&nbsp;&nbsp; APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), <br> 6.15%, 04/15/31<sup>(a)(d)</sup><br>|  | 315 | &nbsp;&nbsp; 372212 |
| Aroundtown Finance SARL<sup>(a)(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 4.51%), 7.13% |  | 274 | &nbsp;&nbsp; 339226 |
| &nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.49%), 8.63% | GBP | 420 | &nbsp;&nbsp; 581683 |
| BRANICKS Group AG, 2.25%, 09/22/26<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 92739 |
| Commerzbank AG<sup>(a)(d)(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year EUR Swap + 4.39%), 4.25% |  | 200 | &nbsp;&nbsp; 232462 |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 5.13%), 7.88% |  | 200 | &nbsp;&nbsp; 265073 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp; DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, <br> 12/31/27<sup>(d)(i)</sup><br>| EUR | 440 | &nbsp;&nbsp; $486325 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, (5-year EURIBOR ICE Swap + <br> 4.75%), 4.63%<sup>(a)(d)(j)</sup><br>|  | 800 | &nbsp;&nbsp; 925340 |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap <br> + 2.86%), 5.25%, 01/15/55<sup>(a)(d)</sup><br>|  | 500 | &nbsp;&nbsp; 605733 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(d)</sup> |  | 121 | &nbsp;&nbsp; 147297 |
| Fressnapf Holding SE, 5.25%, 10/31/31<sup>(d)</sup> |  | 138 | &nbsp;&nbsp; 164199 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, <br> 11/15/31<sup>(d)(k)</sup><br>|  | 250 | &nbsp;&nbsp; 317713 |
| &nbsp;&nbsp;&nbsp; Lanxess AG, (6-mo. EURIBOR at 0.00% Floor + <br> 9.50%, 13.41% Cash or 13.41% PIK), 11.62%, <br> 04/01/31<sup>(c)</sup><br>|  | 3632 | &nbsp;&nbsp; 3896410 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(d)</sup> |  | 499 | &nbsp;&nbsp; 606446 |
| PCF GmbH<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 |  | 101 | &nbsp;&nbsp; 91542 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.75%), 6.78%, 04/15/29<sup>(a)</sup> |  | 131 | &nbsp;&nbsp; 118455 |
| &nbsp;&nbsp;&nbsp; PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 5.78%, 07/01/29<sup>(a)(d)</sup><br>|  | 242 | &nbsp;&nbsp; 285732 |
| Schaeffler AG<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 |  | 100 | &nbsp;&nbsp; 119329 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/31 |  | 100 | &nbsp;&nbsp; 122936 |
| TAG Immobilien AG, 0.63%, 03/11/31<sup>(d)(l)</sup> |  | 100 | &nbsp;&nbsp; 122692 |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(d)(k)</sup><br>|  | 309 | &nbsp;&nbsp; 244212 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup> | USD | 400 | &nbsp;&nbsp; 398586 |
| TUI Cruises GmbH, 5.00%, 05/15/30<sup>(d)</sup> | EUR | 108 | &nbsp;&nbsp; 130182 |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(d)(l)</sup> |  | 200 | &nbsp;&nbsp; 235528 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 121870 |
| ZF North America Capital, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/14/30 | USD | 270 | &nbsp;&nbsp; 267352 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/23/32 |  | 150 | &nbsp;&nbsp; 143611 |
|  |  |  | &nbsp;&nbsp; 11754639 |
| **Greece**<sup>(a)(d)</sup> **— 0.1%** | **Greece**<sup>(a)(d)</sup> **— 0.1%** | **Greece**<sup>(a)(d)</sup> **— 0.1%** | **Greece**<sup>(a)(d)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Eurobank SA, (1-year EURIBOR ICE Swap + 1.70%), <br> 4.00%, 02/07/36<br>| EUR | 325 | &nbsp;&nbsp; 383483 |
| &nbsp;&nbsp;&nbsp; National Bank of Greece SA, (5-year EURIBOR ICE <br> Swap + 3.15%), 5.88%, 06/28/35<br>|  | 246 | &nbsp;&nbsp; 310702 |
|  |  |  | &nbsp;&nbsp; 694185 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| &nbsp;&nbsp;&nbsp; AIB Group PLC, (5-year EURIBOR ICE Swap + <br> 3.71%), 6.00%<sup>(a)(d)(j)</sup><br>|  | 300 | &nbsp;&nbsp; 359728 |
| &nbsp;&nbsp;&nbsp; Cedacri SpA, (3-mo. EURIBOR + 4.63%), 6.66%, <br> 05/15/28<sup>(a)(d)</sup><br>|  | 102 | &nbsp;&nbsp; 120439 |
| GGAM Finance Ltd., 8.00%, 02/15/27<sup>(b)</sup> | USD | 141 | &nbsp;&nbsp; 144308 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V DAC, <br> 7.88%, 03/15/32<sup>(d)</sup><br>| GBP | 617 | &nbsp;&nbsp; 857594 |
|  |  |  | &nbsp;&nbsp; 1482069 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, <br> 4.13%, 06/01/31<br>| EUR | 261 | &nbsp;&nbsp; 309108 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/01/26 | USD | 112 | &nbsp;&nbsp; 109760 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/28 |  | 200 | &nbsp;&nbsp; 206968 |
|  |  |  | &nbsp;&nbsp; 625836 |
| **Italy — 0.4%** | **Italy — 0.4%** | **Italy — 0.4%** | **Italy — 0.4%** |
| &nbsp;&nbsp;&nbsp; A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), <br> 5.00%<sup>(a)(d)(j)</sup><br>| EUR | 200 | &nbsp;&nbsp; 244539 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Bubbles Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/31 | EUR | 241 | &nbsp;&nbsp; $289803 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.25%, 09/30/31<sup>(a)</sup> |  | 235 | &nbsp;&nbsp; 278023 |
| Dolcetto Holdco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/14/32 |  | 166 | &nbsp;&nbsp; 199813 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.63%), 5.64%, 07/14/32<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 118339 |
| &nbsp;&nbsp;&nbsp; Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.15%, <br> 07/15/31<sup>(a)(d)</sup><br>|  | 305 | &nbsp;&nbsp; 360228 |
| &nbsp;&nbsp;&nbsp; Engineering - Ingegneria Informatica - SpA, 11.13%, <br> 05/15/28<sup>(d)</sup><br>|  | 456 | &nbsp;&nbsp; 570500 |
| Eni SpA, (5-year EUR Swap + 2.40%), 4.88%<sup>(a)(d)(j)</sup> |  | 225 | &nbsp;&nbsp; 268500 |
| Fedrigoni SpA, 6.13%, 06/15/31<sup>(d)</sup> |  | 410 | &nbsp;&nbsp; 478479 |
| Fiber Midco SpA, (10.75% PIK), 10.75%, 06/15/29<sup>(d)(k)</sup> |  | 197 | &nbsp;&nbsp; 213810 |
| Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/30/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 119253 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/32<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 119332 |
| &nbsp;&nbsp;&nbsp; 7.20%, 07/18/36<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 201476 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(d)</sup> | EUR | 263 | &nbsp;&nbsp; 311111 |
| &nbsp;&nbsp;&nbsp; IMA Industria Macchine Automatiche SpA, (3-mo. <br> EURIBOR + 3.75%), 5.78%, 04/15/29<sup>(a)(d)</sup><br>|  | 411 | &nbsp;&nbsp; 487002 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (5-year EUR Swap + 5.85%), <br> 5.50%<sup>(a)(d)(j)</sup><br>|  | 250 | &nbsp;&nbsp; 303372 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 119447 |
| Nexi SpA, 0.00%, 02/24/28<sup>(d)(l)(m)</sup> |  | 200 | &nbsp;&nbsp; 215004 |
| Pachelbel Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/17/31 |  | 137 | &nbsp;&nbsp; 173297 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.27%, 05/17/31<sup>(a)</sup> |  | 125 | &nbsp;&nbsp; 147851 |
| Rossini SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/31/29 |  | 149 | &nbsp;&nbsp; 184553 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.88%), 5.88%, 12/31/29<sup>(a)</sup> |  | 90 | &nbsp;&nbsp; 106967 |
| TeamSystem SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/31 |  | 100 | &nbsp;&nbsp; 119049 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.25%), 5.19%, 07/01/32<sup>(a)</sup> |  | 125 | &nbsp;&nbsp; 146919 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.53%, 07/31/31<sup>(a)</sup> |  | 222 | &nbsp;&nbsp; 261396 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 78 | &nbsp;&nbsp; 86408 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 123629 |
|  |  |  | &nbsp;&nbsp; 6248100 |
| **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** |
| Kioxia Holdings Corp., 6.63%, 07/24/33 | USD | 200 | &nbsp;&nbsp; 205606 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., (1-year CMT + 1.25%), <br> 3.26%, 05/22/30<sup>(a)</sup><br>|  | 2040 | &nbsp;&nbsp; 1966654 |
| Nissan Motor Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/17/29<sup>(d)</sup> | EUR | 231 | &nbsp;&nbsp; 276393 |
| &nbsp;&nbsp;&nbsp; 4.81%, 09/17/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 188417 |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/17/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 211653 |
| SoftBank Group Corp.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/08/29 | EUR | 282 | &nbsp;&nbsp; 342969 |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/06/29 |  | 100 | &nbsp;&nbsp; 114142 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/10/29 |  | 100 | &nbsp;&nbsp; 121057 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/10/31 |  | 111 | &nbsp;&nbsp; 137286 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/08/32 |  | 386 | &nbsp;&nbsp; 473530 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/10/33 |  | 100 | &nbsp;&nbsp; 124834 |
|  |  |  | &nbsp;&nbsp; 4162541 |
| **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29 | GBP | 296 | &nbsp;&nbsp; 387079 |
| Deepocean Ltd., 6.00%, 04/08/31 | EUR | 100 | &nbsp;&nbsp; 118991 |
|  |  |  | &nbsp;&nbsp; 506070 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| &nbsp;&nbsp;&nbsp; Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br> 12/31/28<sup>(k)</sup><br>|  | 797 | &nbsp;&nbsp; 995145 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL/Aggreko Holdings, Inc., <br> 5.38%, 05/21/30<sup>(d)</sup><br>| EUR | 186 | &nbsp;&nbsp; $226534 |
| &nbsp;&nbsp;&nbsp; Encore Issuances SA, Series 155, (3-mo. EURIBOR + <br> 10.00%), 12.05%, 11/06/25<sup>(a)</sup><br>|  | 49 | &nbsp;&nbsp; 56377 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<sup>(d)</sup> |  | 179 | &nbsp;&nbsp; 213645 |
| INEOS Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/29<sup>(d)</sup> |  | 393 | &nbsp;&nbsp; 456932 |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/15/29<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 194579 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/31/31<sup>(d)</sup> | EUR | 201 | &nbsp;&nbsp; 235649 |
| ION Platform Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/30 |  | 128 | &nbsp;&nbsp; 150278 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/30/32 |  | 100 | &nbsp;&nbsp; 117405 |
| ION Trading Technologies SARL<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/28 | USD | 400 | &nbsp;&nbsp; 392531 |
| &nbsp;&nbsp;&nbsp; 9.50%, 05/30/29 |  | 200 | &nbsp;&nbsp; 211235 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(d)</sup> | EUR | 416 | &nbsp;&nbsp; 274929 |
| Luna 1.5 SARL, (10.50% PIK), 10.50%, 07/01/32<sup>(d)(k)</sup> |  | 100 | &nbsp;&nbsp; 121664 |
| Luna 2 5SARL, 5.50%, 07/01/32<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 119445 |
| Maxam Prill SARL, 6.00%, 07/15/30<sup>(d)</sup> |  | 326 | &nbsp;&nbsp; 388564 |
| SES SA, 4.88%, 06/24/33<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 122238 |
| Summer BC Holdco B SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/30 |  | 201 | &nbsp;&nbsp; 230489 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.29%, 02/15/30<sup>(a)</sup> |  | 131 | &nbsp;&nbsp; 151036 |
| &nbsp;&nbsp;&nbsp; Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(d)(k)</sup><br>|  | 542 | &nbsp;&nbsp; 634855 |
|  |  |  | &nbsp;&nbsp; 5293530 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de C.V., 2.63%, <br> 02/24/26<sup>(d)(l)</sup><br>|  | 500 | &nbsp;&nbsp; 586067 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(d)</sup> |  | 335 | &nbsp;&nbsp; 407913 |
| Q-Park Holding I BV, 5.13%, 02/15/30<sup>(d)</sup> |  | 463 | &nbsp;&nbsp; 561467 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(b)</sup> | USD | 780 | &nbsp;&nbsp; 743067 |
| Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 123418 |
| &nbsp;&nbsp;&nbsp; 12.25%, 01/15/31<sup>(b)</sup> | USD | 404 | &nbsp;&nbsp; 437266 |
| VZ Secured Financing BV, 5.25%, 01/15/33<sup>(d)</sup> | EUR | 258 | &nbsp;&nbsp; 302891 |
| Ziggo BV, 4.88%, 01/15/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 188771 |
|  |  |  | &nbsp;&nbsp; 2764793 |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |
| &nbsp;&nbsp;&nbsp; EDP SA, (5-year EURIBOR ICE Swap + 2.40%), <br> 4.63%, 09/16/54<sup>(a)(d)</sup><br>| EUR | 200 | &nbsp;&nbsp; 241407 |
| **Slovenia — 0.0%** | **Slovenia — 0.0%** | **Slovenia — 0.0%** | **Slovenia — 0.0%** |
| United Group BV, 6.50%, 10/31/31<sup>(d)</sup> |  | 104 | &nbsp;&nbsp; 123645 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32<sup>(d)</sup> |  | 152 | &nbsp;&nbsp; 176039 |
| **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.52%, 05/01/30<sup>(a)</sup><br>|  | 194 | &nbsp;&nbsp; 229177 |
| Banco Bilbao Vizcaya Argentaria SA<sup>(a)(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year EUR Swap + 4.27%), 6.88% |  | 400 | &nbsp;&nbsp; 506991 |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 5.54%), 8.38% |  | 200 | &nbsp;&nbsp; 260405 |
| &nbsp;&nbsp;&nbsp; Bankinter SA, (5-year EURIBOR ICE Swap + 4.71%), <br> 7.38%<sup>(a)(j)</sup><br>|  | 200 | &nbsp;&nbsp; 254954 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA, (5-year EURIBOR ICE Swap + 3.94%), <br> 6.25%<sup>(a)(j)</sup><br>|  | 200 | &nbsp;&nbsp; 245636 |
| Grifols SA, 7.13%, 05/01/30 |  | 230 | &nbsp;&nbsp; 284445 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Iberdrola Finanzas SA, Series IBE, 1.50%, 03/27/30<sup>(l)</sup> | EUR | 100 | &nbsp;&nbsp; $120530 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29 |  | 190 | &nbsp;&nbsp; 225788 |
|  |  |  | &nbsp;&nbsp; 2127926 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Intrum Investments And Financing AB |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/11/27 |  | 69 | &nbsp;&nbsp; 74320 |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/11/27<sup>(d)</sup> |  | 141 | &nbsp;&nbsp; 168580 |
| &nbsp;&nbsp;&nbsp; 8.50%, 09/11/29 |  | 86 | &nbsp;&nbsp; 88175 |
| &nbsp;&nbsp;&nbsp; 8.50%, 09/11/30<sup>(b)(d)</sup> |  | 70 | &nbsp;&nbsp; 71986 |
| &nbsp;&nbsp;&nbsp; Series 1, 7.75%, 09/11/28<sup>(b)(d)</sup> |  | 118 | &nbsp;&nbsp; 122581 |
| Preem Holdings AB, 12.00%, 06/30/27<sup>(d)</sup> |  | 138 | &nbsp;&nbsp; 167040 |
| Stena International SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/31<sup>(d)</sup> | USD | 727 | &nbsp;&nbsp; 741190 |
| &nbsp;&nbsp;&nbsp; 7.63%, 02/15/31<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 205999 |
| Verisure Holding AB, 9.25%, 10/15/27<sup>(d)</sup> | EUR | 515 | &nbsp;&nbsp; 620416 |
|  |  |  | &nbsp;&nbsp; 2260287 |
| **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** |
| &nbsp;&nbsp;&nbsp; gategroup Finance Luxembourg SA, 3.00%, <br> 02/28/27<sup>(d)</sup><br>| CHF | 270 | &nbsp;&nbsp; 335518 |
| **United Kingdom — 0.8%** | **United Kingdom — 0.8%** | **United Kingdom — 0.8%** | **United Kingdom — 0.8%** |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(d)</sup> | EUR | 586 | &nbsp;&nbsp; 723119 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(d)</sup> |  | 1052 | &nbsp;&nbsp; 1276625 |
| BCP V Modular Services Finance II PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/30/28 | GBP | 606 | &nbsp;&nbsp; 760879 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/10/31 | EUR | 555 | &nbsp;&nbsp; 609178 |
| Bellis Acquisition Co. PLC, 8.00%, 07/01/31<sup>(d)</sup> |  | 356 | &nbsp;&nbsp; 424179 |
| &nbsp;&nbsp;&nbsp; Bracken MidCo1 PLC, (6.75% PIK), 6.75%, <br> 11/01/27<sup>(d)(k)</sup><br>| GBP | 123 | &nbsp;&nbsp; 164774 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/32<sup>(d)</sup> | EUR | 202 | &nbsp;&nbsp; 246811 |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/15/32<sup>(b)</sup> | USD | 150 | &nbsp;&nbsp; 153740 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 141299 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 210281 |
| Deuce Finco PLC, 5.50%, 06/15/27<sup>(b)</sup> | GBP | 337 | &nbsp;&nbsp; 452385 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(d)</sup> |  | 503 | &nbsp;&nbsp; 721302 |
| Froneri Lux FinCo SARL, 4.75%, 08/01/32<sup>(d)</sup> | EUR | 162 | &nbsp;&nbsp; 191871 |
| Gatwick Airport Finance PLC, 4.38%, 04/07/26<sup>(d)</sup> | GBP | 245 | &nbsp;&nbsp; 327917 |
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.38%, <br> 01/15/29<sup>(b)</sup><br>| USD | 400 | &nbsp;&nbsp; 391339 |
| Global Switch Finance BV, 1.38%, 10/07/30<sup>(d)</sup> | EUR | 224 | &nbsp;&nbsp; 248399 |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(d)</sup> | GBP | 756 | &nbsp;&nbsp; 1021609 |
| &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. Refinance <br> 2 PLC/Howden U.S. Refinance LLC, 7.25%, <br> 02/15/31<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 205914 |
| INEOS Quattro Finance 2 PLC, 6.75%, 04/15/30<sup>(d)</sup> | EUR | 178 | &nbsp;&nbsp; 195853 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive PLC, 5.88%, <br> 01/15/28<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 199663 |
| Mobico Group PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/26/31 | EUR | 196 | &nbsp;&nbsp; 181145 |
| &nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.14%), 4.25%<sup>(a)(j)</sup> | GBP | 165 | &nbsp;&nbsp; 135483 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(d)</sup> | EUR | 204 | &nbsp;&nbsp; 215755 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, (5-year UK Government <br> Bond + 5.63%), 5.75%<sup>(a)(d)(j)</sup><br>| GBP | 200 | &nbsp;&nbsp; 267635 |
| Ocado Group PLC, 11.00%, 06/15/30<sup>(d)</sup> |  | 146 | &nbsp;&nbsp; 197278 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(d)</sup> | EUR | 290 | &nbsp;&nbsp; 355857 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(d)</sup> | GBP | 181 | &nbsp;&nbsp; 256822 |
| Stonegate Pub Co. Financing PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 07/31/29 |  | 155 | &nbsp;&nbsp; 209030 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Stonegate Pub Co. Financing PLC<sup>(d)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 6.63%), 8.66%, 07/31/29<sup>(a)</sup> | EUR | 125 | &nbsp;&nbsp; $144623 |
| Virgin Media Secured Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/30<sup>(d)</sup> | GBP | 292 | &nbsp;&nbsp; 364214 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 188568 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/31<sup>(d)</sup> | GBP | 165 | &nbsp;&nbsp; 203024 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/31<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 188249 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/32<sup>(d)</sup> | EUR | 683 | &nbsp;&nbsp; 822011 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, (5-year CMT + 2.77%), 4.13%, <br> 06/04/81<sup>(a)</sup><br>| USD | 160 | &nbsp;&nbsp; 149679 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(d)</sup> | EUR | 760 | &nbsp;&nbsp; 944259 |
|  |  |  | &nbsp;&nbsp; 13490769 |
| **United States — 8.3%** | **United States — 8.3%** | **United States — 8.3%** | **United States — 8.3%** |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(b)</sup> | USD | 102 | &nbsp;&nbsp; 105895 |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 26 | &nbsp;&nbsp; 25049 |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/06/30 |  | 200 | &nbsp;&nbsp; 208350 |
| Adient Global Holdings Ltd., 7.50%, 02/15/33<sup>(b)</sup> |  | 148 | &nbsp;&nbsp; 153249 |
| ADT Security Corp., 4.13%, 08/01/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 96702 |
| Advance Auto Parts, Inc., 7.38%, 08/01/33<sup>(b)</sup> |  | 143 | &nbsp;&nbsp; 147469 |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/28 |  | 92 | &nbsp;&nbsp; 91980 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 |  | 100 | &nbsp;&nbsp; 102270 |
| Alcoa Nederland Holding BV, 4.13%, 03/31/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 193399 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/28 |  | 145 | &nbsp;&nbsp; 147570 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/32 |  | 386 | &nbsp;&nbsp; 397747 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance <br> Corp., 6.00%, 06/01/29<sup>(b)</sup><br>|  | 600 | &nbsp;&nbsp; 589832 |
| Allison Transmission, Inc., 3.75%, 01/30/31<sup>(b)</sup> |  | 86 | &nbsp;&nbsp; 79455 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, <br> 01/17/40<sup>(a)</sup><br>|  | 99 | &nbsp;&nbsp; 98966 |
| AMC Networks, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 01/15/29 |  | 41 | &nbsp;&nbsp; 43204 |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/32 |  | 183 | &nbsp;&nbsp; 193511 |
| American Airlines, Inc., 8.50%, 05/15/29<sup>(b)</sup> |  | 281 | &nbsp;&nbsp; 293126 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br> 5.75%, 04/20/29<sup>(b)</sup><br>|  | 177 | &nbsp;&nbsp; 177677 |
| American Axle & Manufacturing, Inc., 5.00%, 10/01/29 |  | 178 | &nbsp;&nbsp; 169150 |
| American Tower Corp., 2.95%, 01/15/51 |  | 2500 | &nbsp;&nbsp; 1619680 |
| Amgen, Inc., 2.77%, 09/01/53 |  | 2025 | &nbsp;&nbsp; 1228558 |
| AmWINS Group, Inc., 6.38%, 02/15/29<sup>(b)</sup> |  | 127 | &nbsp;&nbsp; 129582 |
| Arches Buyer, Inc., 4.25%, 06/01/28<sup>(b)</sup> |  | 143 | &nbsp;&nbsp; 140132 |
| Arcosa, Inc., 6.88%, 08/15/32<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 104449 |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 6.00%, 06/15/27<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 199952 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc., 2.13%, 08/15/26<sup>(d)</sup><br>| EUR | 718 | &nbsp;&nbsp; 822026 |
| Aretec Group, Inc., 10.00%, 08/15/30<sup>(b)</sup> |  | 247 | &nbsp;&nbsp; 269107 |
| Arsenal AIC Parent LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/01/30 |  | 92 | &nbsp;&nbsp; 97409 |
| &nbsp;&nbsp;&nbsp; 11.50%, 10/01/31 |  | 119 | &nbsp;&nbsp; 132165 |
| Asbury Automotive Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 |  | 100 | &nbsp;&nbsp; 97048 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/32 |  | 100 | &nbsp;&nbsp; 96023 |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., <br> 6.88%, 08/01/33<sup>(b)</sup><br>|  | 81 | &nbsp;&nbsp; 81695 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| AT&T, Inc., 6.05%, 08/15/56 | USD | 718 | &nbsp;&nbsp; $744224 |
| ATI, Inc., 7.25%, 08/15/30 |  | 220 | &nbsp;&nbsp; 230931 |
| Avantor Funding, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/28 |  | 112 | &nbsp;&nbsp; 110170 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/29 |  | 135 | &nbsp;&nbsp; 128380 |
| Avient Corp., 6.25%, 11/01/31<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 101552 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/01/29 |  | 78 | &nbsp;&nbsp; 76063 |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/31 |  | 46 | &nbsp;&nbsp; 47588 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/32 |  | 100 | &nbsp;&nbsp; 104595 |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<sup>(b)</sup> |  | 150 | &nbsp;&nbsp; 142111 |
| Axon Enterprise, Inc., 6.13%, 03/15/30<sup>(b)</sup> |  | 104 | &nbsp;&nbsp; 106811 |
| Azorra Finance Ltd., 7.75%, 04/15/30<sup>(b)</sup> |  | 31 | &nbsp;&nbsp; 32511 |
| Ball Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/29 |  | 86 | &nbsp;&nbsp; 88033 |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/32 | EUR | 181 | &nbsp;&nbsp; 217352 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/33 | USD | 71 | &nbsp;&nbsp; 71763 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., (1-day SOFR + 1.37%), 1.92%, <br> 10/24/31<sup>(a)</sup><br>|  | 119 | &nbsp;&nbsp; 105692 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> |  | 235 | &nbsp;&nbsp; 244914 |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Netherlands BV & Bausch & Lomb, <br> Inc., (3-mo. EURIBOR + 3.88%), 5.87%, <br> 01/15/31<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118956 |
| &nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC & BCPE Flavor <br> Issuer, Inc., 9.50%, 07/01/32<sup>(b)</sup><br>| USD | 158 | &nbsp;&nbsp; 165366 |
| Beach Acquisition Bidco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/32<sup>(d)</sup> | EUR | 137 | &nbsp;&nbsp; 164879 |
| &nbsp;&nbsp;&nbsp; (10.00% PIK), 10.00%, 07/15/33<sup>(b)(k)</sup> | USD | 200 | &nbsp;&nbsp; 215732 |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/01/26 |  | 102 | &nbsp;&nbsp; 100660 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/30<sup>(b)</sup> |  | 123 | &nbsp;&nbsp; 124621 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 212179 |
| Brink's Co., 6.50%, 06/15/29<sup>(b)</sup> |  | 78 | &nbsp;&nbsp; 80270 |
| Builders FirstSource, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 |  | 37 | &nbsp;&nbsp; 36624 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/35 |  | 200 | &nbsp;&nbsp; 208827 |
| Burford Capital Global Finance LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/28 |  | 200 | &nbsp;&nbsp; 200356 |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/31 |  | 200 | &nbsp;&nbsp; 212513 |
| Calpine Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 |  | 100 | &nbsp;&nbsp; 99578 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/01/29 |  | 39 | &nbsp;&nbsp; 38617 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/01/31 |  | 89 | &nbsp;&nbsp; 84766 |
| Camelot Return Merger Sub, Inc., 8.75%, 08/01/28<sup>(b)</sup> |  | 139 | &nbsp;&nbsp; 134483 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/27 |  | 177 | &nbsp;&nbsp; 175811 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 |  | 100 | &nbsp;&nbsp; 94441 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/31 |  | 289 | &nbsp;&nbsp; 266236 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31 |  | 115 | &nbsp;&nbsp; 118655 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 |  | 360 | &nbsp;&nbsp; 332914 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 |  | 59 | &nbsp;&nbsp; 52455 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34 |  | 232 | &nbsp;&nbsp; 200579 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co., Inc., 8.00%, 06/15/29<sup>(b)</sup><br>|  | 243 | &nbsp;&nbsp; 214145 |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., 7.25%, <br> 06/15/29<sup>(b)</sup><br>|  | 104 | &nbsp;&nbsp; 89550 |
| Century Communities, Inc., 6.63%, 09/15/33<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 100876 |
| Charles River Laboratories International, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/15/29 |  | 42 | &nbsp;&nbsp; 39774 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/31 |  | 100 | &nbsp;&nbsp; 93136 |
| Chemours Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 |  | 100 | &nbsp;&nbsp; 90346 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Chemours Co.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/15/33 | USD | 116 | &nbsp;&nbsp; $115381 |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., Inc., 7.63%, <br> 07/01/29<sup>(b)</sup><br>|  | 126 | &nbsp;&nbsp; 131386 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 |  | 95 | &nbsp;&nbsp; 85941 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/31 |  | 115 | &nbsp;&nbsp; 99446 |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/15/32 |  | 318 | &nbsp;&nbsp; 336793 |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/34 |  | 58 | &nbsp;&nbsp; 59421 |
| Cinemark USA, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 |  | 100 | &nbsp;&nbsp; 99448 |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/32 |  | 100 | &nbsp;&nbsp; 103935 |
| Citigroup, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/09/30 |  | 2000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.65%), 3.67%, <br> 07/24/28<br>|  | 1000 | &nbsp;&nbsp; 991177 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/28<sup>(b)</sup> |  | 77 | &nbsp;&nbsp; 78701 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 103301 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(d)</sup> | EUR | 231 | &nbsp;&nbsp; 276316 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/32<sup>(b)</sup> | USD | 57 | &nbsp;&nbsp; 58263 |
| Clarivate Science Holdings Corp., 3.88%, 07/01/28<sup>(b)</sup> |  | 79 | &nbsp;&nbsp; 76026 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 7.88%, <br> 04/01/30<sup>(b)</sup><br>|  | 172 | &nbsp;&nbsp; 180604 |
| Cleveland-Cliffs, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/29 |  | 100 | &nbsp;&nbsp; 101907 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/31 |  | 21 | &nbsp;&nbsp; 21645 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/32 |  | 220 | &nbsp;&nbsp; 222192 |
| Cloud Software Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29 |  | 93 | &nbsp;&nbsp; 93839 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29 |  | 354 | &nbsp;&nbsp; 367171 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32 |  | 170 | &nbsp;&nbsp; 180328 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/30 |  | 100 | &nbsp;&nbsp; 102724 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/32 |  | 100 | &nbsp;&nbsp; 102586 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance, <br> Inc., 6.50%, 07/01/32<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 97149 |
| CommScope LLC, 9.50%, 12/15/31<sup>(b)</sup> |  | 120 | &nbsp;&nbsp; 124212 |
| CoreWeave, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/30 |  | 209 | &nbsp;&nbsp; 215854 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/31 |  | 100 | &nbsp;&nbsp; 102488 |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(b)</sup> |  | 218 | &nbsp;&nbsp; 211818 |
| CP Atlas Buyer, Inc., 9.75%, 07/15/30<sup>(b)</sup> |  | 182 | &nbsp;&nbsp; 190609 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(b)</sup> |  | 190 | &nbsp;&nbsp; 190315 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 |  | 1294 | &nbsp;&nbsp; 1134430 |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/28 |  | 1264 | &nbsp;&nbsp; 915360 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 6.75%, <br> 05/15/28<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100910 |
| Dana, Inc., 5.38%, 11/15/27 |  | 100 | &nbsp;&nbsp; 99864 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(d)</sup> | EUR | 210 | &nbsp;&nbsp; 248924 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(b)</sup> | USD | 263 | &nbsp;&nbsp; 265515 |
| Dell International LLC/EMC Corp., 5.30%, 10/01/29 |  | 750 | &nbsp;&nbsp; 774453 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99171 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc., 10.00%, 02/15/31<sup>(b)</sup><br>|  | 420 | &nbsp;&nbsp; 419383 |
| Discovery Communications LLC, 6.35%, 06/01/40 |  | 200 | &nbsp;&nbsp; 183534 |
| Duke Energy Florida LLC, 2.40%, 12/15/31 |  | 1500 | &nbsp;&nbsp; 1348336 |
| EchoStar Corp., 10.75%, 11/30/29 |  | 100 | &nbsp;&nbsp; 110017 |
| Edgewell Personal Care Co., 4.13%, 04/01/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 95115 |
| Eli Lilly & Co., 5.00%, 02/09/54 |  | 2640 | &nbsp;&nbsp; 2497712 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/30 |  | 207 | &nbsp;&nbsp; 212785 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer, <br> Inc.<sup>(b)</sup> (continued)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/31 | USD | 100 | &nbsp;&nbsp; $103865 |
| Encompass Health Corp., 4.63%, 04/01/31 |  | 100 | &nbsp;&nbsp; 97299 |
| Encore Capital Group, Inc., 9.25%, 04/01/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 211032 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(b)</sup> |  | 248 | &nbsp;&nbsp; 266072 |
| Energizer Holdings, Inc., 4.75%, 06/15/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 98260 |
| Entegris, Inc., 3.63%, 05/01/29<sup>(b)</sup> |  | 131 | &nbsp;&nbsp; 124505 |
| EquipmentShare.com, Inc., 8.63%, 05/15/32<sup>(b)</sup> |  | 159 | &nbsp;&nbsp; 171663 |
| Fair Isaac Corp., 4.00%, 06/15/28<sup>(b)</sup> |  | 177 | &nbsp;&nbsp; 172140 |
| &nbsp;&nbsp;&nbsp; Flyr Secured Notes, (1-mo. CME Term SOFR at 0.50% <br> Floor + 5.00%, 9.44% Cash and 3.75% PIK), <br> 10.00%, 01/20/27<sup>(c)</sup><br>|  | 1111 | &nbsp;&nbsp; 339688 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> |  | 83 | &nbsp;&nbsp; 85002 |
| Ford Motor Credit Co. LLC, 4.54%, 08/01/26 |  | 1915 | &nbsp;&nbsp; 1913364 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(b)</sup> |  | 57 | &nbsp;&nbsp; 63586 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/29 |  | 200 | &nbsp;&nbsp; 210435 |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/32 |  | 112 | &nbsp;&nbsp; 117393 |
| Frontier Communications Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 |  | 81 | &nbsp;&nbsp; 80951 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 |  | 200 | &nbsp;&nbsp; 199550 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 |  | 515 | &nbsp;&nbsp; 520137 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 |  | 40 | &nbsp;&nbsp; 40471 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 |  | 1250 | &nbsp;&nbsp; 1305806 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31 |  | 350 | &nbsp;&nbsp; 368991 |
| Frontier Florida LLC, Series E, 6.86%, 02/01/28 |  | 500 | &nbsp;&nbsp; 521650 |
| FTAI Aviation Investors LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/28 |  | 200 | &nbsp;&nbsp; 200032 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/31 |  | 40 | &nbsp;&nbsp; 41842 |
| Gap, Inc., 3.88%, 10/01/31<sup>(b)</sup> |  | 78 | &nbsp;&nbsp; 70872 |
| Gen Digital, Inc., 6.75%, 09/30/27<sup>(b)</sup> |  | 123 | &nbsp;&nbsp; 124885 |
| General Motors Financial Co., Inc., 5.55%, 07/15/29 |  | 2575 | &nbsp;&nbsp; 2658981 |
| Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 |  | 1729 | &nbsp;&nbsp; 1726105 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/54 |  | 1198 | &nbsp;&nbsp; 1206859 |
| &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., <br> 3.50%, 03/01/29<sup>(b)</sup><br>|  | 78 | &nbsp;&nbsp; 73903 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA/New York, Series BKNT, <br> 6.60%, 09/12/30<sup>(a)</sup><br>|  | 2000 | &nbsp;&nbsp; 2000000 |
| Goodyear Tire & Rubber Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30 |  | 100 | &nbsp;&nbsp; 101466 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/31 |  | 119 | &nbsp;&nbsp; 111784 |
| GoTo Group, Inc., 5.50%, 05/01/28<sup>(b)</sup> |  | 310 | &nbsp;&nbsp; 117271 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, 6.38%, <br> 07/15/32<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 101547 |
| Gray Media, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/29 |  | 100 | &nbsp;&nbsp; 108125 |
| &nbsp;&nbsp;&nbsp; 9.63%, 07/15/32 |  | 311 | &nbsp;&nbsp; 317729 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(a)</sup> |  | 2890 | &nbsp;&nbsp; 2918842 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 |  | 1515 | &nbsp;&nbsp; 1577354 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/15/54 |  | 1301 | &nbsp;&nbsp; 1298147 |
| Healthpeak OP LLC, 5.25%, 12/15/32 |  | 3000 | &nbsp;&nbsp; 3084936 |
| &nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc./ION Corporate Solutions <br> Finance SARL, 7.88%, 05/01/29<sup>(d)</sup><br>| EUR | 292 | &nbsp;&nbsp; 358724 |
| Herc Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/29 | USD | 100 | &nbsp;&nbsp; 102750 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/33 |  | 226 | &nbsp;&nbsp; 235922 |
| Hilton Domestic Operating Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 |  | 184 | &nbsp;&nbsp; 187803 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/31 |  | 100 | &nbsp;&nbsp; 94623 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/33 |  | 44 | &nbsp;&nbsp; 44915 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc., 6.63%, 01/15/32<sup>(b)</sup><br>| USD | 100 | &nbsp;&nbsp; $101565 |
| Howard Hughes Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/01/28 |  | 100 | &nbsp;&nbsp; 99605 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 |  | 102 | &nbsp;&nbsp; 97847 |
| HUB International Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 12/01/29 |  | 127 | &nbsp;&nbsp; 126872 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/30 |  | 72 | &nbsp;&nbsp; 75089 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/31/32 |  | 300 | &nbsp;&nbsp; 312402 |
| Huntsman International LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 |  | 82 | &nbsp;&nbsp; 78476 |
| &nbsp;&nbsp;&nbsp; 2.95%, 06/15/31 |  | 100 | &nbsp;&nbsp; 84373 |
| iHeartCommunications, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/01/29 |  | 112 | &nbsp;&nbsp; 100731 |
| &nbsp;&nbsp;&nbsp; 7.75%, 08/15/30 |  | 182 | &nbsp;&nbsp; 150640 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(b)</sup> |  | 40 | &nbsp;&nbsp; 38905 |
| IQVIA, Inc., 5.00%, 10/15/26<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 199756 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 96354 |
| Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/29<sup>(b)</sup> |  | 145 | &nbsp;&nbsp; 149427 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/30<sup>(b)</sup> |  | 231 | &nbsp;&nbsp; 228451 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/34<sup>(d)</sup> | EUR | 296 | &nbsp;&nbsp; 348286 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., 6.13%, <br> 11/01/32<sup>(b)</sup><br>| USD | 337 | &nbsp;&nbsp; 341569 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 194847 |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/30<sup>(b)</sup> |  | 141 | &nbsp;&nbsp; 147461 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>|  | 255 | &nbsp;&nbsp; 258639 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., (1-day SOFR + 1.62%), <br> 5.34%, 01/23/35<sup>(a)</sup><br>|  | 547 | &nbsp;&nbsp; 568538 |
| Kaiser Aluminum Corp., 4.50%, 06/01/31<sup>(b)</sup> |  | 61 | &nbsp;&nbsp; 57494 |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(b)</sup><br>|  | 166 | &nbsp;&nbsp; 174657 |
| Kohl's Corp., 5.13%, 05/01/31 |  | 228 | &nbsp;&nbsp; 179995 |
| Kronos International, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 03/15/29 | EUR | 100 | &nbsp;&nbsp; 123724 |
| &nbsp;&nbsp;&nbsp; Series SEP, 9.50%, 03/15/29 |  | 100 | &nbsp;&nbsp; 123724 |
| Lamar Media Corp., 3.75%, 02/15/28 | USD | 100 | &nbsp;&nbsp; 97220 |
| Lamb Weston Holdings, Inc., 4.38%, 01/31/32<sup>(b)</sup> |  | 149 | &nbsp;&nbsp; 140823 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(b)</sup> |  | 87 | &nbsp;&nbsp; 80529 |
| LCM Investments Holdings II LLC, 8.25%, 08/01/31<sup>(b)</sup> |  | 224 | &nbsp;&nbsp; 236903 |
| Lessen Holdings, Inc., 12.48%, 01/05/28<sup>(b)(c)</sup> |  | 1927 | &nbsp;&nbsp; 1792460 |
| Level 3 Financing, Inc., 6.88%, 06/30/33<sup>(b)</sup> |  | 148 | &nbsp;&nbsp; 150839 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(b)</sup> |  | 218 | &nbsp;&nbsp; 212861 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc., (5-year CMT + 3.32%), <br> 4.13%, 12/15/51<sup>(a)(b)</sup><br>|  | 60 | &nbsp;&nbsp; 58932 |
| LifePoint Health, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 10/15/30 |  | 100 | &nbsp;&nbsp; 110216 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32 |  | 78 | &nbsp;&nbsp; 83125 |
| Lithia Motors, Inc., 4.38%, 01/15/31<sup>(b)</sup> |  | 47 | &nbsp;&nbsp; 44632 |
| Live Nation Entertainment, Inc., 3.75%, 01/15/28<sup>(b)</sup> |  | 137 | &nbsp;&nbsp; 133665 |
| Magnera Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/29 |  | 100 | &nbsp;&nbsp; 88530 |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/31 |  | 100 | &nbsp;&nbsp; 94098 |
| Marriott Ownership Resorts, Inc., 6.50%, 10/01/33<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99542 |
| Match Group Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/28 |  | 89 | &nbsp;&nbsp; 87427 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 |  | 100 | &nbsp;&nbsp; 94449 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 |  | 637 | &nbsp;&nbsp; 643245 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/27 |  | 748 | &nbsp;&nbsp; 749711 |
| McAfee Corp., 7.38%, 02/15/30<sup>(b)</sup> |  | 313 | &nbsp;&nbsp; 290336 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| McGraw-Hill Education, Inc., 7.38%, 09/01/31<sup>(b)</sup> | USD | 68 | &nbsp;&nbsp; $70649 |
| Medline Borrower LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/29 |  | 100 | &nbsp;&nbsp; 96444 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/29 |  | 238 | &nbsp;&nbsp; 235942 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 102540 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<sup>(b)</sup> |  | 133 | &nbsp;&nbsp; 135323 |
| Microsoft Corp., 2.53%, 06/01/50 |  | 3342 | &nbsp;&nbsp; 2115727 |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc./MIWD Borrower <br> LLC, 6.75%, 04/01/32<sup>(b)</sup><br>|  | 74 | &nbsp;&nbsp; 76017 |
| Molina Healthcare, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/15/28 |  | 11 | &nbsp;&nbsp; 10728 |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/32 |  | 53 | &nbsp;&nbsp; 48094 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/33 |  | 100 | &nbsp;&nbsp; 101111 |
| Morgan Stanley<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.03%), 1.79%, 02/13/32 |  | 119 | &nbsp;&nbsp; 103789 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.14%), 2.70%, 01/22/31 |  | 2500 | &nbsp;&nbsp; 2336086 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., <br> 7.00%, 02/15/32<sup>(d)</sup><br>| EUR | 204 | &nbsp;&nbsp; 250266 |
| Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/29 | USD | 200 | &nbsp;&nbsp; 205178 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32 |  | 95 | &nbsp;&nbsp; 99161 |
| NCL Corp. Ltd., 5.88%, 01/15/31<sup>(b)</sup> |  | 119 | &nbsp;&nbsp; 118996 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(b)</sup> |  | 478 | &nbsp;&nbsp; 517446 |
| Newell Brands, Inc., 6.38%, 05/15/30 |  | 168 | &nbsp;&nbsp; 166453 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Operating Partners LP, 7.25%, <br> 01/15/29<sup>(b)</sup><br>|  | 193 | &nbsp;&nbsp; 198158 |
| Nissan Motor Acceptance Co. LLC, 7.05%, 09/15/28<sup>(b)</sup> |  | 133 | &nbsp;&nbsp; 138478 |
| Nordstrom, Inc., 4.25%, 08/01/31 |  | 100 | &nbsp;&nbsp; 90834 |
| Northern States Power Co., 2.90%, 03/01/50 |  | 1225 | &nbsp;&nbsp; 822281 |
| Novelis Corp., 4.75%, 01/30/30<sup>(b)</sup> |  | 187 | &nbsp;&nbsp; 180205 |
| NRG Energy, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/29 |  | 100 | &nbsp;&nbsp; 94532 |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/31 |  | 292 | &nbsp;&nbsp; 269961 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/29<sup>(b)</sup> |  | 400 | &nbsp;&nbsp; 388398 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/31<sup>(b)</sup> |  | 258 | &nbsp;&nbsp; 261554 |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/33<sup>(d)</sup> | EUR | 246 | &nbsp;&nbsp; 289504 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/30/31 | USD | 200 | &nbsp;&nbsp; 175210 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/34 |  | 200 | &nbsp;&nbsp; 185280 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp., 7.38%, 02/15/31<sup>(b)</sup><br>|  | 26 | &nbsp;&nbsp; 27429 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., 7.25%, <br> 05/15/31<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 101798 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)</sup> |  | 204 | &nbsp;&nbsp; 212184 |
| &nbsp;&nbsp;&nbsp; Paramount Global, (3-mo. SOFR US + 4.16%), 6.25%, <br> 02/28/57<sup>(a)</sup><br>|  | 400 | &nbsp;&nbsp; 394272 |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property <br> LLC/PK Finance Co-Issuer, 4.88%, 05/15/29<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 97500 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/29 |  | 100 | &nbsp;&nbsp; 106130 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 |  | 108 | &nbsp;&nbsp; 112456 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/34 |  | 104 | &nbsp;&nbsp; 106089 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp., 10.00%, <br> 09/15/33<sup>(b)</sup><br>|  | 250 | &nbsp;&nbsp; 252290 |
| Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(b)</sup> |  | 1071 | &nbsp;&nbsp; 1070152 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/29 |  | 100 | &nbsp;&nbsp; 99601 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/15/32 |  | 100 | &nbsp;&nbsp; 102808 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/33 |  | 100 | &nbsp;&nbsp; 100931 |
| Prestige Brands, Inc., 5.13%, 01/15/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99183 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, <br> Inc., 3.38%, 08/31/27<sup>(b)</sup><br>| USD | 154 | &nbsp;&nbsp; $149699 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc./Triton Water Holdings, Inc., <br> 4.38%, 04/30/29<sup>(b)</sup><br>|  | 140 | &nbsp;&nbsp; 135786 |
| Prologis LP, 2.25%, 01/15/32 |  | 119 | &nbsp;&nbsp; 104746 |
| Public Service Electric and Gas Co., 4.65%, 03/15/33 |  | 2650 | &nbsp;&nbsp; 2663931 |
| Qnity Electronics, Inc., 5.75%, 08/15/32<sup>(b)</sup> |  | 57 | &nbsp;&nbsp; 57435 |
| Quikrete Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/32 |  | 244 | &nbsp;&nbsp; 252746 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/33 |  | 76 | &nbsp;&nbsp; 79017 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(b)</sup> |  | 75 | &nbsp;&nbsp; 77655 |
| Republic Services, Inc., 1.45%, 02/15/31 |  | 4000 | &nbsp;&nbsp; 3465030 |
| Resort Communities Loanco LP, 12.00%, 11/21/28<sup>(b)(c)</sup> |  | 4426 | &nbsp;&nbsp; 4531461 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 94047 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., 6.50%, <br> 04/01/32<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 205618 |
| RingCentral, Inc., 8.50%, 08/15/30<sup>(b)</sup> |  | 1115 | &nbsp;&nbsp; 1186397 |
| RLJ Lodging Trust LP, 3.75%, 07/01/26<sup>(b)</sup> |  | 280 | &nbsp;&nbsp; 277175 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/29 |  | 67 | &nbsp;&nbsp; 63900 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/31 |  | 267 | &nbsp;&nbsp; 249336 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 |  | 88 | &nbsp;&nbsp; 80369 |
| RR Donnelley & Sons Co., 10.88%, 08/01/29<sup>(b)</sup> |  | 278 | &nbsp;&nbsp; 277254 |
| Ryan Specialty LLC, 4.38%, 02/01/30<sup>(b)</sup> |  | 94 | &nbsp;&nbsp; 91075 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29 |  | 1197 | &nbsp;&nbsp; 1156779 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30 |  | 140 | &nbsp;&nbsp; 135583 |
| SBA Communications Corp., 3.88%, 02/15/27 |  | 260 | &nbsp;&nbsp; 256081 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE, Series SUFP, 1.25%, <br> 09/23/33<sup>(d)(l)</sup><br>| EUR | 400 | &nbsp;&nbsp; 474284 |
| SCIH Salt Holdings, Inc., 4.88%, 05/01/28<sup>(b)</sup> | USD | 181 | &nbsp;&nbsp; 176875 |
| Scotts Miracle-Gro Co., 4.38%, 02/01/32 |  | 57 | &nbsp;&nbsp; 52629 |
| Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29 |  | 453 | &nbsp;&nbsp; 479547 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/31 |  | 100 | &nbsp;&nbsp; 105866 |
| Sealed Air Corp., 5.00%, 04/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99442 |
| Sensata Technologies, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 |  | 120 | &nbsp;&nbsp; 115819 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 |  | 74 | &nbsp;&nbsp; 68293 |
| Service Corp. International |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 |  | 20 | &nbsp;&nbsp; 19903 |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 |  | 111 | &nbsp;&nbsp; 102849 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/32<sup>(b)</sup> |  | 67 | &nbsp;&nbsp; 69271 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/33<sup>(d)</sup> | EUR | 139 | &nbsp;&nbsp; 169925 |
| Sirius XM Radio LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | USD | 138 | &nbsp;&nbsp; 137337 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 |  | 153 | &nbsp;&nbsp; 147840 |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 |  | 98 | &nbsp;&nbsp; 91915 |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 |  | 139 | &nbsp;&nbsp; 125973 |
| Six Flags Entertainment Corp., 7.25%, 05/15/31<sup>(b)</sup> |  | 71 | &nbsp;&nbsp; 71028 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. /Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co., 6.63%, 05/01/32<sup>(b)</sup><br>|  | 122 | &nbsp;&nbsp; 124295 |
| SLM Corp., 3.13%, 11/02/26 |  | 169 | &nbsp;&nbsp; 165560 |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31<sup>(b)</sup> |  | 193 | &nbsp;&nbsp; 203797 |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> |  | 89 | &nbsp;&nbsp; 90967 |
| Somnigroup International, Inc., 3.88%, 10/15/31<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 91587 |
| Sonder Holdings, Inc., (7.00% PIK), 7.00%, 12/10/27<sup>(c)</sup> |  | 6533 | &nbsp;&nbsp; 4899631 |
| Sonic Automotive, Inc., 4.88%, 11/15/31<sup>(b)</sup> |  | 62 | &nbsp;&nbsp; 59285 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> |  | 57 | &nbsp;&nbsp; 55371 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(b)</sup> | USD | 186 | &nbsp;&nbsp; $190840 |
| Standard Industries, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/30 |  | 38 | &nbsp;&nbsp; 36434 |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/15/31 |  | 114 | &nbsp;&nbsp; 103235 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)</sup> |  | 204 | &nbsp;&nbsp; 215667 |
| Starwood Property Trust, Inc., 3.63%, 07/15/26<sup>(b)</sup> |  | 199 | &nbsp;&nbsp; 196720 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<sup>(b)</sup> |  | 1171 | &nbsp;&nbsp; 1110506 |
| Steel Dynamics, Inc., 3.45%, 04/15/30 |  | 3060 | &nbsp;&nbsp; 2946526 |
| Stem, Inc., 0.50%, 12/01/28<sup>(b)(l)</sup> |  | 275 | &nbsp;&nbsp; 78375 |
| Synchrony Financial, 7.25%, 02/02/33 |  | 100 | &nbsp;&nbsp; 106709 |
| Taylor Morrison Communities, Inc., 5.88%, 06/15/27<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 101212 |
| &nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., (9% Cash and 4.5% PIK), <br> 13.50%, 06/30/28<sup>(b)(k)</sup><br>|  | 200 | &nbsp;&nbsp; 216000 |
| TEGNA, Inc., 4.63%, 03/15/28 |  | 72 | &nbsp;&nbsp; 70607 |
| Teleflex, Inc., 4.25%, 06/01/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 97619 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 |  | 202 | &nbsp;&nbsp; 197279 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/30 |  | 90 | &nbsp;&nbsp; 87529 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 |  | 234 | &nbsp;&nbsp; 236985 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> |  | 259 | &nbsp;&nbsp; 259473 |
| Terex Corp., 6.25%, 10/15/32<sup>(b)</sup> |  | 151 | &nbsp;&nbsp; 153823 |
| TKC Holdings, Inc., 10.50%, 05/15/29<sup>(b)</sup> |  | 290 | &nbsp;&nbsp; 296985 |
| T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 |  | 2750 | &nbsp;&nbsp; 2733651 |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 |  | 2180 | &nbsp;&nbsp; 2116627 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/55 |  | 1310 | &nbsp;&nbsp; 1219460 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 101906 |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 |  | 100 | &nbsp;&nbsp; 97997 |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/31<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 104309 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32<sup>(b)</sup> |  | 399 | &nbsp;&nbsp; 410788 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/33<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 101108 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(b)</sup> |  | 130 | &nbsp;&nbsp; 131462 |
| Travel & Leisure Co., 6.63%, 07/31/26<sup>(b)</sup> |  | 148 | &nbsp;&nbsp; 149100 |
| Tronox, Inc., 4.63%, 03/15/29<sup>(b)</sup> |  | 454 | &nbsp;&nbsp; 296120 |
| Twilio, Inc., 3.63%, 03/15/29 |  | 54 | &nbsp;&nbsp; 51457 |
| U.S. Foods, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/28 |  | 65 | &nbsp;&nbsp; 66992 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 |  | 100 | &nbsp;&nbsp; 98505 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 |  | 133 | &nbsp;&nbsp; 129979 |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)</sup> |  | 194 | &nbsp;&nbsp; 200176 |
| United Rentals North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 |  | 145 | &nbsp;&nbsp; 144557 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 |  | 123 | &nbsp;&nbsp; 117649 |
| United Wholesale Mortgage LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 |  | 161 | &nbsp;&nbsp; 160910 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/29 |  | 104 | &nbsp;&nbsp; 102570 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 02/15/28 |  | 594 | &nbsp;&nbsp; 625601 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/28 |  | 233 | &nbsp;&nbsp; 228168 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/30 |  | 100 | &nbsp;&nbsp; 100479 |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/32 |  | 237 | &nbsp;&nbsp; 252563 |
| UWM Holdings LLC, 6.25%, 03/15/31<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99524 |
| Verizon Communications, Inc., 3.88%, 02/08/29 |  | 1500 | &nbsp;&nbsp; 1489196 |
| Viasat, Inc., 5.63%, 04/15/27<sup>(b)</sup> |  | 146 | &nbsp;&nbsp; 145412 |
| Viking Cruises Ltd., 5.88%, 09/15/27<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 100038 |
| VOC Escrow Ltd., 5.00%, 02/15/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99728 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> |  | 143 | &nbsp;&nbsp; 151221 |
| Warnermedia Holdings, Inc., 4.28%, 03/15/32 |  | 100 | &nbsp;&nbsp; 91625 |
| Wayfair LLC, 7.25%, 10/31/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 103104 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| WESCO Distribution, Inc., 6.38%, 03/15/29<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; $205916 |
| Westbay, 11.00%, 02/06/30<sup>(c)</sup> |  | 9276 | &nbsp;&nbsp; 9404009 |
| Whirlpool Corp., 6.50%, 06/15/33 |  | 65 | &nbsp;&nbsp; 64866 |
| Williams Scotsman, Inc., 7.38%, 10/01/31<sup>(b)</sup> |  | 107 | &nbsp;&nbsp; 111745 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(b)</sup> |  | 65 | &nbsp;&nbsp; 64982 |
| Wolfspeed, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/15/31<sup>(c)(l)</sup> |  | 4 | &nbsp;&nbsp; 3808 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/15/31<sup>(b)(l)</sup> |  | 3 | &nbsp;&nbsp; 2740 |
| &nbsp;&nbsp;&nbsp; (7.00% Cash or 12.00% PIK), 7.00%, 06/15/31<sup>(c)(k)</sup> |  | 5 | &nbsp;&nbsp; 17758 |
| Xerox Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 10/15/30 |  | 672 | &nbsp;&nbsp; 682642 |
| &nbsp;&nbsp;&nbsp; 13.50%, 04/15/31 |  | 737 | &nbsp;&nbsp; 713496 |
| Xerox Holdings Corp., 8.88%, 11/30/29<sup>(b)</sup> |  | 44 | &nbsp;&nbsp; 23771 |
| XPLR Infrastructure Operating Partners LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/15/31 |  | 118 | &nbsp;&nbsp; 123664 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/33 |  | 102 | &nbsp;&nbsp; 106966 |
| XPO, Inc., 7.13%, 02/01/32<sup>(b)</sup> |  | 37 | &nbsp;&nbsp; 38859 |
| Xylem, Inc./New York, 2.25%, 01/30/31 |  | 3000 | &nbsp;&nbsp; 2695030 |
| Yum! Brands, Inc., 3.63%, 03/15/31 |  | 217 | &nbsp;&nbsp; 202622 |
|  |  |  | &nbsp;&nbsp; 135950151 |
| **Total Corporate Bonds — 12.8%** <br>**(Cost: $207,249,939)** | **Total Corporate Bonds — 12.8%** <br>**(Cost: $207,249,939)** | **Total Corporate Bonds — 12.8%** <br>**(Cost: $207,249,939)** | &nbsp;&nbsp; 210323452 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| AMF MF Portfolio, Term Loan, 7.29%, 11/01/28<sup>(c)</sup> |  | 3242 | &nbsp;&nbsp; 3326367 |
| **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $3,214,353)** | **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $3,214,353)** | **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $3,214,353)** | &nbsp;&nbsp; 3326367 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **France — 0.3%** | **France — 0.3%** | **France — 0.3%** | **France — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hestiafloor 2 SASU, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.50%, <br> 02/27/30<br>| EUR | 588 | &nbsp;&nbsp; 694865 |
| &nbsp;&nbsp;&nbsp; HomeVi SASU, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 4.75%), 6.78%, <br> 10/31/29<br>|  | 1000 | &nbsp;&nbsp; 1176540 |
| &nbsp;&nbsp;&nbsp; Obol France 2.5 SAS, 2024 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 5.00%), 7.19%, <br> 12/31/28<br>|  | 1000 | &nbsp;&nbsp; 1151063 |
| &nbsp;&nbsp;&nbsp; Parts Europe SA, 2025 EUR Repriced Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 3.00%), 4.92%, <br> 02/03/31<br>|  | 1000 | &nbsp;&nbsp; 1177537 |
| &nbsp;&nbsp;&nbsp; Ramsay Generale de Sante SA, 2025 EUR Term Loan <br> B4, (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.25%, 08/13/31<br>|  | 900 | &nbsp;&nbsp; 1058093 |
|  |  |  | &nbsp;&nbsp; 5258098 |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| &nbsp;&nbsp;&nbsp; AVIV Group GmbH, EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 4.00%), 6.10%, <br> 04/23/32<br>|  | 1147 | &nbsp;&nbsp; 1354457 |
| &nbsp;&nbsp;&nbsp; IFCO Management GmbH, 2024 EUR 1st Lien Term <br> Loan B, (1-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.40%, 11/29/29<br>|  | 1000 | &nbsp;&nbsp; 1177819 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.53%, 02/21/30<br>|  | 1439 | &nbsp;&nbsp; 1692675 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp; Schoen Klinik SE, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 5.00%, <br> 01/12/31<br>| EUR | 667 | &nbsp;&nbsp; $783921 |
| &nbsp;&nbsp;&nbsp; Speedster Bidco GmbH, 2024 EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 3.50%), 5.62%, <br> 12/10/31<br>|  | 660 | &nbsp;&nbsp; 778748 |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, 2025 EUR Term Loan B1, <br> (6-mo. EURIBOR at 0.00% Floor + 3.25%), 5.33%, <br> 04/30/30<br>|  | 1000 | &nbsp;&nbsp; 1177479 |
|  |  |  | &nbsp;&nbsp; 6965099 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| &nbsp;&nbsp;&nbsp; Applegreen Finance Ireland DAC, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + 5.00%), <br> 7.03%, 01/30/32<br>|  | 570 | &nbsp;&nbsp; 675036 |
| &nbsp;&nbsp;&nbsp; ION Trading Finance Ltd., 2025 EUR Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 3.75%), 5.66%, <br> 04/01/28<br>|  | 1000 | &nbsp;&nbsp; 1169648 |
| &nbsp;&nbsp;&nbsp; Promontoria Beech Designated Activity Co., EUR Term <br> Loan, (1-mo. EURIBOR + 3.75%), 5.63%, <br> 05/17/27<sup>(c)</sup><br>|  | 1036 | &nbsp;&nbsp; 1216556 |
|  |  |  | &nbsp;&nbsp; 3061240 |
| **Luxembourg — 0.6%** | **Luxembourg — 0.6%** | **Luxembourg — 0.6%** | **Luxembourg — 0.6%** |
| &nbsp;&nbsp;&nbsp; INEOS Finance PLC, 2024 EUR 1st Lien Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 3.50%), 5.41%, <br> 06/23/31<br>|  | 1000 | &nbsp;&nbsp; 1097374 |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom SA, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.50%), 4.50%, <br> 01/30/32<br>|  | 1000 | &nbsp;&nbsp; 1176669 |
| Speed Midco 3 SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 EUR Term Loan B2, (1-mo. EURIBOR at <br> 0.00% Floor + 4.95%), 6.87%, 05/16/29<sup>(c)</sup><br>|  | 2488 | &nbsp;&nbsp; 2921019 |
| &nbsp;&nbsp;&nbsp; 2025 EUR Term Loan, 09/23/32<sup>(n)</sup> |  | 1000 | &nbsp;&nbsp; 1174051 |
| Tackle SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Add on Term Loan B3, (3-mo. EURIBOR <br> at 0.00% Floor + 3.25%), 5.28%, 05/22/28<br>|  | 594 | &nbsp;&nbsp; 697964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Repriced Term Loan B2, (6-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.37%, <br> 05/22/28<br>|  | 656 | &nbsp;&nbsp; 772543 |
| &nbsp;&nbsp;&nbsp; Traviata BV, 2025 EUR PIK Term Loan, (1-mo. <br> EURIBOR at 0.00% Floor + 8.00%), 9.93%, <br> 01/22/33<sup>(c)</sup><br>|  | 1043 | &nbsp;&nbsp; 1214387 |
|  |  |  | &nbsp;&nbsp; 9054007 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| &nbsp;&nbsp;&nbsp; Median BV, 2021 EUR Term Loan B1, (3-mo. <br> EURIBOR at 0.00% Floor + 4.93%), 6.93%, <br> 10/14/27<br>|  | 982 | &nbsp;&nbsp; 1153062 |
| &nbsp;&nbsp;&nbsp; Peer Holding III BV, 2025 EUR Term Loan B6B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.75%), 4.75%, <br> 07/01/31<br>|  | 1400 | &nbsp;&nbsp; 1646169 |
| &nbsp;&nbsp;&nbsp; Stage Entertainment BV, 2024 EUR Term Loan B, (3-<br> mo. EURIBOR at 0.00% Floor + 4.00%), 6.03%, <br> 06/02/29<br>|  | 1000 | &nbsp;&nbsp; 1182492 |
|  |  |  | &nbsp;&nbsp; 3981723 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| &nbsp;&nbsp;&nbsp; FNZ NZ Finco Ltd., 2024 GBP Term Loan B, (1-mo. <br> SONIA at 0.00% Floor + 6.00%), 9.97%, 11/05/31<br>| GBP | 1000 | &nbsp;&nbsp; 1075920 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** |
| &nbsp;&nbsp;&nbsp; Sector Alarm Holding A/S, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), 5.53%, <br> 06/14/29<br>| EUR | 407 | &nbsp;&nbsp; $479804 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| &nbsp;&nbsp;&nbsp; Aernnova Aerospace SAU, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), 5.98%, <br> 02/27/30<br>|  | 1303 | &nbsp;&nbsp; 1519656 |
| &nbsp;&nbsp;&nbsp; Cervantes Bidco SL, 2024 EUR 1st Lien Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 3.25%), 5.29%, <br> 10/30/31<br>|  | 741 | &nbsp;&nbsp; 874906 |
| &nbsp;&nbsp;&nbsp; Financiere Pax SAS, 2025 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 4.00%), 6.04%, <br> 12/31/29<br>|  | 1000 | &nbsp;&nbsp; 1180531 |
| &nbsp;&nbsp;&nbsp; HBX Group International PLC, EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 2.75%), 4.87%, <br> 02/13/32<br>|  | 1011 | &nbsp;&nbsp; 1188295 |
|  |  |  | &nbsp;&nbsp; 4763388 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Platea BC Bidco AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Delayed Draw Term Loan, (3-mo. EURIBOR at <br> 0.00% Floor + 3.50%), 5.50%, 04/03/31<br>|  | 65 | &nbsp;&nbsp; 77155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.50%, 04/03/31<br>|  | 833 | &nbsp;&nbsp; 983727 |
| &nbsp;&nbsp;&nbsp; Quimper AB, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.69%, <br> 03/29/30<br>|  | 1009 | &nbsp;&nbsp; 1191828 |
|  |  |  | &nbsp;&nbsp; 2252710 |
| **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** |
| &nbsp;&nbsp;&nbsp; Belron U.K. Finance PLC, 2024 EUR Incremental Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + 3.00%), <br> 4.97%, 10/16/31<br>|  | 1325 | &nbsp;&nbsp; 1560561 |
| &nbsp;&nbsp;&nbsp; Boots Group Bidco Ltd., GBP Term Loan B, (1-mo. <br> SONIA at 0.00% Floor + 4.75%), 8.72%, 08/30/32<br>| GBP | 1160 | &nbsp;&nbsp; 1570031 |
| &nbsp;&nbsp;&nbsp; CD&R Firefly Bidco PLC, 2025 GBP Term Loan, (3-mo. <br> SONIA at 0.00% Floor + 4.75%), 8.97%, 04/29/29<br>|  | 1000 | &nbsp;&nbsp; 1345599 |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo SARL, 2024 EUR Term Loan B3, <br> (6-mo. EURIBOR at 0.00% Floor + 2.50%), 4.58%, <br> 09/30/31<br>| EUR | 1000 | &nbsp;&nbsp; 1173076 |
| &nbsp;&nbsp;&nbsp; Inspired Finco Holdings Ltd., 2025 EUR Term Loan B6, <br> (1-mo. EURIBOR at 0.00% Floor + 3.25%), 5.16%, <br> 02/28/31<br>|  | 719 | &nbsp;&nbsp; 847034 |
| &nbsp;&nbsp;&nbsp; Masorange Finco PLC, 2025 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 2.50%), 4.56%, <br> 03/25/31<br>|  | 1000 | &nbsp;&nbsp; 1172795 |
|  |  |  | &nbsp;&nbsp; 7669096 |
| **United States — 1.6%** | **United States — 1.6%** | **United States — 1.6%** | **United States — 1.6%** |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-mo. <br> CME Term SOFR at 0.50% Floor + 5.60%), 9.58%, <br> 02/01/30<br>| USD | 3108 | &nbsp;&nbsp; 2941736 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.16%, <br> 01/28/32<br>| EUR | 1000 | &nbsp;&nbsp; 1178723 |
| &nbsp;&nbsp;&nbsp; Coreweave Compute Acquisition Co. II LLC, Delayed <br> Draw Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 9.62%), 14.35%, 07/31/28<sup>(c)</sup><br>| USD | 5263 | &nbsp;&nbsp; 5236461 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Coreweave Compute Acquisition Co. IV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 6.00%), 9.97%, <br> 05/16/29<sup>(c)</sup><br>| USD | 383 | &nbsp;&nbsp; $377325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 5th Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.25%), 8.25%, 09/30/30<br>|  | 94 | &nbsp;&nbsp; 94406 |
| EIS Group, Inc.<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR at 0.75% Floor + <br> 7.00%), 11.16%, 07/10/28<br>|  | 341 | &nbsp;&nbsp; 329152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.75% Floor <br> + 7.00%), 11.16%, 07/10/28<br>|  | 3406 | &nbsp;&nbsp; 3291517 |
| &nbsp;&nbsp;&nbsp; Galaxy Universal LLC, 1st Lien Term Loan, (6-mo. <br> CME Term SOFR at 1.00% Floor + 6.50%), 10.75%, <br> 11/12/26<sup>(c)</sup><br>|  | 6052 | &nbsp;&nbsp; 6021972 |
| GoTo Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 First Out Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.90%), 9.22%, 04/28/28<br>|  | 150 | &nbsp;&nbsp; 126179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR + 4.90%), 9.22%, 04/28/28<br>|  | 115 | &nbsp;&nbsp; 37326 |
| &nbsp;&nbsp;&nbsp; Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.76%), 10.07%, <br> 10/25/28<sup>(c)</sup><br>|  | 1037 | &nbsp;&nbsp; 850661 |
| &nbsp;&nbsp;&nbsp; Indy U.S. Bidco LLC, 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 4.91%, <br> 10/31/30<br>| EUR | 884 | &nbsp;&nbsp; 1038122 |
| Montage Hotels & Resorts LLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Revolver, (Prime + 6.00%), 12.55%, 02/16/29 | USD | 257 | &nbsp;&nbsp; 247385 |
| &nbsp;&nbsp;&nbsp; Term Loan, (Prime + 6.00%), 13.25%, 02/16/29 |  | 1284 | &nbsp;&nbsp; 1235342 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.75%), 7.91%, <br> 03/19/32<br>|  | 562 | &nbsp;&nbsp; 561373 |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 4.00%), 6.03%, <br> 06/02/28<br>| EUR | 992 | &nbsp;&nbsp; 1083135 |
| &nbsp;&nbsp;&nbsp; Redstone Holdco 2 LP, 2021 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.01%), 9.32%, <br> 04/27/28<br>| USD | 1297 | &nbsp;&nbsp; 658413 |
| &nbsp;&nbsp;&nbsp; Verifone Systems, Inc., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.51%), 9.82%, <br> 08/18/28<br>|  | 1858 | &nbsp;&nbsp; 1794543 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp., 2023 Term Loan B, (3-mo. CME <br> Term SOFR + 4.00%), 8.10%, 11/19/29<br>|  | 40 | &nbsp;&nbsp; 37050 |
|  |  |  | &nbsp;&nbsp; 27140821 |
| **Total Floating Rate Loan Interests — 4.3%** <br>**(Cost: $69,125,051)** | **Total Floating Rate Loan Interests — 4.3%** <br>**(Cost: $69,125,051)** | **Total Floating Rate Loan Interests — 4.3%** <br>**(Cost: $69,125,051)** | &nbsp;&nbsp; 71701906 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |  |
| Canadian Government Bonds, 2.75%, 03/01/30 | CAD | 2226 | &nbsp;&nbsp; 1603530 |
| **France — 0.0%** | **France — 0.0%** | **France — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; French Republic Government Bond OAT, 3.20%, <br> 05/25/35<sup>(b)(d)</sup><br>| EUR | 400 | &nbsp;&nbsp; 459516 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |  |
| Ireland Government Bonds, 2.60%, 10/18/34<sup>(d)</sup> |  | 5800 | &nbsp;&nbsp; 6621688 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Italy — 0.2%** | **Italy — 0.2%** | **Italy — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, Series 5Y, 2.95%, <br> 07/01/30<sup>(d)</sup><br>| EUR | 2578 | &nbsp;&nbsp; $3054542 |
| **Spain — 0.8%** | **Spain — 0.8%** | **Spain — 0.8%** |  |
| Spain Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 01/31/30 |  | 2869 | &nbsp;&nbsp; 3395190 |
| &nbsp;&nbsp;&nbsp; 3.20%, 10/31/35<sup>(b)(d)</sup> |  | 8000 | &nbsp;&nbsp; 9350985 |
|  |  |  | &nbsp;&nbsp; 12746175 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |  |
| U.K. Gilts, 4.38%, 03/07/30<sup>(d)</sup> | GBP | 2534 | &nbsp;&nbsp; 3439964 |
| **Total Foreign Agency Obligations — 1.7%** <br>**(Cost: $27,031,407)** | **Total Foreign Agency Obligations — 1.7%** <br>**(Cost: $27,031,407)** | **Total Foreign Agency Obligations — 1.7%** <br>**(Cost: $27,031,407)** | &nbsp;&nbsp; 27925415 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 2.5%** | **United States — 2.5%** |  |
| iShares China Large-Cap ETF<sup>(o)</sup> | 91382 | &nbsp;&nbsp; 3759455 |
| KraneShares CSI China Internet ETF | 52473 | &nbsp;&nbsp; 2204391 |
| SPDR Gold Shares<sup>(e)(h)(p)</sup> | 79338 | &nbsp;&nbsp; 28202279 |
| SPDR S&P Biotech ETF<sup>(f)</sup> | 40000 | &nbsp;&nbsp; 4008000 |
| SPDR S&P Homebuilders ETF | 4200 | &nbsp;&nbsp; 465360 |
| SPDR S&P Regional Banking ETF | 37784 | &nbsp;&nbsp; 2391727 |
| **Total Investment Companies — 2.5%** <br>**(Cost: $34,101,135)** | **Total Investment Companies — 2.5%** <br>**(Cost: $34,101,135)** | &nbsp;&nbsp; 41031212 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, RB, <br> 7.38%, 10/01/29<sup>(b)</sup><br>| USD | 325 | &nbsp;&nbsp; 340318 |
| **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(a)(e)(q)</sup><br>|  | 4218 | &nbsp;&nbsp; 2477084 |
| **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,259,739)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,259,739)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,259,739)** | &nbsp;&nbsp; 2817402 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **United States**<sup>(a)(b)</sup> **— 1.8%** | **United States**<sup>(a)(b)</sup> **— 1.8%** | **United States**<sup>(a)(b)</sup> **— 1.8%** | **United States**<sup>(a)(b)</sup> **— 1.8%** |
| &nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, Series 2021-NQM1, <br> Class B1, 4.38%, 09/25/51<br>|  | 2047 | &nbsp;&nbsp; 1812197 |
| CHNGE Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class M1, 3.99%, 01/25/67 |  | 2000 | &nbsp;&nbsp; 1726227 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class M1, 4.61%, 03/25/67 |  | 5000 | &nbsp;&nbsp; 4477089 |
| &nbsp;&nbsp;&nbsp; FREMF Trust, Series 2018-W5FX, Class CFX, 3.79%, <br> 04/25/28<br>|  | 1923 | &nbsp;&nbsp; 1790688 |
| &nbsp;&nbsp;&nbsp; Grace Trust, Series 2020-GRCE, Class D, 2.77%, <br> 12/10/40<br>|  | 2000 | &nbsp;&nbsp; 1745127 |
| GS Mortgage Securities Corp. Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DM, Class E, (1-mo. Term SOFR + <br> 3.05%), 7.20%, 11/15/36<br>|  | 1440 | &nbsp;&nbsp; 1429658 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| GS Mortgage Securities Corp. Trust (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DM, Class F, (1-mo. Term SOFR + <br> 3.55%), 7.70%, 11/15/36<br>| USD | 2150 | &nbsp;&nbsp; $2132272 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, Series 2019-55HY, <br> Class F, 3.04%, 12/10/41<br>|  | 2000 | &nbsp;&nbsp; 1703741 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities <br> Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1-mo. Term SOFR + <br> 2.81%), 6.97%, 04/15/38<br>|  | 2114 | &nbsp;&nbsp; 2116642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYAH, Class E, (1-mo. Term SOFR + <br> 2.20%), 6.36%, 06/15/38<br>|  | 2000 | &nbsp;&nbsp; 1767274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP, Class F, (1-mo. Term SOFR + <br> 3.79%), 7.94%, 04/15/37<br>|  | 1730 | &nbsp;&nbsp; 1634959 |
| &nbsp;&nbsp;&nbsp; Series 2022-OPO, Class D, 3.56%, 01/05/39 |  | 860 | &nbsp;&nbsp; 696719 |
| &nbsp;&nbsp;&nbsp; MFRA Trust, Series 2022-CHM1, Class M1, 4.57%, <br> 09/25/56<br>|  | 4000 | &nbsp;&nbsp; 3581295 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, Series 2021-MHC, <br> Class F, (1-mo. Term SOFR + 2.72%), 6.87%, <br> 04/15/38<br>|  | 811 | &nbsp;&nbsp; 810907 |
| &nbsp;&nbsp;&nbsp; SUMIT Mortgage Trust, Series 2022-BVUE, Class D, <br> 2.99%, 02/12/41<br>|  | 650 | &nbsp;&nbsp; 516839 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust, <br> Series 2021-4, Class M4, 4.48%, 12/26/51<br>|  | 2258 | &nbsp;&nbsp; 1862206 |
| **Total Non-Agency Mortgage-Backed Securities — 1.8%** <br>**(Cost: $32,458,613)** | **Total Non-Agency Mortgage-Backed Securities — 1.8%** <br>**(Cost: $32,458,613)** | **Total Non-Agency Mortgage-Backed Securities — 1.8%** <br>**(Cost: $32,458,613)** | &nbsp;&nbsp; 29803840 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.6%**<sup>(a)</sup> | **Capital Trusts — 0.6%**<sup>(a)</sup> | **Capital Trusts — 0.6%**<sup>(a)</sup> | **Capital Trusts — 0.6%**<sup>(a)</sup> |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada, 6.88%, <br> 09/15/55<br>|  | 184 | &nbsp;&nbsp; 190887 |
| TELUS Corp., 7.00%, 10/15/55 |  | 88 | &nbsp;&nbsp; 92789 |
|  |  |  | &nbsp;&nbsp; 283676 |
| **France**<sup>(j)</sup> **— 0.1%** | **France**<sup>(j)</sup> **— 0.1%** | **France**<sup>(j)</sup> **— 0.1%** |  |
| Air France-KLM, 5.75%<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 239606 |
| Electricite de France SA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% |  | 100 | &nbsp;&nbsp; 116525 |
| &nbsp;&nbsp;&nbsp; 5.13% |  | 200 | &nbsp;&nbsp; 242311 |
| &nbsp;&nbsp;&nbsp; 5.63% |  | 200 | &nbsp;&nbsp; 246539 |
| &nbsp;&nbsp;&nbsp; 7.38% | GBP | 200 | &nbsp;&nbsp; 274330 |
| RCI Banque SA, 6.13%<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 234693 |
| Societe Generale SA, 8.13%<sup>(b)</sup> | USD | 289 | &nbsp;&nbsp; 302731 |
| Unibail-Rodamco-Westfield SE, 4.75%<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 238510 |
| Veolia Environnement SA, 4.32%<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 117638 |
|  |  |  | &nbsp;&nbsp; 2012883 |
| **Germany**<sup>(d)</sup> **— 0.1%** | **Germany**<sup>(d)</sup> **— 0.1%** | **Germany**<sup>(d)</sup> **— 0.1%** |  |
| Bayer AG, 5.38%, 03/25/82 |  | 300 | &nbsp;&nbsp; 361917 |
| Commerzbank AG, 6.50%<sup>(j)</sup> |  | 200 | &nbsp;&nbsp; 251427 |
| Deutsche Bank AG, 7.13%<sup>(j)</sup> |  | 200 | &nbsp;&nbsp; 247725 |
| Volkswagen International Finance NV<sup>(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.49% |  | 100 | &nbsp;&nbsp; 121189 |
| &nbsp;&nbsp;&nbsp; 5.99% |  | 100 | &nbsp;&nbsp; 121839 |
|  |  |  | &nbsp;&nbsp; 1104097 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Italy**<sup>(d)(j)</sup> **— 0.1%** | **Italy**<sup>(d)(j)</sup> **— 0.1%** | **Italy**<sup>(d)(j)</sup> **— 0.1%** |  |
| BPER Banca SpA, 6.50% | EUR | 200 | &nbsp;&nbsp; $245694 |
| Prysmian SpA, 5.25% |  | 275 | &nbsp;&nbsp; 336792 |
|  |  |  | &nbsp;&nbsp; 582486 |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |  |
| Rakuten Group, Inc., 8.13%<sup>(b)(j)</sup> | USD | 400 | &nbsp;&nbsp; 415798 |
| **Netherlands**<sup>(j)</sup> **— 0.1%** | **Netherlands**<sup>(j)</sup> **— 0.1%** | **Netherlands**<sup>(j)</sup> **— 0.1%** |  |
| ING Groep NV |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% |  | 200 | &nbsp;&nbsp; 191741 |
| &nbsp;&nbsp;&nbsp; 7.25%<sup>(d)</sup> |  | 300 | &nbsp;&nbsp; 317625 |
| NN Group NV, 5.75%<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 237914 |
|  |  |  | &nbsp;&nbsp; 747280 |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |  |
| CaixaBank SA, 5.88%<sup>(d)(j)</sup> |  | 200 | &nbsp;&nbsp; 243251 |
| **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** |  |
| UBS Group AG, 6.85%<sup>(b)(j)</sup> | USD | 500 | &nbsp;&nbsp; 515592 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| British Telecommunications PLC, 4.88%, 11/23/81<sup>(b)</sup> |  | 380 | &nbsp;&nbsp; 364489 |
| Centrica PLC, 6.50%, 05/21/55<sup>(d)</sup> | GBP | 505 | &nbsp;&nbsp; 695305 |
| Nationwide Building Society, 7.50%<sup>(d)(j)</sup> |  | 440 | &nbsp;&nbsp; 606656 |
| NatWest Group PLC, 7.50%<sup>(j)</sup> |  | 200 | &nbsp;&nbsp; 273686 |
| Vodafone Group PLC, 7.00%, 04/04/79 | USD | 76 | &nbsp;&nbsp; 80297 |
|  |  |  | &nbsp;&nbsp; 2020433 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |  |
| CVS Health Corp., 7.00%, 03/10/55 |  | 72 | &nbsp;&nbsp; 75581 |
| DENTSPLY SIRONA, Inc., 8.38%, 09/12/55 |  | 118 | &nbsp;&nbsp; 121615 |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/15/53 |  | 172 | &nbsp;&nbsp; 175785 |
| &nbsp;&nbsp;&nbsp; 7.88%, 06/15/54 |  | 63 | &nbsp;&nbsp; 64190 |
| FMC Corp., 8.45%, 11/01/55 |  | 86 | &nbsp;&nbsp; 90763 |
| Global Atlantic Fin Co., 7.95%, 10/15/54<sup>(b)</sup> |  | 111 | &nbsp;&nbsp; 117448 |
| PG&E Corp., 7.38%, 03/15/55 |  | 326 | &nbsp;&nbsp; 334916 |
|  |  |  | &nbsp;&nbsp; 980298 |
|  |  |  | &nbsp;&nbsp; 8905794 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 1.7%**<sup>(c)</sup> | **Preferred Stocks — 1.7%**<sup>(c)</sup> | **Preferred Stocks — 1.7%**<sup>(c)</sup> |
| **Finland — 0.1%** | **Finland — 0.1%** |  |
| Aiven, Series D<sup>(e)</sup> | 35053 | &nbsp;&nbsp; 1949648 |
| **United States — 1.6%** | **United States — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Anthropic PBC, Series F, (Acquired 08/18/25, Cost: <br> $693,843)<sup>(e)(g)</sup><br>| 4922 | &nbsp;&nbsp; 693854 |
| Bright Machines, Inc.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C | 472895 | &nbsp;&nbsp; 132411 |
| &nbsp;&nbsp;&nbsp; Series C-1 | 985055 | &nbsp;&nbsp; 108356 |
| Cap Hill Brands, Series B-2<sup>(e)</sup> | 1088268 | &nbsp;&nbsp; 11 |
| Clarify Health, Series D-1<sup>(e)</sup> | 318926 | &nbsp;&nbsp; 959967 |
| CoreWeave, Inc., Series C, 03/25/49 | 1594000 | &nbsp;&nbsp; 4367560 |
| Davidson Homes, Inc.<sup>(e)</sup> | 7258 | &nbsp;&nbsp; 7876962 |
| Insight M, Inc., Series D<sup>(e)</sup> | 2854422 | &nbsp;&nbsp; 574595 |
| Lessen Holdings, Inc.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series BX | 456729 | &nbsp;&nbsp; 168990 |
| &nbsp;&nbsp;&nbsp; Series CX | 24168 | &nbsp;&nbsp; 12084 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| RapidSOS, Series C-1<sup>(e)</sup> | 1707127 | &nbsp;&nbsp; $1980267 |
| Verger Capital Fund LLC<sup>(e)</sup> | 317866 | &nbsp;&nbsp; 60395 |
| Veritas Kapital Assurance PLC<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series G | 973 | &nbsp;&nbsp; 22136 |
| &nbsp;&nbsp;&nbsp; Series G-1 | 672 | &nbsp;&nbsp; 15288 |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $4,623,422), 10/07/32<sup>(e)(g)</sup><br>| 1584337 | &nbsp;&nbsp; 9426805 |
|  |  | &nbsp;&nbsp; 26399681 |
|  |  | &nbsp;&nbsp; 28349329 |
| **Total Preferred Securities — 2.3%** <br>**(Cost: $44,946,212)** | **Total Preferred Securities — 2.3%** <br>**(Cost: $44,946,212)** | &nbsp;&nbsp; 37255123 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Mortgage-Backed Securities — 7.5%** | **Mortgage-Backed Securities — 7.5%** | **Mortgage-Backed Securities — 7.5%** |  |
| Uniform Mortgage-Backed Securities<sup>(r)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/54 | USD | 32500 | &nbsp;&nbsp; 32767734 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/14/55 |  | 18006 | &nbsp;&nbsp; 16448862 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/14/55 |  | 76345 | &nbsp;&nbsp; 74043798 |
| **Total U.S. Government Sponsored Agency Securities — 7.5%** <br>**(Cost: $123,659,752)** | **Total U.S. Government Sponsored Agency Securities — 7.5%** <br>**(Cost: $123,659,752)** | **Total U.S. Government Sponsored Agency Securities — 7.5%** <br>**(Cost: $123,659,752)** | &nbsp;&nbsp; 123260394 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Deep Instinct Ltd., Series D, (Acquired 09/20/22, Cost: <br> $0), (Exercisable 09/20/22, 1 Share for 1 Warrant, <br> Expires 09/20/32, Strike Price USD 0.01)<sup>(c)(e)(g)</sup><br>| 36915 | &nbsp;&nbsp; 369 |
| **United States**<sup>(e)</sup> **— 0.1%** | **United States**<sup>(e)</sup> **— 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Davidson Homes, Inc., Class A, (Issued 05/16/24, <br> Expires 05/16/34, Strike Price USD 8.47)<sup>(c)</sup><br>| 50374 | &nbsp;&nbsp; 308289 |
| Flyr AS, Series D-X, (Expires 12/31/49)<sup>(c)</sup> | 5576 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Insight M, Inc., (Issued 01/31/24, Expires 12/31/49, <br> Strike Price USD 0.34)<sup>(c)</sup><br>| 2957679 | &nbsp;&nbsp; 207925 |
| &nbsp;&nbsp;&nbsp; RapidSOS, Inc., Series C-1, (Issued 12/13/23, Expires <br> 12/13/33, Strike Price USD 0.01)<sup>(c)</sup><br>| 946544 | &nbsp;&nbsp; 1088526 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 04/11/30, Strike Price <br> USD 1.00)<sup>(c)</sup><br>| 155888 | &nbsp;&nbsp; 85738 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 12/30/29, Strike Price <br> USD 0.01)<sup>(c)</sup><br>| 15626 | &nbsp;&nbsp; 20158 |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $0), (Exercisable 10/14/22, 1 Share for <br> 1 Warrant, Expires 10/07/32, Strike Price USD <br> 0.01)<sup>(c)(g)</sup><br>| 195273 | &nbsp;&nbsp; 933405 |
| &nbsp;&nbsp;&nbsp; Volato Group, Inc., (Acquired 12/03/23, Cost: $41,409), <br> (Issued 12/04/23, Expires 12/03/28, Strike Price <br> USD 11.50)<sup>(g)</sup><br>| 41409 | &nbsp;&nbsp; 414 |
|  |  | &nbsp;&nbsp; 2644455 |
| **Total Warrants — 0.1%** <br>**(Cost: $41,411)** | **Total Warrants — 0.1%** <br>**(Cost: $41,411)** | &nbsp;&nbsp; 2644824 |
| **Total Long-Term Investments — 103.4%** <br>**(Cost: $1,338,698,220)** | **Total Long-Term Investments — 103.4%** <br>**(Cost: $1,338,698,220)** | &nbsp;&nbsp; 1704567305 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.26%<sup>(o)(s)(t)</sup><br>| 1825210 | &nbsp;&nbsp; $1826123 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.01%<sup>(o)(s)</sup><br>| 40410747 | &nbsp;&nbsp; 40410747 |
| **Total Short-Term Securities — 2.5%** <br>**(Cost: $42,236,634)** | **Total Short-Term Securities — 2.5%** <br>**(Cost: $42,236,634)** | &nbsp;&nbsp; 42236870 |
| **Options Purchased — 0.4%** <br>**(Cost: $5,172,400)** | **Options Purchased — 0.4%** <br>**(Cost: $5,172,400)** | &nbsp;&nbsp; 6382847 |
| **Total Investments Before Options Written — 106.3%** <br>**(Cost: $1,386,107,254)** | **Total Investments Before Options Written — 106.3%** <br>**(Cost: $1,386,107,254)** | &nbsp;&nbsp; 1753187022 |
| **Options Written — (0.3)%** <br>**(Premiums Received: $(4197386))** | **Options Written — (0.3)%** <br>**(Premiums Received: $(4197386))** | &nbsp;&nbsp; (5559084)<br>|
| **Total Investments, Net of Options Written — 106.0%** <br>**(Cost: $1,381,909,868)** | **Total Investments, Net of Options Written — 106.0%** <br>**(Cost: $1,381,909,868)** | &nbsp;&nbsp; 1747627938 |
| **Liabilities in Excess of Other Assets — (6.0)%** | **Liabilities in Excess of Other Assets — (6.0)%** | &nbsp;&nbsp; (99525003)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1648102935 |

---

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

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

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

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

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

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

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

<sup>(g)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $14,941,334, representing 0.9% of its net assets as of period end, and an original cost of $11,820,033. 

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

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

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

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

<sup>(m)</sup> Zero-coupon bond.

<sup>(n)</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>(o)</sup> Affiliate of the Trust.

<sup>(p)</sup> All or a portion of the security is held by a wholly-owned subsidiary.

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

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

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

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

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| &nbsp;&nbsp; $3960134 | $— | $(2133923 )<sup>(a)</sup><br>| &nbsp;&nbsp; $66 | $(154)<br>| $1826123 | 1825210 | $31043 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| &nbsp;&nbsp; 207553773 |  | (167143026 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 40410747 | 40410747 | 3660231 | &nbsp;&nbsp; — |
| iShares Biotechnology ETF<sup>(c)</sup> | &nbsp;&nbsp; 925472 |  | (929458)<br>| &nbsp;&nbsp; (72135)<br>| 76121 |  |  | 848 | &nbsp;&nbsp; — |
| iShares China Large-Cap ETF | &nbsp;&nbsp; — | 7287225 | (3887761)<br>| &nbsp;&nbsp; 68875 | 291116 | 3759455 | 91382 |  | &nbsp;&nbsp; — |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(c)</sup> | &nbsp;&nbsp; 2276445 |  | (2306771)<br>| &nbsp;&nbsp; 17736 | 12590 |  |  | 10424 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond <br> ETF<sup>(c)</sup><br>| &nbsp;&nbsp; 5895071 |  | (5979855)<br>| &nbsp;&nbsp; 263592 | (178808)<br>|  |  | 54720 | &nbsp;&nbsp; — |
| iShares Russell 2000 ETF<sup>(c)</sup> | &nbsp;&nbsp; — | 11736098 | (11720580)<br>| &nbsp;&nbsp; (15518)<br>|  |  |  |  | &nbsp;&nbsp; — |
| iShares Russell Mid-Cap Growth ETF<sup>(c)</sup> | &nbsp;&nbsp; 248176 |  | (235559)<br>| &nbsp;&nbsp; 48860 | (61477)<br>|  |  | 194 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $311476 | $139388 | $45996325 |  | $3757460 | &nbsp;&nbsp; $— |

---

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

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NSE IFSC Nifty 50 Index | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 10/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; $2130 | &nbsp;&nbsp;&nbsp;&nbsp; $(4644)<br>|
| &nbsp;&nbsp;&nbsp; Euro BOBL | &nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 21300 | &nbsp;&nbsp;&nbsp;&nbsp; 5249 |
| &nbsp;&nbsp;&nbsp; Euro BTP | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3517 | &nbsp;&nbsp;&nbsp;&nbsp; 39013 |
| &nbsp;&nbsp;&nbsp; Euro Bund | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10868 | &nbsp;&nbsp;&nbsp;&nbsp; 36434 |
| &nbsp;&nbsp;&nbsp; Euro-Schatz | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4773 | &nbsp;&nbsp;&nbsp;&nbsp; (4944)<br>|
| &nbsp;&nbsp;&nbsp; KOSPI 200 Index | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3646 | &nbsp;&nbsp;&nbsp;&nbsp; 260793 |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8504 | &nbsp;&nbsp;&nbsp;&nbsp; 283136 |
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; (4934)<br>|
| &nbsp;&nbsp;&nbsp; E-mini Russell 2000 Index | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7244 | &nbsp;&nbsp;&nbsp;&nbsp; (33714)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx 50 Index | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4814 | &nbsp;&nbsp;&nbsp;&nbsp; 126764 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks Index | &nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4258 | &nbsp;&nbsp;&nbsp;&nbsp; 69847 |
| &nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 47313 | &nbsp;&nbsp;&nbsp;&nbsp; 667952 |
| &nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 14488 | &nbsp;&nbsp;&nbsp;&nbsp; 106543 |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 | &nbsp;&nbsp;&nbsp;&nbsp; 29592 |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7211 | &nbsp;&nbsp;&nbsp;&nbsp; (23287)<br>|
| &nbsp;&nbsp;&nbsp; Long Gilt | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4276 | &nbsp;&nbsp;&nbsp;&nbsp; 16673 |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 31672 | &nbsp;&nbsp;&nbsp;&nbsp; (52397)<br>|
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 112010 | &nbsp;&nbsp;&nbsp;&nbsp; 146303 |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp;&nbsp; 10807 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1675186 |
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro OAT | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2849 | &nbsp;&nbsp;&nbsp;&nbsp; (32188)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5509 | &nbsp;&nbsp;&nbsp;&nbsp; 53135 |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 46575 | &nbsp;&nbsp;&nbsp;&nbsp; (249840)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 40968 | &nbsp;&nbsp;&nbsp;&nbsp; (579095)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (807988)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $867198 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BRL | 21044971 | USD | 3807212 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $76851 |
| CHF | 1352973 | USD | 1713206 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1552 |
| DKK | 5671938 | USD | 895442 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1235 |
| EUR | 291659 | USD | 342553 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1370 |
| EUR | 955848 | USD | 1121012 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6123 |
| GBP | 1630787 | USD | 2177256 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16211 |
| GBP | 1629837 | USD | 2192146 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| MXN | 29895650 | USD | 1592737 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26536 |
| MXN | 36396424 | USD | 1939077 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32305 |
| USD | 5492264 | AUD | 8280234 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8296 |
| USD | 1557051 | CAD | 2148365 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7800 |
| USD | 958285 | EUR | 808484 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4921 |
| USD | 1431655 | EUR | 1213349 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876 |
| USD | 8279398 | EUR | 7000000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25007 |
| USD | 289773 | EUR | 245343 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464 |
| USD | 1509304 | GBP | 1113882 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11093 |
| USD | 56205683 | GBP | 41504462 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380704 |
| USD | 1978639 | GBP | 1460910 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13663 |
| USD | 2627134 | HKD | 20408825 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 |
| USD | 2963526 | HKD | 23022072 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 |
| USD | 2219119 | KRW | 3065145008 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28538 |
| USD | 1256758 | SEK | 11680252 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10176 |
| USD | 25585368 | TWD | 765539800 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310880 |
| ZAR | 33712048 | USD | 1916366 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25123 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990616 |
| DKK | 695704 | USD | 110210 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (226)<br>|
| EUR | 239015 | USD | 282815 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (969)<br>|
| EUR | 265895 | USD | 314406 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (864)<br>|
| EUR | 531677 | USD | 627612 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (659)<br>|
| EUR | 571833 | USD | 681067 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6762)<br>|
| EUR | 1274520 | USD | 1504112 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1199)<br>|
| EUR | 2304018 | USD | 2722427 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5532)<br>|
| EUR | 2358132 | USD | 2787753 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7046)<br>|
| EUR | 1299687 | USD | 1547349 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14760)<br>|
| GBP | 2264139 | USD | 3066515 | Citibank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21168)<br>|
| GBP | 187732 | USD | 254573 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2066)<br>|
| GBP | 161654 | USD | 218836 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1405)<br>|
| GBP | 237698 | USD | 321943 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2230)<br>|
| IDR | 14481001656 | USD | 877950 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11872)<br>|
| INR | 76522374 | USD | 864395 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6911)<br>|
| JPY | 27326152 | USD | 186511 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (311)<br>|
| JPY | 47772925 | USD | 327067 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1543)<br>|
| JPY | 25508056 | USD | 174362 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (550)<br>|
| JPY | 36673418 | USD | 251498 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1606)<br>|
| JPY | 1019349101 | USD | 6990567 | The Bank of New York Mellon | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44740)<br>|
| SEK | 23275774 | USD | 2503448 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19326)<br>|
| USD | 1115411 | CHF | 880736 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (834)<br>|
| USD | 16969272 | DKK | 107480750 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22353)<br>|
| USD | 198924 | EUR | 169262 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (670)<br>|
| USD | 5968219 | EUR | 5067853 | Deutsche Bank AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7787)<br>|
| USD | 1242189 | EUR | 1053751 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (393)<br>|
| USD | 97126736 | EUR | 82501315 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158717)<br>|
| USD | 163731184 | EUR | 139076413 | Standard Chartered Bank | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (267557)<br>|
| USD | 208693 | JPY | 30681040 | Societe Generale | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (368)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (610424)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $380192 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1169 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 670.00 | USD | 77876 | &nbsp;&nbsp;&nbsp;&nbsp; $97612 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 672.00 | USD | 19719 | &nbsp;&nbsp;&nbsp;&nbsp; 12580 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 667.00 | USD | 7794 | &nbsp;&nbsp;&nbsp;&nbsp; 52358 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 225.00 | USD | 2289 | &nbsp;&nbsp;&nbsp;&nbsp; 190585 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 240.00 | USD | 3044 | &nbsp;&nbsp;&nbsp;&nbsp; 109062 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 240.00 | USD | 5042 | &nbsp;&nbsp;&nbsp;&nbsp; 317790 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 245.00 | USD | 1630 | &nbsp;&nbsp;&nbsp;&nbsp; 75040 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V., ADR | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 840.00 | USD | 1936 | &nbsp;&nbsp;&nbsp;&nbsp; 271600 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 48.00 | USD | 392 | &nbsp;&nbsp;&nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | &nbsp;&nbsp; 2864 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 42.00 | USD | 11782 | &nbsp;&nbsp;&nbsp;&nbsp; 144632 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 820.00 | USD | 1469 | &nbsp;&nbsp;&nbsp;&nbsp; 2210 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 560.00 | USD | 1813 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF | &nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 67.00 | USD | 1703 | &nbsp;&nbsp;&nbsp;&nbsp; 9953 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 360.00 | USD | 1779 | &nbsp;&nbsp;&nbsp;&nbsp; 348400 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 85.00 | USD | 1836 | &nbsp;&nbsp;&nbsp;&nbsp; 43691 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 240.00 | USD | 2971 | &nbsp;&nbsp;&nbsp;&nbsp; 192760 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 250.00 | USD | 633 | &nbsp;&nbsp;&nbsp;&nbsp; 28145 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 240.00 | USD | 2986 | &nbsp;&nbsp;&nbsp;&nbsp; 63920 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 235.00 | USD | 2470 | &nbsp;&nbsp;&nbsp;&nbsp; 231587 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 250.00 | USD | 1146 | &nbsp;&nbsp;&nbsp;&nbsp; 58388 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 105.00 | USD | 1299 | &nbsp;&nbsp;&nbsp;&nbsp; 41280 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 175.00 | USD | 542 | &nbsp;&nbsp;&nbsp;&nbsp; 23840 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 185.00 | USD | 542 | &nbsp;&nbsp;&nbsp;&nbsp; 13120 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | EUR | 240.00 | EUR | 4599 | &nbsp;&nbsp;&nbsp;&nbsp; 114488 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 700.00 | USD | 1024 | &nbsp;&nbsp;&nbsp;&nbsp; 37425 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 330.00 | USD | 1611 | &nbsp;&nbsp;&nbsp;&nbsp; 9010 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 360.00 | USD | 900 | &nbsp;&nbsp;&nbsp;&nbsp; 16530 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares | &nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 360.00 | USD | 55631 | &nbsp;&nbsp;&nbsp;&nbsp; 1295037 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 120.00 | USD | 744 | &nbsp;&nbsp;&nbsp;&nbsp; 21125 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 5900.00 | USD | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 57225 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 350.00 | USD | 2738 | &nbsp;&nbsp;&nbsp;&nbsp; 176997 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 1277 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 62.50 | USD | 7247 | &nbsp;&nbsp;&nbsp;&nbsp; 323719 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 185.00 | USD | 3620 | &nbsp;&nbsp;&nbsp;&nbsp; 309915 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares | &nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 345.00 | USD | 26056 | &nbsp;&nbsp;&nbsp;&nbsp; 1378040 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 105.00 | USD | 3078 | &nbsp;&nbsp;&nbsp;&nbsp; 181830 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6251459 |
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 655.00 | USD | 11725 | &nbsp;&nbsp;&nbsp;&nbsp; 38192 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 245.00 | USD | 633 | &nbsp;&nbsp;&nbsp;&nbsp; 33865 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 72057 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $6323516 |

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 11/01/55 | &nbsp;&nbsp; 1-day SOFR, <br> 4.24%<br>| Annual | 3.80% | Annual | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 10/30/25 | 3.80<br> % <br>| USD | 3891 | $26685 |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 11/28/55 | &nbsp;&nbsp; 1-day SOFR, <br> 4.24%<br>| Annual | 3.65% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/26/25 | 3.65 | USD | 5770 | 32646 |
|  |  |  |  |  |  |  |  |  |  | $59331 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 260.00 | USD | 536 | &nbsp;&nbsp;&nbsp;&nbsp; $(3443)<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 145.00 | USD | 67 | &nbsp;&nbsp;&nbsp;&nbsp; (413)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 255.00 | USD | 586 | &nbsp;&nbsp;&nbsp;&nbsp; (11270)<br>|
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 330.00 | USD | 191 | &nbsp;&nbsp;&nbsp;&nbsp; (1530)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 52.50 | USD | 640 | &nbsp;&nbsp;&nbsp;&nbsp; (12090)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 55.00 | USD | 227 | &nbsp;&nbsp;&nbsp;&nbsp; (1210)<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 90.00 | USD | 101 | &nbsp;&nbsp;&nbsp;&nbsp; (1806)<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 240.00 | USD | 170 | &nbsp;&nbsp;&nbsp;&nbsp; (300)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 110.00 | USD | 792 | &nbsp;&nbsp;&nbsp;&nbsp; (4446)<br>|
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 300.00 | USD | 259 | &nbsp;&nbsp;&nbsp;&nbsp; (900)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 35.00 | USD | 973 | &nbsp;&nbsp;&nbsp;&nbsp; (38715)<br>|
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 730.00 | USD | 68 | &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>|
| &nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | &nbsp;&nbsp; 2864 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 45.00 | USD | 11782 | &nbsp;&nbsp;&nbsp;&nbsp; (21480)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 315.00 | USD | 2523 | &nbsp;&nbsp;&nbsp;&nbsp; (63000)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 325.00 | USD | 978 | &nbsp;&nbsp;&nbsp;&nbsp; (11625)<br>|
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 185.00 | USD | 376 | &nbsp;&nbsp;&nbsp;&nbsp; (1265)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 780.00 | USD | 386 | &nbsp;&nbsp;&nbsp;&nbsp; (6100)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 160.00 | USD | 84 | &nbsp;&nbsp;&nbsp;&nbsp; (5663)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 420.00 | USD | 1112 | &nbsp;&nbsp;&nbsp;&nbsp; (89562)<br>|
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 150.00 | USD | 405 | &nbsp;&nbsp;&nbsp;&nbsp; (1050)<br>|
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 450.00 | USD | 127 | &nbsp;&nbsp;&nbsp;&nbsp; (405)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 280.00 | USD | 633 | &nbsp;&nbsp;&nbsp;&nbsp; (7930)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 255.00 | USD | 2470 | &nbsp;&nbsp;&nbsp;&nbsp; (97727)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 200.00 | USD | 765 | &nbsp;&nbsp;&nbsp;&nbsp; (28495)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares | &nbsp;&nbsp; 2348 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 380.00 | USD | 83464 | &nbsp;&nbsp;&nbsp;&nbsp; (650396)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 220.00 | USD | 2655 | &nbsp;&nbsp;&nbsp;&nbsp; (337627)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 210.00 | USD | 1218 | &nbsp;&nbsp;&nbsp;&nbsp; (196500)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 260.00 | USD | 1405 | &nbsp;&nbsp;&nbsp;&nbsp; (17664)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 240.00 | USD | 5016 | &nbsp;&nbsp;&nbsp;&nbsp; (436847)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 250.00 | USD | 1375 | &nbsp;&nbsp;&nbsp;&nbsp; (83295)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 52.50 | USD | 304 | &nbsp;&nbsp;&nbsp;&nbsp; (12921)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 380.00 | USD | 1946 | &nbsp;&nbsp;&nbsp;&nbsp; (72127)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 370.00 | USD | 462 | &nbsp;&nbsp;&nbsp;&nbsp; (20685)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 410.00 | USD | 3200 | &nbsp;&nbsp;&nbsp;&nbsp; (66445)<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 100.00 | USD | 159 | &nbsp;&nbsp;&nbsp;&nbsp; (5406)<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 250.00 | USD | 638 | &nbsp;&nbsp;&nbsp;&nbsp; (7650)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 100.00 | USD | 508 | &nbsp;&nbsp;&nbsp;&nbsp; (33750)<br>|
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 110.00 | USD | 408 | &nbsp;&nbsp;&nbsp;&nbsp; (46920)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 70.00 | USD | 34 | &nbsp;&nbsp;&nbsp;&nbsp; (618)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 2554 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 72.50 | USD | 14494 | &nbsp;&nbsp;&nbsp;&nbsp; (204320)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 325.00 | USD | 505 | &nbsp;&nbsp;&nbsp;&nbsp; (17080)<br>|
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 650.00 | USD | 910 | &nbsp;&nbsp;&nbsp;&nbsp; (5336)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 860.00 | USD | 734 | &nbsp;&nbsp;&nbsp;&nbsp; (11925)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 150.00 | USD | 234 | &nbsp;&nbsp;&nbsp;&nbsp; (37485)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 580.00 | USD | 5438 | &nbsp;&nbsp;&nbsp;&nbsp; (52762)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 220.00 | USD | 4646 | &nbsp;&nbsp;&nbsp;&nbsp; (102090)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 210.00 | USD | 3620 | &nbsp;&nbsp;&nbsp;&nbsp; (121250)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 280.00 | USD | 337 | &nbsp;&nbsp;&nbsp;&nbsp; (35280)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 330.00 | USD | 12853 | &nbsp;&nbsp;&nbsp;&nbsp; (571250)<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 270.00 | USD | 670 | &nbsp;&nbsp;&nbsp;&nbsp; (61140)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 460.00 | USD | 222 | &nbsp;&nbsp;&nbsp;&nbsp; (22162)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 500.00 | USD | 89 | &nbsp;&nbsp;&nbsp;&nbsp; (6220)<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 115.00 | USD | 77 | &nbsp;&nbsp;&nbsp;&nbsp; (2436)<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 125.00 | USD | 6157 | &nbsp;&nbsp;&nbsp;&nbsp; (97295)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 250.00 | USD | 1340 | &nbsp;&nbsp;&nbsp;&nbsp; (85937)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 1317 | &nbsp;&nbsp;&nbsp;&nbsp; (15960)<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 170.00 | USD | 173 | &nbsp;&nbsp;&nbsp;&nbsp; (1625)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 1248 | &nbsp;&nbsp;&nbsp;&nbsp; (38832)<br>|
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 350.00 | USD | 191 | &nbsp;&nbsp;&nbsp;&nbsp; (4740)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 60.00 | USD | 640 | &nbsp;&nbsp;&nbsp;&nbsp; (6510)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 380.00 | USD | 858 | &nbsp;&nbsp;&nbsp;&nbsp; (39910)<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 95.00 | USD | 252 | &nbsp;&nbsp;&nbsp;&nbsp; (15225)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 260.00 | USD | 489 | &nbsp;&nbsp;&nbsp;&nbsp; $(5233)<br>|
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 135.00 | USD | 300 | &nbsp;&nbsp;&nbsp;&nbsp; (7313)<br>|
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 210.00 | USD | 119 | &nbsp;&nbsp;&nbsp;&nbsp; (1715)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 900.00 | USD | 687 | &nbsp;&nbsp;&nbsp;&nbsp; (16267)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 575.00 | USD | 179 | &nbsp;&nbsp;&nbsp;&nbsp; (1960)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 658 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 82.00 | USD | 5342 | &nbsp;&nbsp;&nbsp;&nbsp; (11844)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 350.00 | USD | 694 | &nbsp;&nbsp;&nbsp;&nbsp; (11550)<br>|
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 195.00 | USD | 278 | &nbsp;&nbsp;&nbsp;&nbsp; (3358)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 840.00 | USD | 386 | &nbsp;&nbsp;&nbsp;&nbsp; (8925)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 920.00 | USD | 955 | &nbsp;&nbsp;&nbsp;&nbsp; (10855)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 155.00 | USD | 284 | &nbsp;&nbsp;&nbsp;&nbsp; (43477)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 605.00 | USD | 1761 | &nbsp;&nbsp;&nbsp;&nbsp; (13005)<br>|
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 1500.00 | USD | 240 | &nbsp;&nbsp;&nbsp;&nbsp; (2790)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 230.00 | USD | 1903 | &nbsp;&nbsp;&nbsp;&nbsp; (40545)<br>|
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 310.00 | USD | 308 | &nbsp;&nbsp;&nbsp;&nbsp; (3621)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 480.00 | USD | 445 | &nbsp;&nbsp;&nbsp;&nbsp; (44625)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 140.00 | USD | 218 | &nbsp;&nbsp;&nbsp;&nbsp; (1520)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (4184877)<br>|
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 645.00 | USD | 17587 | &nbsp;&nbsp;&nbsp;&nbsp; (29568)<br>|
| &nbsp;&nbsp;&nbsp; Circle Internet Group, Inc., Class A | &nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 110.00 | USD | 1710 | &nbsp;&nbsp;&nbsp;&nbsp; (19285)<br>|
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 850.00 | USD | 463 | &nbsp;&nbsp;&nbsp;&nbsp; (408)<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 40.00 | USD | 392 | &nbsp;&nbsp;&nbsp;&nbsp; (20450)<br>|
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 230.00 | USD | 182 | &nbsp;&nbsp;&nbsp;&nbsp; (420)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 410.00 | USD | 179 | &nbsp;&nbsp;&nbsp;&nbsp; (660)<br>|
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 135.00 | USD | 278 | &nbsp;&nbsp;&nbsp;&nbsp; (2083)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 590.00 | USD | 386 | &nbsp;&nbsp;&nbsp;&nbsp; (2500)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 700.00 | USD | 2864 | &nbsp;&nbsp;&nbsp;&nbsp; (23302)<br>|
| &nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF | &nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 59.00 | USD | 1703 | &nbsp;&nbsp;&nbsp;&nbsp; (8339)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 105.00 | USD | 218 | &nbsp;&nbsp;&nbsp;&nbsp; (475)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 210.00 | USD | 633 | &nbsp;&nbsp;&nbsp;&nbsp; (6721)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 200.00 | USD | 2986 | &nbsp;&nbsp;&nbsp;&nbsp; (52360)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 230.00 | USD | 1146 | &nbsp;&nbsp;&nbsp;&nbsp; (9923)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 90.00 | USD | 1299 | &nbsp;&nbsp;&nbsp;&nbsp; (15488)<br>|
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 145.00 | USD | 542 | &nbsp;&nbsp;&nbsp;&nbsp; (5920)<br>|
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 155.00 | USD | 542 | &nbsp;&nbsp;&nbsp;&nbsp; (12160)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | EUR | 205.00 | EUR | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; (18214)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 25.00 | USD | 2429 | &nbsp;&nbsp;&nbsp;&nbsp; (20634)<br>|
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 630.00 | USD | 1024 | &nbsp;&nbsp;&nbsp;&nbsp; (17550)<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 285.00 | USD | 1611 | &nbsp;&nbsp;&nbsp;&nbsp; (13303)<br>|
| &nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 260.00 | USD | 900 | &nbsp;&nbsp;&nbsp;&nbsp; (11237)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares | &nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 335.00 | USD | 55631 | &nbsp;&nbsp;&nbsp;&nbsp; (346647)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 100.00 | USD | 744 | &nbsp;&nbsp;&nbsp;&nbsp; (6598)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 200.00 | USD | 2387 | &nbsp;&nbsp;&nbsp;&nbsp; (24304)<br>|
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 4900.00 | USD | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; (56125)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 300.00 | USD | 3200 | &nbsp;&nbsp;&nbsp;&nbsp; (142590)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 160.00 | USD | 3620 | &nbsp;&nbsp;&nbsp;&nbsp; (86330)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares | &nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 310.00 | USD | 17347 | &nbsp;&nbsp;&nbsp;&nbsp; (34160)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 180.00 | USD | 1317 | &nbsp;&nbsp;&nbsp;&nbsp; (15900)<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 110.00 | USD | 173 | &nbsp;&nbsp;&nbsp;&nbsp; (3575)<br>|
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 90.00 | USD | 400 | &nbsp;&nbsp;&nbsp;&nbsp; (8918)<br>|
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 840.00 | USD | 463 | &nbsp;&nbsp;&nbsp;&nbsp; (6025)<br>|
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 90.00 | USD | 300 | &nbsp;&nbsp;&nbsp;&nbsp; (2625)<br>|
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 560.00 | USD | 137 | &nbsp;&nbsp;&nbsp;&nbsp; (1350)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 380.00 | USD | 179 | &nbsp;&nbsp;&nbsp;&nbsp; (3780)<br>|
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 130.00 | USD | 278 | &nbsp;&nbsp;&nbsp;&nbsp; (2975)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 580.00 | USD | 386 | &nbsp;&nbsp;&nbsp;&nbsp; (1100)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 600.00 | USD | 955 | &nbsp;&nbsp;&nbsp;&nbsp; (12870)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 420.00 | USD | 1761 | &nbsp;&nbsp;&nbsp;&nbsp; (9333)<br>|
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 970.00 | USD | 240 | &nbsp;&nbsp;&nbsp;&nbsp; (2780)<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 60.00 | USD | 377 | &nbsp;&nbsp;&nbsp;&nbsp; (2300)<br>|

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 140.00 | USD | 1903 | &nbsp;&nbsp;&nbsp;&nbsp; $(24939)<br>|
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 195.00 | USD | 308 | &nbsp;&nbsp;&nbsp;&nbsp; (5298)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 95.00 | USD | 218 | &nbsp;&nbsp;&nbsp;&nbsp; (2071)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1093593)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(5278470)<br>|

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| 30-Year Interest Rate Swap, 11/01/55 | 3.50% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 10/30/25 | 3.50<br> % <br>| USD | 3891 | $(2650)<br>|
| 5-Year Interest Rate Swap, 11/16/30 | 3.10% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/14/25 | 3.10 | USD | 9625 | (13157)<br>|
| 5-Year Interest Rate Swap, 11/20/30 | 3.10% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 11/18/25 | 3.10 | USD | 12010 | (18322)<br>|
| 5-Year Interest Rate Swap, 11/22/30 | 3.05% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 11/20/25 | 3.05 | USD | 11870 | (15000)<br>|
| 5-Year Interest Rate Swap, 11/23/30 | 3.07% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/21/25 | 3.07 | USD | 12010 | (17165)<br>|
| 30-Year Interest Rate Swap, 11/28/55 | 3.15% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/26/25 | 3.15 | USD | 5770 | (2288)<br>|
| 2-Year Interest Rate Swap, 12/24/27 | 2.85% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/22/25 | 2.85 | USD | 54780 | (36625)<br>|
| 10-Year Interest Rate Swap, 01/01/36 | 3.30% | Annual | 1-day SOFR, <br> 4.24%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 12/30/25 | 3.30 | USD | 4594 | (17255)<br>|
|  |  |  |  |  |  |  |  |  |  | (122462)<br>|
| Put  |  |  |  |  |  |  |  |  |  |  |
| 5-Year Interest Rate Swap, 12/14/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.24%<br>| Annual | 3.55% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 12/12/25 | 3.55 | USD | 12873 | (39889)<br>|
| 10-Year Interest Rate Swap, 01/01/36 | &nbsp;&nbsp; 1-day SOFR, <br> 4.24%<br>| Annual | 4.00% | Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 12/30/25 | 4.00 | USD | 4594 | (16396)<br>|
| 2-Year Interest Rate Swap, 09/22/29 | &nbsp;&nbsp; 1-day SOFR, <br> 4.24%<br>| Annual | 4.30% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 09/20/27 | 4.30 | USD | 36643 | (101867)<br>|
|  |  |  |  |  |  |  |  |  |  | (158152)<br>|
|  |  |  |  |  |  |  |  |  |  | $(280614)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Paid* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | USD | 4266 | &nbsp;&nbsp;&nbsp;&nbsp; $(346539)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(281325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(65214)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Trust*<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; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.41.V2 | 5.00<br> % <br>| Quarterly | 12/20/28<br> B | USD | 3316 | &nbsp;&nbsp;&nbsp; $264168 | &nbsp;&nbsp;&nbsp; $67710 | &nbsp;&nbsp;&nbsp; $196458 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

**Centrally Cleared Credit Default Swaps — Sell Protection (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate Received*<br> *by the Trust*<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; *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| iTraxx.XO.42.V3 | 5.00<br> % <br>| Quarterly | 12/20/29<br> B | EUR | 7141 | &nbsp;&nbsp;&nbsp; $859821 | &nbsp;&nbsp;&nbsp; $582423 | &nbsp;&nbsp;&nbsp; $277398 |
| iTraxx.XO.43.V2 | 5.00 | Quarterly | 06/20/30<br> B | EUR | 955 | &nbsp;&nbsp;&nbsp; 122137 | &nbsp;&nbsp;&nbsp; 88919 | &nbsp;&nbsp;&nbsp; 33218 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1246126 | &nbsp;&nbsp;&nbsp; $739052 | &nbsp;&nbsp;&nbsp; $507074 |

---

&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 Trust may pay should a negative credit event take place as defined under the terms of the agreement.

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 1-day SOFR, 4.24% | Annual | 5.00% | Annual | N/A | 10/02/25 | USD | 84698 | $424395 | $20 | $424375 |
| 0.28% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | N/A | 03/09/26 | JPY | 2930801 | 53222 | 21 | 53201 |
| 1-day SOFR, 4.24% | Annual | 4.40% | Annual | N/A | 04/08/26 | USD | 21824 | 58467 | 26 | 58441 |
| 1-day SOFR, 4.24% | Annual | 4.45% | Annual | N/A | 04/09/26 | USD | 7990 | 25579 | 10 | 25569 |
| 1-day SOFR, 4.24% | Annual | 4.05% | Annual | N/A | 04/18/26 | USD | 12579 | (7214)<br>| 16 | (7230)<br>|
| 1-day SOFR, 4.24% | Annual | 4.30% | Annual | N/A | 04/24/26 | USD | 15182 | 31059 | 20 | 31039 |
| 1-day SOFR, 4.24% | Annual | 4.50% | Annual | N/A | 05/08/26 | USD | 12488 | 54560 | 17 | 54543 |
| 1-day SOFR, 4.24% | Annual | 4.35% | Annual | N/A | 07/22/26 | USD | 5619 | 26931 | 10 | 26921 |
| 1-day SOFR, 4.24% | At Termination | 4.17% | At Termination | 10/23/25 <br><sup>(a)</sup><br>| 10/23/26 | USD | 9509 | 54664 | 17 | 54647 |
| 1-day SOFR, 4.24% | At Termination | 4.21% | At Termination | 10/27/25 <br><sup>(a)</sup><br>| 10/27/26 | USD | 18989 | 119044 | 35 | 119009 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 10/28/26 | USD | 19216 | (7651)<br>| 48 | (7699)<br>|
| 1-day SOFR, 4.24% | Annual | 4.07% | Annual | N/A | 01/14/27 | USD | 18545 | 76606 | 55 | 76551 |
| 1-day SOFR, 4.24% | Annual | 3.47% | Annual | N/A | 03/10/27 | USD | 4700 | (26926)<br>| 15 | (26941)<br>|
| 1-day MIBOR, 5.74% | Semi-Annual | 6.34% | Semi-Annual | N/A | 03/20/27 | INR | 103211 | 15268 | 8 | 15260 |
| 1-day SOFR, 4.24% | Annual | 4.10% | Annual | N/A | 05/30/27 | USD | 15272 | 142431 | 57 | 142374 |
| 1-day SOFR, 4.24% | Annual | 4.15% | Annual | N/A | 05/30/27 | USD | 15272 | 157275 | 60 | 157215 |
| 1-day SOFR, 4.24% | Annual | 3.30% | Annual | 10/23/25 <br><sup>(a)</sup><br>| 10/23/27 | USD | 3403 | (4173)<br>| 15 | (4188)<br>|
| 1-day SOFR, 4.24% | Annual | 4.20% | Annual | 10/23/25 <br><sup>(a)</sup><br>| 10/23/27 | USD | 4949 | 79691 | 23 | 79668 |
| 1-day SOFR, 4.24% | Annual | 3.92% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 2364 | 26065 | 11 | 26054 |
| 1-day SOFR, 4.24% | Annual | 3.95% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 2364 | 27427 | 11 | 27416 |
| 1-day SOFR, 4.24% | Annual | 3.99% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 4728 | 58030 | 22 | 58008 |
| 1-day SOFR, 4.24% | Annual | 4.07% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 9541 | 132710 | 43 | 132667 |
| 1-day SOFR, 4.24% | Annual | 3.86% | Annual | 11/10/25 <br><sup>(a)</sup><br>| 11/10/27 | USD | 9919 | 99930 | 45 | 99885 |
| 1-day SOFR, 4.24% | Annual | 3.48% | Annual | 01/23/26 <br><sup>(a)</sup><br>| 01/23/28 | USD | 13665 | 55678 | 59 | 55619 |
| 3.45% | Annual | 1-day SOFR, 4.24% | Annual | 01/26/26 <br><sup>(a)</sup><br>| 01/26/28 | USD | 11825 | (40741)<br>| 51 | (40792)<br>|
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | 01/26/26 <br><sup>(a)</sup><br>| 01/26/28 | USD | 11825 | 164683 | 51 | 164632 |
| 3.27% | Annual | 1-day SOFR, 4.24% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 11933 | (2828)<br>| 52 | (2880)<br>|
| 1-day SOFR, 4.24% | Annual | 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 11933 | 139504 | 52 | 139452 |
| 1-day SONIA, 3.97% | Annual | 4.86% | Annual | N/A | 06/20/28 | GBP | 6370 | 255476 | (11)<br>| 255487 |
| 1-day SOFR, 4.24% | Annual | 3.50% | Annual | N/A | 08/20/28 | USD | 11416 | 36406 | 49 | 36357 |
| 1-day SOFR, 4.24% | Annual | 4.42% | Annual | N/A | 10/02/28 | USD | 135611 | 4041805 | 20175 | 4021630 |
| 1-day SOFR, 4.24% | Annual | 4.40% | Annual | N/A | 10/31/28 | USD | 6490 | 195867 | 39 | 195828 |
| 1-day SONIA, 3.97% | Annual | 4.12% | Annual | N/A | 11/17/28 | GBP | 3004 | 29990 | 92 | 29898 |
| 1-day SONIA, 3.97% | Annual | 4.12% | Annual | N/A | 11/21/28 | GBP | 3004 | 30430 | 93 | 30337 |
| 1-day SOFR, 4.24% | Annual | 3.25% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/28 | USD | 21109 | 18467 | 96 | 18371 |
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 3.00% | Annual | N/A | 03/05/29 | EUR | 7713 | 354761 | 58 | 354703 |
| 1-day MIBOR, 5.74% | Semi-Annual | 6.26% | Semi-Annual | N/A | 03/20/29 | INR | 31938 | 7450 | 4 | 7446 |
| 1-day MIBOR, 5.74% | Semi-Annual | 6.30% | Semi-Annual | N/A | 03/20/29 | INR | 39035 | 9624 | 5 | 9619 |
| 1-day SOFR, 4.24% | Annual | 3.79% | Annual | N/A | 03/29/29 | USD | 17015 | 194449 | 111 | 194338 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 04/08/29 | USD | 10561 | 207555 | 71 | 207484 |
| 1-day SOFR, 4.24% | Annual | 4.05% | Annual | N/A | 04/09/29 | USD | 7990 | 172298 | 54 | 172244 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 04/18/29 | USD | 12579 | 250212 | 85 | 250127 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 04/24/29 | USD | 6326 | 126919 | 43 | 126876 |
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.90% | Annual | N/A | 04/30/29 | EUR | 8865 | 251582 | 68 | 251514 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 05/06/29 | USD | 12652 | 258074 | 87 | 257987 |
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.87% | Annual | N/A | 06/11/29 | EUR | 6519 | 175307 | 53 | 175254 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day SOFR, 4.24% | Annual | 3.66% | Annual | N/A | 10/10/29 | USD | 6443 | $19867 | $50 | $19817 |
| 1-day TIIEFONDEO, 7.85% | Monthly | 9.04% | Monthly | N/A | 11/14/29 | MXN | 81548 | 291100 | 31 | 291069 |
| 1-day SONIA, 3.97% | Annual | 4.00% | Annual | N/A | 01/16/30 | GBP | 6913 | 44938 | 211 | 44727 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 01/23/30 | USD | 6913 | 155364 | 57 | 155307 |
| 1-day SOFR, 4.24% | Annual | 3.23% | Annual | N/A | 02/19/30 | USD | 7173 | (94733)<br>| 60 | (94793)<br>|
| 1-day SOFR, 4.24% | Annual | 3.90% | Annual | N/A | 02/24/30 | USD | 12279 | 227776 | 103 | 227673 |
| 6-mo. EURIBOR, 2.10% | Semi-Annual | 2.20% | Annual | N/A | 06/04/30 | EUR | 1506 | (11798)<br>| 16 | (11814)<br>|
| 1-day SOFR, 4.24% | Annual | 3.14% | Annual | 05/12/28 <br><sup>(a)</sup><br>| 05/12/33 | USD | 6701 | (140824)<br>| 62 | (140886)<br>|
| 1-day SOFR, 4.24% | Annual | 4.31% | Annual | N/A | 09/29/33 | USD | 26166 | 1380781 | 1886 | 1378895 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 01/12/34 | USD | 4817 | 134145 | 65 | 134080 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 01/17/34 | USD | 1389 | 38708 | 19 | 38689 |
| 1-day MIBOR, 5.74% | Semi-Annual | 6.34% | Semi-Annual | N/A | 03/20/34 | INR | 13127 | 4225 | 3 | 4222 |
| 1-day MIBOR, 5.74% | Semi-Annual | 6.35% | Semi-Annual | N/A | 03/20/34 | INR | 13127 | 4321 | 3 | 4318 |
| 1-day SOFR, 4.24% | Annual | 3.66% | Annual | N/A | 10/10/34 | USD | 4339 | (19859)<br>| 66 | (19925)<br>|
| 1-day SOFR, 4.24% | Annual | 3.67% | Annual | N/A | 12/26/34 | USD | 7165 | (15357)<br>| 111 | (15468)<br>|
| 1-day SOFR, 4.24% | Annual | 3.70% | Annual | N/A | 01/06/35 | USD | 5610 | 3177 | 87 | 3090 |
| 1-day SOFR, 4.24% | Annual | 3.75% | Annual | N/A | 03/27/35 | USD | 5561 | 34216 | 88 | 34128 |
| 1-day SOFR, 4.24% | Annual | 3.75% | Annual | N/A | 07/09/35 | USD | 2731 | 19263 | 43 | 19220 |
| 3.46% | Annual | 1-day SOFR, 4.24% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/36 | USD | 4824 | 112995 | 80 | 112915 |
| 3.65% | Annual | 1-day SOFR, 4.24% | Annual | N/A | 11/03/53 | USD | 2577 | 152541 | 80 | 152461 |
| 1-day SOFR, 4.24% | Annual | 4.00% | Annual | N/A | 11/03/53 | USD | 2577 | 9431 | 80 | 9351 |
| 1-day SONIA, 3.97% | Annual | 4.10% | Annual | N/A | 11/07/54 | GBP | 2400 | (291754)<br>| 11304 | (303058)<br>|
|  |  |  |  |  |  |  |  | $10608881 | $36547 | $10572334 |

---

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

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

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing* <br>*Rate Paid* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| TIM S.p.A. | 1.00<br> % <br>| Quarterly | Goldman Sachs International | 12/20/29 | EUR | 190 | $(164)<br>| $8048 | $(8212)<br>|

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| ZF Europe Finance B.V. | 5.00<br> % <br>| Quarterly | Deutsche Bank AG | 12/20/28 | BB- | EUR | 156 | $11184 | $12091 | $(907)<br>|
| Eutelsat S.A. | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | NR | EUR | 103 | 13825 | (8948)<br>| 22773 |
| Faurecia SE | 5.00 | Quarterly | Goldman Sachs International | 12/20/29 | BB- | EUR | 107 | 13472 | 6632 | 6840 |
| iTraxx.XO.42 10-20% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 310 | 23469 | 19734 | 3735 |
| iTraxx.XO.42 10-20% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 310 | 23467 | 20203 | 3264 |
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 682 | 111911 | 85279 | 26632 |
| Eutelsat S.A. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/30 | NR | EUR | 95 | 12807 | 2934 | 9873 |
| Eutelsat S.A. | 5.00 | Quarterly | BNP Paribas SA | 12/20/30 | NR | EUR | 154 | 20858 | 20739 | 119 |
|  |  |  |  |  |  |  |  | $230993 | $158664 | $72329 |

---

&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 Trust may pay should a negative credit event take place as defined under the terms of the agreement.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.06% | At Termination | JPMorgan Chase Bank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14158 | $(289438)<br>| $— | $(289438)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 9.99% | At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14191 | (297375)<br>|  | (297375)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14578 | (300093)<br>|  | (300093)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.03% | At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14173 | (293139)<br>|  | (293139)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.95% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6346 | (13328)<br>|  | (13328)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 11362 | (20009)<br>|  | (20009)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 7385 | (13006)<br>|  | (13006)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.12% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 29662 | (31164)<br>|  | (31164)<br>|
|  |  |  |  |  |  |  |  |  | $(1257552)<br>| $— | $(1257552)<br>|

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond <br> ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.69%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 12/19/25 | USD | 7531 | $24717 | $— | $24717 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond <br> ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.50%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 12/19/25 | USD | 5878 | 19572 |  | 19572 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.25%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | BNP Paribas SA | N/A | 12/19/25 | USD | 4404 | (8091)<br>|  | (8091)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.20%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 12/19/25 | USD | 2852 | (5276)<br>|  | (5276)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.15%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 12/19/25 | USD | 5331 | 7367 |  | 7367 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.25%, 4.24%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares Broad USD <br> High Yield <br> Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 12/19/25 | USD | 2581 | (4195)<br>|  | (4195)<br>|
|  |  |  |  |  |  |  |  |  | $34094 | $— | $34094 |

---

**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:

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

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

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

&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 Trust's policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $53144472 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $53144472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 15617828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15617828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 209114 | &nbsp;&nbsp;&nbsp;&nbsp; 8279364 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8488478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11560957 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11560957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; 2626360 | &nbsp;&nbsp;&nbsp;&nbsp; 48006423 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50632783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5350259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5350259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3142 | &nbsp;&nbsp;&nbsp;&nbsp; 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30096054 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30096054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26648675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26648675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp; 585120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 585120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7135425 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7135425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | &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; Taiwan | &nbsp;&nbsp; 35346105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35346105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34947980 | &nbsp;&nbsp;&nbsp;&nbsp; 185167 | &nbsp;&nbsp;&nbsp;&nbsp; 35133147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 843845326 | &nbsp;&nbsp;&nbsp;&nbsp; 26590473 | &nbsp;&nbsp;&nbsp;&nbsp; 4299126 | &nbsp;&nbsp;&nbsp;&nbsp; 874734925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 641891 | &nbsp;&nbsp;&nbsp;&nbsp; 6995326 | &nbsp;&nbsp;&nbsp;&nbsp; 7637217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3421272 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3421272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3024012 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3024012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274728 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 429739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 429739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6543718 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6543718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; 358220 | &nbsp;&nbsp;&nbsp;&nbsp; 7500009 | &nbsp;&nbsp;&nbsp;&nbsp; 3896410 | &nbsp;&nbsp;&nbsp;&nbsp; 11754639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 694185 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 694185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1482069 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1482069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 625836 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 625836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; 215004 | &nbsp;&nbsp;&nbsp;&nbsp; 6033096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6248100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4162541 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4162541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 506070 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 506070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5293530 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5293530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 586067 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 586067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2764793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2764793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slovenia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176039 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2127926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2127926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2260287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2260287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 335518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 335518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13490769 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13490769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 474284 | &nbsp;&nbsp;&nbsp;&nbsp; 114487052 | &nbsp;&nbsp;&nbsp;&nbsp; 20988815 | &nbsp;&nbsp;&nbsp;&nbsp; 135950151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3326367 | &nbsp;&nbsp;&nbsp;&nbsp; 3326367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48760129 | &nbsp;&nbsp;&nbsp;&nbsp; 22941777 | &nbsp;&nbsp;&nbsp;&nbsp; 71701906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27925415 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27925415 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; $41031212 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $41031212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2817402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2817402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29803840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29803840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8905794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8905794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28349329 | &nbsp;&nbsp;&nbsp;&nbsp; 28349329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123260394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123260394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp;&nbsp; 2644410 | &nbsp;&nbsp;&nbsp;&nbsp; 2644824 |
| &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; 42236870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42236870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 6323516 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6323516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59331 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59331 |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8996 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10359)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10359)<br>|
|  | &nbsp;&nbsp; $989455026 | &nbsp;&nbsp;&nbsp;&nbsp; $670111123 | &nbsp;&nbsp;&nbsp;&nbsp; $93619510 | &nbsp;&nbsp;&nbsp;&nbsp; $1753185659 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $580310 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $580310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 1231899 | &nbsp;&nbsp;&nbsp;&nbsp; 334792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1566691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 990616 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 990616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 337206 | &nbsp;&nbsp;&nbsp;&nbsp; 11248008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11585214 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (74333)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (74333)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (5312184)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5334390)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (610424)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (610424)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (946685)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2213840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3160525)<br>|
|  | &nbsp;&nbsp; $(4689764)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10232923 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5543159 |

---

&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, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. 

A reconciliation of Level 3 financial instruments is presented when the Trust 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Asset-Backed* <br>*Securities*<br>| *Common* <br>*Stocks*<br>| *Corporate* <br>*Bonds*<br>| *Fixed* <br>*Rate Loan* <br>*Interests*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Preferred* <br>*Stocks*<br>| *Unfunded Floating* <br>*Rate Loan* <br>*Interests*<br>|
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp; $— | $4762535 | $41318921 | $4051489 | $24162482 | $38482155 | $(6140)<br>|
| Transfers into Level 3 | &nbsp;&nbsp; 2525 |  |  |  |  |  |  |
| Transfers out of Level 3 | &nbsp;&nbsp; — |  |  |  | (1195564)<br>|  |  |
| Accrued discounts/premiums | &nbsp;&nbsp; 14828 |  | 97308 | 6684 | 28016 |  |  |
| Net realized gain (loss) | &nbsp;&nbsp; — | (18)<br>| (924554)<br>| 6572 | 14181 | (3688440)<br>|  |
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp; (17353)<br>| (3268717)<br>| (1897740)<br>| 40323 | 516287 | (2852567)<br>| (4219)<br>|
| Purchases | &nbsp;&nbsp; — | 3836684 | 9686253 | 2414 | 1683971 | 6835356 |  |
| Sales | &nbsp;&nbsp; — | (843049)<br>| (16399637)<br>| (781115)<br>| (2267596)<br>| (10427175)<br>|  |
| Closing balance, as of September 30, 2025 | &nbsp;&nbsp; $— | $4487435 | $31880551 | $3326367 | $22941777 | $28349329 | $(10359)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held at <br> September 30, 2025<sup>(a)</sup><br>| &nbsp;&nbsp; $(17353)<br>| $(3268717)<br>| $(1325900)<br>| $41880 | $517134 | $(3874436)<br>| $(4219)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | *Warrants* | *Total*  |
| **Assets** |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp; $2476096 | $115247538 |
| Transfers into Level 3 | &nbsp;&nbsp; — | 2525 |
| Transfers out of Level 3 | &nbsp;&nbsp; — | (1195564)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp; — | 146836 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

---

| | | |
|:---|:---|:---|
|  | *Warrants* | *Total*  |
| Net realized gain (loss) | &nbsp;&nbsp; $— | $(4592259)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp; 168314 | (7315672)<br>|
| Purchases | &nbsp;&nbsp; — | 22044678 |
| Sales | &nbsp;&nbsp; — | (30718572)<br>|
| Closing balance, as of September 30, 2025 | &nbsp;&nbsp; $2644410 | $93619510 |
| Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025<sup>(a)</sup> | &nbsp;&nbsp; $195686 | $(7735925)<br>|

---

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

<sup>(a)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $1,238,996.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $4487431 | Market | Revenue Multiple | 2.61x - 10.00x | 9.99x |
|  |  |  | EBITDA | 16.00x |  |
|  |  |  | Gross Profit Multiple | 8.25x |  |
|  |  |  | Volatility | 56% - 70% | 69% |
|  |  |  | Time to Exit | 0.3 - 2.0 years | 0.5 years |
|  |  | Income | Discount Rate | 15% | - |
| Corporate Bonds | &nbsp;&nbsp; 31519297 | Income | Discount Rate | 10%- 21% | 13% |
|  |  | Market | Revenue Multiple | 1.00x |  |
| Floating Rate Loan Interests | &nbsp;&nbsp; 22091116 | Income | Discount Rate | 6%- 14% | 11% |
| Fixed Rate Loan Interests | &nbsp;&nbsp; 3326367 | Income | Discount Rate | 8% |  |
| Preferred Stocks | &nbsp;&nbsp; 28311894 | Market | Revenue Multiple | 2.00x - 20.80x | 8.95x |
|  |  |  | Time to Exit | 1.0 - 3.0 years | 2.9 years |
|  |  |  | Volatility | 42% - 80% | 68% |
|  |  | Income | Discount Rate | 15% |  |
| Warrants | &nbsp;&nbsp; 2644409 | Market | Revenue Multiple | 4.50x -10.50x | 8.18x |
|  |  |  | Volatility | 30% - 70% | 64% |
|  |  |  | Time to Exit | 0.3 - 4.5 years | 3.1 years |
|  | &nbsp;&nbsp; $92380514 |  |  |  |  |

---

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

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |

---

---

| | |
|:---|:---|
| **Currency Abbreviation (continued)** | **Currency Abbreviation (continued)** |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| SEK | Swedish Krona |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)** 

---

| | |
|:---|:---|
| **Currency Abbreviation (continued)** | **Currency Abbreviation (continued)** |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| BZDIOVER | Overnight Brazil Interbank Deposit (CETIP) |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange  |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Company  |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FREMF | Freddie Mac Multifamily Securities |
| KOSPI | Korea Composite Stock Price Index |
| MIBOR | Mumbai Interbank Offered Rate |
| PIK | Payment-in-Kind |
| PIPE | Private Investment in Public Equity |
| RB | Revenue Bonds |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| SPDR | Standard & Poor's Depository Receipt  |
| TIIEFONDEO | MXN - Overnight TIIE Funding 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 ESG Capital Allocation Term Trust

- **b. Investment Company Act file number:** 811-23701

- **c. CIK number of Registrant:** 0001864843

- **d. LEI of Registrant:** 549300EWOI5G0PSVIX17

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

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

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** BlackRock ESG Capital Allocation Term Trust

- **c. LEI of Series:** 549300EWOI5G0PSVIX17

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1802429710.61

**Total Liabilities:** $155056143.53

**Net Assets:** $1647373567.08

**Amount of Assets Invested in Other Investment Companies:** $31876541.41

**Delayed Delivery Securities:** $4466359.48

**Cash Not Reported:** $12575912.62

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 5082.09000000 | **1-Year:** 1605.73000000 | **5-Year:** 32436.32000000 | **10-Year:** 70763.08000000 | **30-Year:** 20208.61000000

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

- **3-Month:** 4438.44000000 | **1-Year:** 40160.10000000 | **5-Year:** 186996.99000000 | **10-Year:** 20350.98000000 | **30-Year:** 32541.36000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.34%                | 0.97%                | 3.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9609318.71              | $-14059429.02                              |
| Month 2  | $6395407.68              | $7701401.69                                |
| Month 3  | $5398137.78              | $40807463.36                               |

**Designated Index Information**

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

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

### Schedule of Portfolio Investments

| Name                                             | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tele Columbus AG                                 | Tele Columbus AG                                                                 | CUSIP: 000000000<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |     308682 | PA      | $244212.46    | 0.01%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      59000 | PA      | $52454.58     | 0.00%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mill City Solar Loan Ltd.                        | Mill City Solar Loan 2019-1 Ltd                                                  | CUSIP: 59982WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1512395 | PA      | $1036882.78   | 0.06%             | 2043-03-20      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                        | Ball Corp                                                                        | CUSIP: 058498BA3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |      71000 | PA      | $71763.17     | 0.00%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-658.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | INTUITIVE SURGICAL INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -4 | NC      | $-660.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Progress Residential Trust                       | Progress Residential 2021-SFR9 Trust                                             | CUSIP: 74333QAN5<br>LEI: 5493002EEQ4GX2578787 | Long             | ABS-O            | CORP              | US        |    2400000 | PA      | $2280057.60   | 0.14%             | 2040-11-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| EUROBANK SA                                      | Eurobank SA                                                                      | CUSIP: 000000000<br>LEI: 213800KGF4EFNUQKAT69 | Long             | DBT              | CORP              | GR        |     325000 | PA      | $383483.46    | 0.02%             | 2036-02-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                       | TELUS Corp                                                                       | CUSIP: 87971MCM3<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |      88000 | PA      | $92788.70     | 0.01%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ISHARES CHINA LARGE-CAP ETF                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       2864 | NC      | $144632.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Speed Midco 3 Sarl                               | Speed Midco 3 Sa rl 2024 EUR Term Loan B2                                        | CUSIP: 000000000<br>LEI: 2549003UA52U0RYFOG67 | Long             | LON              | CORP              | LU        |    2487984 | PA      | $2921019.26   | 0.18%             | 2029-05-16      | Floating      | 6.87%                 | No            |                  3 | On Loan: No      |
| SONDER 1L PIK NOTES 7 12/10/27                   | SONDER 1L PIK NOTES 7 12/10/27                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6418030 | PA      | $4813522.56   | 0.29%             | 2027-12-10      | Fixed         | 7.00%                 | No            |                  3 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.864300 10-NOV-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    9918800 | OU      | $99930.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BROADCOM INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -97 | NC      | $-66445.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Corp Trust 2021-DM                                        | CUSIP: 36265AAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1440000 | PA      | $1429657.78   | 0.09%             | 2036-11-15      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| PACHELBEL BIDCO SPA                              | Pachelbel Bidco SpA                                                              | CUSIP: 000000000<br>LEI: 8156005DA07CDD50CC46 | Long             | DBT              | CORP              | IT        |     137000 | PA      | $173297.52    | 0.01%             | 2031-05-17      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                         | Primo Water Holdings Inc / Triton Water Holdings Inc                             | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     140000 | PA      | $135786.41    | 0.01%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                                | Cisco Systems Inc                                                                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     160051 | NS      | $10950689.42  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ION TRADING TECHNOLOGIES                         | ION Trading Technologies Sarl                                                    | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $211234.82    | 0.01%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                       | Grifols SA                                                                       | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     230000 | PA      | $284444.67    | 0.02%             | 2030-05-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc                                   | Salesforce Inc                                                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      58469 | NS      | $13857153.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                       | Intuit Inc                                                                       | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      17553 | NS      | $11987119.23  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTBAY 4A2 NOTES                                | WESTBAY 4A2 NOTES                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    9276000 | PA      | $9404008.80   | 0.57%             | 2030-02-06      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                           | MICROSOFT CORP                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         35 | NC      | $1015.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ION TRADING TECHNOLOGIES                         | ION Trading Technologies Sarl                                                    | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |     400000 | PA      | $392531.28    | 0.02%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COREWEAVE CONVERTIBLE PREF EQ                    | COREWEAVE CONVERTIBLE PREF EQ                                                    | CUSIP: 000000000<br>LEI: 984500511DP2B6186053 | Long             | EP               | CORP              | US        |    1594000 | NS      | $4367560.00   | 0.27%             |  |  |  | No            |                  3 | On Loan: No      |
| EDP SA                                           | EDP SA                                                                           | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |     200000 | PA      | $241406.48    | 0.01%             | 2054-09-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $-669.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hudson Yards                                     | Hudson Yards 2019-55HY Mortgage Trust                                            | CUSIP: 44421MAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1703740.60   | 0.10%             | 2041-12-10      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BANK OF AMERICA CORP                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -59 | NC      | $-12921.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ARDONAGH FINCO LTD                               | Ardonagh Finco Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    1052000 | PA      | $1276625.48   | 0.08%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | E-MINI RUSS 2000 DEC25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         92 | NC      | $-52570.62    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RITCHIE BROS HLDGS INC                           | Ritchie Bros Holdings Inc                                                        | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     147000 | PA      | $150284.87    | 0.01%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                     | Calpine Corp                                                                     | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |      39000 | PA      | $38616.76     | 0.00%             | 2029-02-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                             | ZF Europe Finance BV                                                             | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $121869.61    | 0.01%             | 2030-06-12      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | CAMECO CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |        -12 | NC      | $-1806.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         26 | NC      | $28145.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | COSTCO WHOLESALE CORP                                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-6025.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                           | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     148000 | PA      | $153248.83    | 0.01%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Arini European CLO                               | Arini European CLO V DAC                                                         | CUSIP: 000000000<br>LEI: 635400HVHHJPCXB66K47 | Long             | ABS-CBDO         | CORP              | IE        |     230000 | PA      | $269972.35    | 0.02%             | 2039-01-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                         | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc            | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     166000 | PA      | $174657.40    | 0.01%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                         | Standard Industries Inc/NY                                                       | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |      38000 | PA      | $36433.62     | 0.00%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                     | US Foods Inc                                                                     | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     133000 | PA      | $129979.08    | 0.01%             | 2030-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                               | SWP: OIS 9.965000 04-JAN-2027 BZD                                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   14577981 | OU      | $-300093.26   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                | Xerox Corp                                                                       | CUSIP: 984121CT8<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     737000 | PA      | $713495.89    | 0.04%             | 2031-04-15      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| Mobico Group PLC                                 | Mobico Group PLC                                                                 | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |     196000 | PA      | $181144.64    | 0.01%             | 2031-09-26      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC                                 | Aretec Group Inc                                                                 | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |     247000 | PA      | $269107.24    | 0.02%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| EIS Group Inc                                    | EIS Group Inc Revolver                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     340631 | PA      | $329151.74    | 0.02%             | 2028-07-10      | Floating      | 11.16%                | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                           | BANK OF AMERICA CORP                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -124 | NC      | $-6510.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.460130 15-DEC-2036 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4824462 | OU      | $112994.82    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ATOS SE                                          | Atos SE                                                                          | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |     305134 | PA      | $337846.71    | 0.02%             | 2030-12-18      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ADN2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    1310000 | PA      | $1219460.19   | 0.07%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                      | SWP: OIS 9.950000 04-JAN-2027 BZD                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   14190595 | OU      | $-297374.66   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                 | AmWINS Group Inc                                                                 | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |     127000 | PA      | $129582.16    | 0.01%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                   | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101797.60    | 0.01%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                            | Molina Healthcare Inc                                                            | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101110.90    | 0.01%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: GBP 4.122440 17-NOV-2028 SON                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    3004061 | OU      | $29989.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Arini European CLO                               | Arini European Clo IV DAC                                                        | CUSIP: 000000000<br>LEI: 635400S1CQWFRKNVAN93 | Long             | ABS-CBDO         | CORP              | IE        |     430000 | PA      | $513884.31    | 0.03%             | 2038-01-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                | Herc Holdings Inc                                                                | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102750.30    | 0.01%             | 2029-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                 | 5Y RTR 3.000000 30-SEP-2025                                                      | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |  -11563000 | OU      | $-0.12        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                         | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     100000 | PA      | $101202.50    | 0.01%             | 2029-09-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                         | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     115000 | PA      | $99446.04     | 0.01%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BRANICKS GROUP AG                                | BRANICKS Group AG                                                                | CUSIP: 000000000<br>LEI: 52990044JL2ZPWONU738 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $92739.21     | 0.01%             | 2026-09-22      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | NVIDIA CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -102 | NC      | $-40545.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EIS Group Inc                                    | EIS Group Inc Term Loan                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3406310 | PA      | $3291517.35   | 0.20%             | 2028-07-10      | Floating      | 11.16%                | No            |                  3 | On Loan: No      |
| STEM INC                                         | Stem Inc                                                                         | CUSIP: 85859NAA0<br>LEI: 549300GVWIYFILN5V546 | Long             | DBT              | CORP              | US        |     275000 | PA      | $78375.17     | 0.00%             | 2028-12-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Stratus CLO                                      | Stratus CLO 2021-1 Ltd                                                           | CUSIP: 863171AE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $0.13         | 0.00%             | 2029-12-29      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| NATWEST GROUP PLC                                | NatWest Group PLC                                                                | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $273685.97    | 0.02%             | 2032-02-28      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Galaxy Universal LLC                             | Galaxy Universal LLC 1st Lien Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6067953 | PA      | $6037613.04   | 0.37%             | 2026-11-12      | Floating      | 10.75%                | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                           | ELI LILLY + CO                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -9 | NC      | $-16267.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TENNECO INC                                      | Tenneco Inc                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |     259000 | PA      | $259472.85    | 0.02%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      92000 | PA      | $91979.69     | 0.01%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Progressive Corp/The                             | Progressive Corp/The                                                             | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      57989 | NS      | $14320383.55  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ALSTRIA OFFICE AG                                | Alstria Office AG                                                                | CUSIP: 000000000<br>LEI: 529900QIJIGPI0DRL085 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $122080.14    | 0.01%             | 2031-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BPER BANCA                                       | BPER Banca SPA                                                                   | CUSIP: 000000000<br>LEI: N747OI7JINV7RUUH6190 | Long             | DBT              | CORP              | IT        |     200000 | PA      | $245694.05    | 0.01%             | 2030-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SONDER WARRANTS DEC 30 2029                      | SONDER WARRANTS DEC 30 2029                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      15626 | NS      | $20157.54     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-7046.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                         | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      77000 | PA      | $78700.67     | 0.00%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals Inc                       | Vertex Pharmaceuticals Inc                                                       | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      10586 | NS      | $4145901.04   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE BIDCO PLC                               | Pinnacle Bidco PLC                                                               | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |     181000 | PA      | $256821.59    | 0.02%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Redstone Holdco 2 LP                             | Redstone Holdco 2 LP 2021 Term Loan                                              | CUSIP: 75774EAG0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1297366 | PA      | $658413.43    | 0.04%             | 2028-04-27      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| RRX Ltd                                          | RRX 7 Ltd                                                                        | CUSIP: 40256JAA3<br>LEI: 549300V317BEVFPNAZ66 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249861.90    | 0.02%             | 2035-07-15      | Floating      | 11.17%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD HKD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $398.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.070000 14-JAN-2027 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   18545000 | OU      | $76606.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | AMAZON.COM INC                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        136 | NC      | $63920.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                               | Union Pacific Corp                                                               | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      38783 | NS      | $9167137.71   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     232000 | PA      | $200578.60    | 0.01%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EDGE FINCO PLC                                   | Edge Finco PLC                                                                   | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |     503000 | PA      | $721302.13    | 0.04%             | 2031-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                         | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $185280.20    | 0.01%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                           | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     193000 | PA      | $198157.73    | 0.01%             | 2029-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SPDR S&P Homebuilders ETF                        | SPDR S&P Homebuilders ETF                                                        | CUSIP: 78464A888<br>LEI: 549300MSE80LL1UJS132 | Long             | EC               | RF                | US        |       4200 | NS      | $465360.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTESCUE TREASURY PTY L                         | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |      67000 | PA      | $68666.56     | 0.00%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                                  | McDonald's Corp                                                                  | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       7356 | NS      | $2235414.84   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-6762.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL               | 5Y RTR 3.050000 20-NOV-2025                                                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  -11870000 | OU      | $-14999.76    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | DR HORTON INC                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -7 | NC      | $-1715.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104308.97    | 0.01%             | 2031-12-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     177000 | PA      | $175811.39    | 0.01%             | 2027-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | JP        |          1 | NC      | $-1606.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Quimper AB                                       | Quimper AB 2024 EUR Term Loan B                                                  | CUSIP: 000000000<br>LEI: 549300EI2YNCQDXVO313 | Long             | LON              | CORP              | SE        |    1008696 | PA      | $1191827.63   | 0.07%             | 2030-03-29      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 6.300000 20-MAR-2029 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   39035311 | OU      | $9623.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRIGHT MACHINES SERIES C 1                       | BRIGHT MACHINES SERIES C 1                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     985055 | NS      | $108356.08    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                           | MCKESSON CORP                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-6100.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                           | UnitedHealth Group Inc                                                           | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       3864 | NS      | $1334239.20   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $4920.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | APPLE INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -45 | NC      | $-9922.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VOYAGER PARENT LLC                               | Voyager Parent LLC                                                               | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |     143000 | PA      | $151221.09    | 0.01%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                          | Summer BC Holdco B SARL                                                          | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |     201000 | PA      | $230489.02    | 0.01%             | 2030-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                     | Entegris Inc                                                                     | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     131000 | PA      | $124505.03    | 0.01%             | 2029-05-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                        | TEGNA Inc                                                                        | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |      72000 | PA      | $70606.89     | 0.00%             | 2028-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | JP        |          1 | NC      | $-311.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDSTORY SASU                                   | Goldstory SAS                                                                    | CUSIP: 000000000<br>LEI: 969500NWR67ONUJD4A26 | Long             | DBT              | CORP              | FR        |     328000 | PA      | $399857.73    | 0.02%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ASML Holding NV                                  | ASML Holding NV                                                                  | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      25630 | NS      | $24994041.20  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                                | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102807.82    | 0.01%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COREWEAVE COMMON EQ LEGENDED                     | COREWEAVE COMMON EQ LEGENDED                                                     | CUSIP: 000000000<br>LEI: 984500511DP2B6186053 | Long             | STIV             | CORP              | US        |      10353 | NS      | $1416808.05   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Regatta XXIV Funding Ltd.                        | Regatta XXIV Funding Ltd                                                         | CUSIP: 75889HAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $252453.05    | 0.02%             | 2038-01-20      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                            | Molina Healthcare Inc                                                            | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      53000 | PA      | $48093.63     | 0.00%             | 2032-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.400000 08-APR-2026 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   21824193 | OU      | $58466.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                           | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAF6<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |      95000 | PA      | $99161.29     | 0.01%             | 2032-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                                       | Twilio Inc                                                                       | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |      54000 | PA      | $51457.36     | 0.00%             | 2029-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                         | SLM Corp                                                                         | CUSIP: 78442PGE0<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | DBT              | CORP              | US        |     169000 | PA      | $165560.07    | 0.01%             | 2026-11-02      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                              | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     112000 | PA      | $110169.64    | 0.01%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | DELTA AIR LINES INC                                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       1277 | NC      | $323719.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                           | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co  | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     122000 | PA      | $124295.19    | 0.01%             | 2032-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -109 | NC      | $-337627.50   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| COMMSCOPE LLC                                    | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     120000 | PA      | $124212.12    | 0.01%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | DELTA AIR LINES INC                                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -2554 | NC      | $-204320.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC                              | Gilead Sciences Inc                                                              | CUSIP: 375558CD3<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    1198000 | PA      | $1206858.96   | 0.07%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    2500000 | PA      | $2336086.03   | 0.14%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS                           | Axalta Coating Systems LLC                                                       | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |     150000 | PA      | $142110.65    | 0.01%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    2750000 | PA      | $2733650.89   | 0.17%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SGL GROUP APS                                    | SGL Group ApS                                                                    | CUSIP: 000000000<br>LEI: 636700YQKGLXCPPUYE74 | Long             | DBT              | CORP              | DK        |     148000 | PA      | $169194.18    | 0.01%             | 2031-02-24      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                           | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     119000 | PA      | $132164.61    | 0.01%             | 2031-10-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS                               | Vivion Investments Sarl                                                          | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |     542040 | PA      | $634855.22    | 0.04%             | 2028-08-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                       | Air Canada                                                                       | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |     182000 | PA      | $180348.24    | 0.01%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | META PLATFORMS INC                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -10 | NC      | $-11925.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     547000 | PA      | $568538.48    | 0.03%             | 2035-01-23      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Lionsgate Studios Corp                           | Lionsgate Studios Corp                                                           | CUSIP: 53626N102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      66792 | NS      | $460864.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OHA Loan Funding Ltd                             | OHA Loan Funding 2013-2 Ltd                                                      | CUSIP: 67104LAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     124129 | PA      | $124221.48    | 0.01%             | 2031-05-23      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                                 | Cinemark USA Inc                                                                 | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103935.30    | 0.01%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                         | Olympus Water US Holding Corp                                                    | CUSIP: 681639AB6<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     400000 | PA      | $388398.36    | 0.02%             | 2029-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | NETFLIX INC                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -2 | NC      | $-2790.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | BOOKING HOLDINGS INC                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |          5 | NC      | $57225.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | S+P500 EMINI FUT DEC25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         27 | NC      | $87850.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | DR HORTON INC                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -32 | NC      | $-12160.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | LIVE NATION ENTERTAINMENT INC                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -17 | NC      | $-2975.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PEER HOLDING III BV                              | Peer Holding III BV 2025 EUR Term Loan B6B                                       | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |    1400000 | PA      | $1646169.31   | 0.10%             | 2031-07-01      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                               | Kohl's Corp                                                                      | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |     228000 | PA      | $179994.53    | 0.01%             | 2031-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | NVIDIA CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -249 | NC      | $-102090.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GRAY MEDIA INC                                   | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     100000 | PA      | $108125.12    | 0.01%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BTP FUTURE DEC25                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         25 | NC      | $39013.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Residential Trust                       | Progress Residential 2022-SFR1 Trust                                             | CUSIP: 74333YAQ1<br>LEI: 5493002EEQ4GX2578787 | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $1958218.00   | 0.12%             | 2041-02-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| APPLEGREEN IRELAND                               | Applegreen Ireland 2025 EUR Term Loan B                                          | CUSIP: 000000000<br>LEI: 635400OPREBBJDTRR459 | Long             | LON              | CORP              | IE        |     569620 | PA      | $675035.74    | 0.04%             | 2032-01-30      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                          | Beach Acquisition Bidco LLC                                                      | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |     137000 | PA      | $164879.45    | 0.01%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                              | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $90994.34     | 0.01%             | 2030-06-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                             | Edison International                                                             | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |      63000 | PA      | $64189.63     | 0.00%             | 2054-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PREEM HOLDING AB                                 | Preem Holdings AB                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     137600 | PA      | $167040.11    | 0.01%             | 2027-06-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                               | NextEra Energy Inc                                                               | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     215933 | NS      | $16300782.17  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                    | Hilton Worldwide Holdings Inc                                                    | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      18228 | NS      | $4729072.32   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                         | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      88000 | PA      | $80368.95     | 0.00%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: GBP 4.000000 16-JAN-2030 SON                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    6913400 | OU      | $44938.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                          | United Rentals North America Inc                                                 | CUSIP: 911365BN3<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     123000 | PA      | $117649.33    | 0.01%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAIXO BONDCO TELECOM SA                          | Kaixo Bondco Telecom SA                                                          | CUSIP: 000000000<br>LEI: 959800ULWB3MZHZ69055 | Long             | DBT              | CORP              | ES        |     190000 | PA      | $225788.01    | 0.01%             | 2029-09-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                      | 30Y RTR 3.650000 26-NOV-2025                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |    5770000 | OU      | $32645.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                   | Microsoft Corp                                                                   | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    3342000 | PA      | $2115726.66   | 0.13%             | 2050-06-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| DR Horton Inc                                    | DR Horton Inc                                                                    | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      32218 | NS      | $5459984.46   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUND FUTURE DEC25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         72 | NC      | $36433.69     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | LONG GILT FUTURE DEC25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         35 | NC      | $16673.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVA Chemicals Corp                              | NOVA Chemicals Corp                                                              | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     169000 | PA      | $169486.50    | 0.01%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | JPMORGAN CHASE + CO                                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -22 | NC      | $-11550.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                         | Rogers Communications Inc                                                        | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     114000 | PA      | $120858.59    | 0.01%             | 2055-04-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED DKK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | DK        |          1 | NC      | $-226.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DOLCETTO HOLDCO SPA                              | Dolcetto Holdco SpA                                                              | CUSIP: 000000000<br>LEI: 81560029E819F2CE4A42 | Long             | DBT              | CORP              | IT        |     166000 | PA      | $199813.17    | 0.01%             | 2032-07-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | SPDR S+P REGIONAL BANKING ETF                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        269 | NC      | $9953.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Providus CLO                                     | Providus CLO II DAC                                                              | CUSIP: 000000000<br>LEI: 635400JFBYET5G2XFP83 | Long             | ABS-CBDO         | CORP              | IE        |     238000 | PA      | $281874.47    | 0.02%             | 2038-10-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     202000 | PA      | $197279.32    | 0.01%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                          | HCA Inc                                                                          | CUSIP: 404119BW8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    1515000 | PA      | $1577353.60   | 0.10%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                     | CaixaBank SA                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     200000 | PA      | $245636.29    | 0.01%             | 2032-07-24      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                                 | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     190000 | PA      | $190315.40    | 0.01%             | 2030-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                            | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     204000 | PA      | $212184.07    | 0.01%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| RAMSAY GENERALE DE SANTE SA                      | Ramsay Generale de Sante SA 2025 EUR Term Loan B4                                | CUSIP: 000000000<br>LEI: 969500I1EJGUAT223F44 | Long             | LON              | CORP              | FR        |     900000 | PA      | $1058093.20   | 0.06%             | 2031-08-13      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Victory Street CLO                               | Victory Street CLO I DAC                                                         | CUSIP: 000000000<br>LEI: 635400D4KWYZ4IFHKI82 | Long             | ABS-CBDO         | CORP              | IE        |     320000 | PA      | $381919.09    | 0.02%             | 2038-01-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| LION/POLARIS LUX 4 SA                            | Lion/Polaris Lux 4 SA                                                            | CUSIP: 000000000<br>LEI: 984500BFD3F99A7UB874 | Long             | DBT              | CORP              | LU        |     312000 | PA      | $370380.85    | 0.02%             | 2029-07-01      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | SPDR GOLD SHARES                                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       1565 | NC      | $1295037.50   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCE AUTO PARTS                               | Advance Auto Parts Inc                                                           | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     143000 | PA      | $147468.75    | 0.01%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $8295.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                 | SWAP/CDSWAP/SCDS: (ETLFP)                                                        | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              |  | GB        |     103056 | OU      | $13825.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Products and Chemicals Inc                   | Air Products and Chemicals Inc                                                   | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      13543 | NS      | $3693446.96   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BELL CANADA                                      | Bell Telephone Co of Canada or Bell Canada                                       | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     184000 | PA      | $190887.12    | 0.01%             | 2055-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOG                   | SEAGATE DATA STOR                                                                | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     453000 | PA      | $479546.71    | 0.03%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Altar Bidco Inc                                  | Altar Bidco Inc 2021 2nd Lien Term Loan                                          | CUSIP: 02090CAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3107457 | PA      | $2941736.16   | 0.18%             | 2030-02-01      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| INDY US BIDCO LLC                                | Indy US Bidco LLC 2025 EUR Term Loan B                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     883922 | PA      | $1038122.29   | 0.06%             | 2030-10-31      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| SPEEDSTER BIDCO GMBH                             | Speedster Bidco GmbH 2024 EUR Term Loan B                                        | CUSIP: 000000000<br>LEI: 254900LE837QB2YYV824 | Long             | LON              | CORP              | DE        |     660000 | PA      | $778747.80    | 0.05%             | 2031-12-10      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                            | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     148000 | PA      | $150838.64    | 0.01%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                                 | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     600000 | PA      | $589832.34    | 0.04%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAP SE                                           | SAP SE                                                                           | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      19981 | NS      | $5350259.51   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ENGINEERING SPA                                  | Engineering - Ingegneria Informatica - SpA                                       | CUSIP: 000000000<br>LEI: 81560042F5E23EE61346 | Long             | DBT              | CORP              | IT        |     456000 | PA      | $570500.57    | 0.03%             | 2028-05-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                            | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     244000 | PA      | $252745.94    | 0.02%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SUMIT 2022-BVUE Mortgage Trust                   | SUMIT 2022-BVUE Mortgage Trust                                                   | CUSIP: 865592AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     650000 | PA      | $516839.05    | 0.03%             | 2041-02-12      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                         | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC                  | CUSIP: 13005HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     150000 | PA      | $153739.65    | 0.01%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust                   | Home Partners of America 2021-3 Trust                                            | CUSIP: 43730XAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3595746 | PA      | $3316050.86   | 0.20%             | 2041-01-17      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -98 | NC      | $-24304.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Progress Residential Trust                       | Progress Residential 2021-SFR10 Trust                                            | CUSIP: 74333WAN2<br>LEI: 5493002EEQ4GX2578787 | Long             | ABS-O            | CORP              | US        |    2520694 | PA      | $2466035.67   | 0.15%             | 2040-12-17      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Avoca Static CLO                                 | Avoca Static CLO I DAC                                                           | CUSIP: 000000000<br>LEI: 549300D0MXVAW7ZB0873 | Long             | ABS-CBDO         | CORP              | IE        |     150000 | PA      | $177018.11    | 0.01%             | 2035-01-15      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | INTUITIVE SURGICAL INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -4 | NC      | $-3780.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Tricon Residential                               | Tricon Residential 2021-SFR1 Trust                                               | CUSIP: 89614YAG1<br>LEI: 549300Z2X1L1L3MID765 | Long             | ABS-O            | CORP              | US        |    1375000 | PA      | $1356094.44   | 0.08%             | 2038-07-17      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.000000 06-MAY-2029 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12652000 | OU      | $258073.81    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ROSSINI SARL                                     | Rossini Sarl                                                                     | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |      89945 | PA      | $106967.43    | 0.01%             | 2029-12-31      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Penta CLO S.A.                                   | Penta CLO 17 DAC                                                                 | CUSIP: 000000000<br>LEI: 254900P6EQ7DE06DX267 | Long             | ABS-CBDO         | CORP              | IE        |     253000 | PA      | $299041.82    | 0.02%             | 2038-08-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| CVC Cordatus Opportunity Loan Fund DAC           | CVC Cordatus Opportunity Loan Fund-R DAC                                         | CUSIP: 000000000<br>LEI: 635400C8SJP8XE4FXA57 | Long             | ABS-CBDO         | CORP              | IE        |     700000 | PA      | $823006.33    | 0.05%             | 2033-08-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 6.262000 20-MAR-2029 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   31937982 | OU      | $7449.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |          1 | NC      | $16210.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                     | Thermo Fisher Scientific Inc                                                     | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       5205 | NS      | $2524529.10   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                          | INEOS Quattro Finance 2 Plc                                                      | CUSIP: 000000000<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |     178000 | PA      | $195853.35    | 0.01%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp                            | Costco Wholesale Corp                                                            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      20100 | NS      | $18605163.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TEVA PHARM FNC NL II                             | Teva Pharmaceutical Finance Netherlands II BV                                    | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |     261000 | PA      | $309108.46    | 0.02%             | 2031-06-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| HNG HOSPITALITY OFFSHORE LP                      | HNG HOSPITALITY OFFSHORE LP                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    2660000 | NS      | $1915200.00   | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                         | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     200000 | PA      | $210280.96    | 0.01%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| XYLEM INC                                        | Xylem Inc/NY                                                                     | CUSIP: 98419MAL4<br>LEI: 549300DF5MV96DRYLQ48 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2695030.35   | 0.16%             | 2031-01-30      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |          1 | NC      | $-14759.49    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JAZZ SECURITIES DAC                              | Jazz Securities DAC                                                              | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |     200000 | PA      | $194847.26    | 0.01%             | 2029-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                              | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     111000 | PA      | $137286.55    | 0.01%             | 2031-07-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-969.42      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                               | Vodafone Group PLC                                                               | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     160000 | PA      | $149678.99    | 0.01%             | 2081-06-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | CITIGROUP INC                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        128 | NC      | $41280.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Velocity Commercial Capital Loan Trust           | Velocity Commercial Capital Loan Trust 2021-4                                    | CUSIP: 92258DAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2258143 | PA      | $1862206.02   | 0.11%             | 2051-12-26      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2022-SFR1                                    | CUSIP: 64831KAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3000000 | PA      | $2936670.60   | 0.18%             | 2039-02-17      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Aurium CLO                                       | Aurium Clo XIII DAC                                                              | CUSIP: 000000000<br>LEI: 635400NUJFLZMWBUGF89 | Long             | ABS-CBDO         | CORP              | IE        |     160000 | PA      | $187398.09    | 0.01%             | 2038-04-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                            | Uber Technologies Inc                                                            | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      21274 | NS      | $2084213.78   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Carval CLO LTD                                   | CarVal CLO VC Ltd                                                                | CUSIP: 14687LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250564.90    | 0.02%             | 2034-10-15      | Floating      | 11.33%                | No            |                  2 | On Loan: No      |
| Avoca CLO                                        | Avoca CLO XVIII DAC                                                              | CUSIP: 000000000<br>LEI: 549300K6K5XESJRIKM24 | Long             | ABS-CBDO         | CORP              | IE        |     170000 | PA      | $200715.77    | 0.01%             | 2038-01-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                  | Sealed Air Corp                                                                  | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99442.06     | 0.01%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | APOLLO GLOBAL MANAGEMENT INC                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-412.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HBX GROUP INTERNATIONAL PLC                      | HBX Group International PLC EUR Term Loan B                                      | CUSIP: 000000000<br>LEI: 984500745985CA77CS69 | Long             | LON              | CORP              | GB        |    1010869 | PA      | $1188294.94   | 0.07%             | 2032-02-13      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-833.60      | -0.00%            |  |  |  | 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        |        973 | NS      | $22135.75     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Arbour CLO                                       | Arbour CLO VI DAC                                                                | CUSIP: 000000000<br>LEI: 635400HEJB8VLV1GBH66 | Long             | ABS-CBDO         | CORP              | IE        |     300000 | PA      | $354195.04    | 0.02%             | 2037-11-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                | Xerox Corp                                                                       | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     672000 | PA      | $682641.79    | 0.04%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| WOLFSPEED INC                                    | Wolfspeed Inc                                                                    | CUSIP: 225447AD3<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |      50000 | PA      | $22500.00     | 0.00%             | 2026-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     145000 | PA      | $147570.13    | 0.01%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | FREEPORT-MCMORAN INC                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -100 | NC      | $-20450.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | WELLS FARGO + CO                                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        219 | NC      | $43690.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ECHOSTAR CORP                                    | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     100000 | PA      | $110017.00    | 0.01%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                          | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | US        |     204000 | PA      | $250266.31    | 0.02%             | 2032-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                                 | Maxam Prill Sarl                                                                 | CUSIP: 000000000<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |     326000 | PA      | $388564.45    | 0.02%             | 2030-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                   | Sabre GLBL Inc                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    1197000 | PA      | $1156779.41   | 0.07%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                              | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     139000 | PA      | $125973.24    | 0.01%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD SEK                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $10175.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUCE FINCO                                      | Deuce Finco PLC                                                                  | CUSIP: 000000000<br>LEI: 9845007DA2BC863E8437 | Long             | DBT              | CORP              | GB        |     337000 | PA      | $452385.33    | 0.03%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                          | Asbury Automotive Group Inc                                                      | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96023.24     | 0.01%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                             | TRSWAP: LQD US EQUITY                                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    5878418 | OU      | $-8835.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STAGE ENTERTAINMENT BV                           | Stage Entertainment BV 2024 EUR Term Loan B                                      | CUSIP: 000000000<br>LEI: 213800LK9D4ZNEX9VB03 | Long             | LON              | CORP              | NL        |    1000000 | PA      | $1182492.09   | 0.07%             | 2029-06-02      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Texas Debt Capital Euro CLO DAC                  | Texas Debt Capital Euro CLO 2025-I DAC                                           | CUSIP: 000000000<br>LEI: 6354005CUY8PX5XJT459 | Long             | ABS-CBDO         | CORP              | IE        |     350000 | PA      | $415820.19    | 0.03%             | 2039-04-16      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                       | Progress Residential 2022-SFR3 Trust                                             | CUSIP: 74331UAJ7<br>LEI: 5493002EEQ4GX2578787 | Long             | ABS-O            | CORP              | US        |    2700000 | PA      | $2683476.81   | 0.16%             | 2039-04-17      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97997.28     | 0.01%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                  | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     123000 | PA      | $124885.10    | 0.01%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                | Iron Mountain Inc                                                                | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     231000 | PA      | $228451.30    | 0.01%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc                            | Micron Technology Inc                                                            | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      61251 | NS      | $10248517.32  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                         | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAK0<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $199663.40    | 0.01%             | 2028-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                           | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAG4<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |     200000 | PA      | $205177.60    | 0.01%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -55 | NC      | $-85937.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS INC                                     | US Foods Inc                                                                     | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |      65000 | PA      | $66992.38     | 0.00%             | 2028-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AVIV GROUP GMBH                                  | Aviv Group GmbH EUR Term Loan B                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | DE        |    1146496 | PA      | $1354457.17   | 0.08%             | 2032-04-23      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | APPLE INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -197 | NC      | $-436847.50   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| PITNEY BOWES INC                                 | Pitney Bowes Inc                                                                 | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    1071000 | PA      | $1070151.77   | 0.06%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                    | Citigroup Inc                                                                    | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     175998 | NS      | $17863797.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI INC                                          | ATI Inc                                                                          | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     220000 | PA      | $230930.70    | 0.01%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | PURCHASED USD / SOLD JPY                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | US        |          1 | NC      | $-367.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HEALTHPEAK OP LLC                                | Healthpeak OP LLC                                                                | CUSIP: 42250PAE3<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              |  | US        |    3000000 | PA      | $3084935.61   | 0.19%             | 2032-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                    | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |     150000 | PA      | $143611.02    | 0.01%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp                                                                   | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     250000 | PA      | $236312.63    | 0.01%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 2YR NOTE (CBT) DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        253 | NC      | $-60567.53    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CORNERSTONE BUILDING                             | Cornerstone Building Brands Inc                                                  | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |     218000 | PA      | $211817.52    | 0.01%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                           | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102724.30    | 0.01%             | 2030-04-15      | Fixed         | 8.75%                 | 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        |        672 | NS      | $15288.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD DKK                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-22352.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.790000 29-MAR-2029 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   17015480 | OU      | $194448.89    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                          | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              |  | US        |     233000 | PA      | $228167.51    | 0.01%             | 2028-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QCL8<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    2650000 | PA      | $2663931.39   | 0.16%             | 2033-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US ULTRA BOND CBT DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         60 | NC      | $-23286.86    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                         | Huntsman International LLC                                                       | CUSIP: 44701QBF8<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |     100000 | PA      | $84373.21     | 0.01%             | 2031-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                             | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAA0<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101212.30    | 0.01%             | 2027-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | WALT DISNEY CO/THE                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -65 | NC      | $-6597.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.450000 09-APR-2026 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7989757 | OU      | $25578.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: EUR 2.900000 30-APR-2029 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    8865168 | OU      | $251582.41    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SECTOR ALARM HOLDING AS                          | Sector Alarm Holding AS 2025 EUR Term Loan B                                     | CUSIP: 000000000<br>LEI: 549300YUOBFVB7TE8510 | Long             | LON              | CORP              | NO        |     406916 | PA      | $479803.84    | 0.03%             | 2029-06-14      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100930.90    | 0.01%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                         | iHeartCommunications Inc                                                         | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     182000 | PA      | $150640.34    | 0.01%             | 2030-08-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                              | Cheniere Energy Inc                                                              | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       1540 | NS      | $361869.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KLEOPATRA FINCO SARL                             | Kleopatra Finco Sarl                                                             | CUSIP: 000000000<br>LEI: 222100M6T1N8VIC8M726 | Long             | DBT              | CORP              | LU        |     416000 | PA      | $274929.50    | 0.02%             | 2026-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $463.89       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                              | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96444.40     | 0.01%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALEXANDRITE LAKE LUX HOL                         | Alexandrite Lake Lux Holdings Sarl                                               | CUSIP: 000000000<br>LEI: 213800RY78YHYF5J8L55 | Long             | DBT              | CORP              | LU        |     403000 | PA      | $484033.69    | 0.03%             | 2030-07-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                              | Somnigroup International Inc                                                     | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     100000 | PA      | $91587.27     | 0.01%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.350000 22-JUL-2026 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    5618639 | OU      | $26930.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.000000 03-NOV-2053 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2576915 | OU      | $9431.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | CITIGROUP INC                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -78 | NC      | $-4446.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CAP HILL BRANDS PREF EQUITY                      | CAP HILL BRANDS PREF EQUITY                                                      | CUSIP: 000000000<br>LEI: U246OE781574J2BUD366 | Long             | EP               | CORP              | US        |    1088268 | NS      | $10.88        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NISSAN MOTOR CO                                  | Nissan Motor Co Ltd                                                              | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $188416.98    | 0.01%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| CENTRICA PLC                                     | Centrica PLC                                                                     | CUSIP: 000000000<br>LEI: E26EDV109X6EEPBKVH76 | Long             | DBT              | CORP              | GB        |     505000 | PA      | $695304.62    | 0.04%             | 2055-05-21      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                            | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |      71000 | PA      | $71028.12     | 0.00%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| OCEANA A 4YR NOTE UPSIZE                         | OCEANA A 4YR NOTE UPSIZE                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    3541000 | PA      | $2381271.71   | 0.14%             | 2028-07-31      | Fixed         | 10.50%                | No            |                  3 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.400000 31-OCT-2028 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    6490250 | OU      | $195866.98    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                    | Schaeffler AG                                                                    | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $119328.98    | 0.01%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VOLATO GROUP INC                                 | VOLATO GROUP INC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      41409 | NS      | $414.09       | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| VERISURE HOLDING AB                              | Verisure Holding AB                                                              | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |     515200 | PA      | $620416.59    | 0.04%             | 2027-10-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                 | Deutsche Bank AG                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     800000 | PA      | $925339.77    | 0.06%             | 2027-10-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                         | Virgin Media Secured Finance PLC                                                 | CUSIP: 000000000<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |     292000 | PA      | $364214.03    | 0.02%             | 2030-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                              | Avantor Funding Inc                                                              | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     135000 | PA      | $128380.29    | 0.01%             | 2029-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MICRON TECHNOLOGY INC                                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -14 | NC      | $-37485.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| XPO INC                                          | XPO Inc                                                                          | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |      37000 | PA      | $38858.62     | 0.00%             | 2032-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| GLOBAL SWITCH FINANCE                            | Global Switch Finance BV                                                         | CUSIP: 000000000<br>LEI: 635400GVJAKOJNEUMF33 | Long             | DBT              | CORP              | NL        |     224000 | PA      | $248398.91    | 0.02%             | 2030-10-07      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | CITIGROUP INC                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -128 | NC      | $-15488.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                         | Olympus Water US Holding Corp                                                    | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     258000 | PA      | $261553.95    | 0.02%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| iShares China Large-Cap ETF                      | iShares China Large-Cap ETF                                                      | CUSIP: 464287184<br>LEI: 5493001YVWPO25CNKN94 | Long             | EC               | RF                | US        |      91382 | NS      | $3759455.48   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | LIVE NATION ENTERTAINMENT INC                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -17 | NC      | $-3357.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                              | Societe Generale SA                                                              | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |      12293 | NS      | $818422.52    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | IN        |          1 | NC      | $-6911.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PG&E CORP                                        | PG&E Corp                                                                        | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     326000 | PA      | $334916.12    | 0.02%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                   | Apidos CLO XXXVI                                                                 | CUSIP: 03769LAE8<br>LEI: 549300NWD6NYUKJT1J26 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250655.03    | 0.02%             | 2034-07-20      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Verifone Systems Inc                             | Verifone Systems Inc 2025 Term Loan                                              | CUSIP: 000000000<br>LEI: 254900LTTVM8MM9RKV75 | Long             | LON              | CORP              | US        |    1858301 | PA      | $1794542.44   | 0.11%             | 2028-08-18      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | APPLE INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         45 | NC      | $58387.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | EURO-BOBL FUTURE DEC25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        154 | NC      | $5248.73      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORP                                  | Fair Isaac Corp                                                                  | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     177000 | PA      | $172140.25    | 0.01%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Medtronic PLC                                    | Medtronic PLC                                                                    | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      98129 | NS      | $9345805.96   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                         | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $242310.70    | 0.01%             | 2029-09-17      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                 | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      41000 | PA      | $43203.75     | 0.00%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                  | CVS Health Corp                                                                  | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      72000 | PA      | $75581.49     | 0.00%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                              | Prestige Brands Inc                                                              | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99183.23     | 0.01%             | 2028-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| OEG FINANCE PLC                                  | OEG Finance PLC                                                                  | CUSIP: 000000000<br>LEI: 254900KMBHWF9UK63G44 | Long             | DBT              | CORP              | GB        |     290000 | PA      | $355856.72    | 0.02%             | 2029-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROSSINI SARL                                     | Rossini Sarl                                                                     | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |     149000 | PA      | $184552.69    | 0.01%             | 2029-12-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                         | Focus Financial Partners LLC                                                     | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |      83000 | PA      | $85001.79     | 0.01%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | TESLA INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         40 | NC      | $348400.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                           | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     170000 | PA      | $180328.07    | 0.01%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                            | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     420000 | PA      | $419383.44    | 0.03%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                      | McAfee Corp                                                                      | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |     313000 | PA      | $290336.11    | 0.02%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                       | Advanced Micro Devices Inc                                                       | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       2700 | NS      | $436833.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Holdings Corp                              | Xerox Holdings Corp 2023 Term Loan B                                             | CUSIP: 98415LAY2<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | LON              | CORP              | US        |      40000 | PA      | $37050.00     | 0.00%             | 2029-11-19      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                             | Kaiser Aluminum Corp                                                             | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      61000 | PA      | $57494.35     | 0.00%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                      | Chemours Co/The                                                                  | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     116000 | PA      | $115381.07    | 0.01%             | 2033-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                          | Atos SE                                                                          | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |     250229 | PA      | $151672.89    | 0.01%             | 2032-12-18      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| ADLER FINANCING SARL                             | Adler Financing Sarl                                                             | CUSIP: 000000000<br>LEI: 213800BAQB59IVKP7S93 | Long             | DBT              | CORP              | LU        |     796322 | PA      | $995144.90    | 0.06%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | TESLA INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -25 | NC      | $-89562.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| QXO BUILDING PRODUCTS                            | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77654.71     | 0.00%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $11093.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hydrofarm Holdings LLC                           | Hydrofarm Holdings LLC 2021 Term Loan                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1037392 | PA      | $850661.40    | 0.05%             | 2028-10-25      | Floating      | 10.07%                | No            |                  3 | On Loan: No      |
| Elmwood CLO I Ltd.                               | Elmwood CLO I Ltd                                                                | CUSIP: 290015AW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251258.75    | 0.02%             | 2037-04-20      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.137500 12-MAY-2033                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    6700642 | OU      | $-140824.09   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ID        |          1 | NC      | $-11871.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MNTN INC                                         | MNTN INC                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      53954 | NS      | $1000846.70   | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                              | NOVA Chemicals Corp                                                              | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     106000 | PA      | $102584.68    | 0.01%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                              | DENTSPLY SIRONA Inc                                                              | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     118000 | PA      | $121614.93    | 0.01%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ENI SPA                                          | Eni SpA                                                                          | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |     225000 | PA      | $268499.83    | 0.02%             | 2034-01-21      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                           | Lumen Technologies Inc                                                           | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |      29588 | NS      | $181078.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     399000 | PA      | $410788.46    | 0.02%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |          1 | NC      | $-158716.88   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: EUR 2.870000 11-JUN-2029 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    6518851 | OU      | $175307.14    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HomeVi S.a.S.                                    | HomeVi SaS 2025 EUR Term Loan B                                                  | CUSIP: 000000000<br>LEI: 9695001URJB6VUATPK20 | Long             | LON              | CORP              | FR        |    1000000 | PA      | $1176539.65   | 0.07%             | 2029-10-31      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                             | 5Y RTR 3.100000 18-NOV-2025                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |  -12010000 | OU      | $-18322.34    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LESSEN HOLDINGS INC PREF                         | LESSEN HOLDINGS INC PREF                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      24168 | NS      | $12084.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                         | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     292000 | PA      | $358723.53    | 0.02%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | TRANE TECHNOLOGIES PLC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |         -3 | NC      | $-405.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MAYA SAS/FRANCE                                  | Maya SAS/Paris France                                                            | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     232000 | PA      | $248818.38    | 0.02%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                                     | Enbridge Inc                                                                     | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |      22000 | NS      | $1109880.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | AMAZON.COM INC                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -60 | NC      | $-15900.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LESSEN INC                                       | LESSEN INC                                                                       | CUSIP: 527083AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1927376 | PA      | $1792459.68   | 0.11%             | 2028-01-05      | Variable      | 12.81%                | No            |                  3 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Corp Trust 2021-DM                                        | CUSIP: 36265AAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2150000 | PA      | $2132271.96   | 0.13%             | 2036-11-15      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                   | NRG Energy Inc                                                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       5008 | NS      | $811045.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                         | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     104000 | PA      | $102570.41    | 0.01%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                        | Alibaba Group Holding Ltd                                                        | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |       1170 | NS      | $209114.10    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Chicago Mercantile Exchange                      | SWP: OIS 3.65000 03-NOV-2053 SOF                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2576915 | OU      | $152540.85    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                               | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     235000 | PA      | $244914.06    | 0.01%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |      40000 | PA      | $41842.32     | 0.00%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Boston Scientific Corp                           | Boston Scientific Corp                                                           | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     282038 | NS      | $27535369.94  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| COREWEAVE INC                                    | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     209000 | PA      | $215853.95    | 0.01%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| INTRUM INV AND FIN                               | Intrum Investments And Financing AB                                              | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |     118277 | PA      | $122580.62    | 0.01%             | 2028-09-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MCKESSON CORP                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-1100.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Arcano Euro CLO                                  | Arcano Euro Clo II DAC                                                           | CUSIP: 000000000<br>LEI: 635400HGPOTPFZDKOF20 | Long             | ABS-CBDO         | CORP              | IE        |     160000 | PA      | $189549.45    | 0.01%             | 2039-07-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Lam Research Corp                                | Lam Research Corp                                                                | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       6049 | NS      | $809961.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                      | TRSWAP: LQD US EQUITY                                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    7530717 | OU      | $-11677.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                         | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     100000 | PA      | $94623.07     | 0.01%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                          | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              |  | US        |     594000 | PA      | $625600.80    | 0.04%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                   | CarVal CLO VC Ltd                                                                | CUSIP: 14687MAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250764.60    | 0.02%             | 2034-10-15      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                | INEOS Finance PLC                                                                | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     393000 | PA      | $456931.70    | 0.03%             | 2029-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                              | LBM Acquisition LLC                                                              | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |      94000 | PA      | $87008.73     | 0.01%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | UNITED AIRLINES HOLDINGS INC                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -638 | NC      | $-97295.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | AMAZON.COM INC                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -60 | NC      | $-15960.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VONOVIA SE                                       | Vonovia SE                                                                       | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | DBT              | CORP              | DE        |     200000 | PA      | $235527.70    | 0.01%             | 2032-05-20      | Fixed         | 0.88%                 | No            |                  1 | On Loan: No      |
| VIRGIN MEDIA O2 V DAC                            | Virgin Media O2 Vendor Financing Notes V DAC                                     | CUSIP: 000000000<br>LEI: 635400ASSEVCXAPVGC36 | Long             | DBT              | CORP              | IE        |     617000 | PA      | $857593.72    | 0.05%             | 2032-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0526A5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   32500000 | PA      | $32767734.03  | 1.99%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.987300 03-NOV-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4727900 | OU      | $58029.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | TESLA INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -2 | NC      | $-6220.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CALPINE CORP                                     | Calpine Corp                                                                     | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99578.14     | 0.01%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                      | Gap Inc/The                                                                      | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |      78000 | PA      | $70871.71     | 0.00%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OCADO GROUP PLC                                  | Ocado Group PLC                                                                  | CUSIP: 000000000<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |     146000 | PA      | $197277.72    | 0.01%             | 2030-06-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | DR HORTON INC                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         32 | NC      | $23840.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                 | Novo Nordisk A/S                                                                 | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      74568 | NS      | $4152067.31   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Toll Brothers Inc                                | Toll Brothers Inc                                                                | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |       4174 | NS      | $576596.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| XEROX HOLDINGS CORP                              | Xerox Holdings Corp                                                              | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |      44000 | PA      | $23771.06     | 0.00%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     386000 | PA      | $397746.91    | 0.02%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                      | 5Y RTR 3.100000 14-NOV-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   -9625000 | OU      | $-13156.89    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                            | Mineral Resources Ltd                                                            | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      57000 | PA      | $58099.76     | 0.00%             | 2027-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                                                          | CUSIP: 135087S47<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    2226000 | PA      | $1603529.34   | 0.10%             | 2030-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| DOLCETTO HOLDCO SPA                              | Dolcetto Holdco SpA                                                              | CUSIP: 000000000<br>LEI: 81560029E819F2CE4A42 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $118339.52    | 0.01%             | 2032-07-14      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| BRIGHT MACHINES SERIES C                         | BRIGHT MACHINES SERIES C                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     472895 | NS      | $132410.60    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                          | Iron Mountain Information Management Services Inc                                | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     100000 | PA      | $96354.09     | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                          | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAD2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |    1250000 | PA      | $1305806.25   | 0.08%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Jubilee CDO BV                                   | Jubilee CLO 2024-XXIX DAC                                                        | CUSIP: 000000000<br>LEI: 635400VFSWKTVSOVPY94 | Long             | ABS-CBDO         | CORP              | IE        |     370000 | PA      | $438935.99    | 0.03%             | 2039-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                              | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      98000 | PA      | $91915.14     | 0.01%             | 2030-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                | Clarios Global LP 2025 EUR Term Loan B                                           | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    1000000 | PA      | $1178723.38   | 0.07%             | 2032-01-28      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | UNITED AIRLINES HOLDINGS INC                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        319 | NC      | $181830.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BCPE FLAVOR DEBT/ISSUER                          | BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc                       | CUSIP: 072933AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     158000 | PA      | $165366.47    | 0.01%             | 2032-07-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-SCHATZ FUT DEC25                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         38 | NC      | $-4944.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                         | RELX PLC                                                                         | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     259440 | NS      | $12395732.31  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | AUTODESK INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -6 | NC      | $-4740.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Funds III                              | BlackRock Cash Funds: Institutional, SL Agency Shares                            | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |    2330477 | NS      | $2331641.84   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | CRH PLC                                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |        -34 | NC      | $-46920.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                      | Equinor ASA                                                                      | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |      24000 | NS      | $585120.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| SMYRNA READY MIX CONCRET                         | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     193000 | PA      | $203796.95    | 0.01%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: USD 3.995900 26-JAN-2028 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   11825105 | OU      | $164683.01    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                           | Telecom Italia Capital SA                                                        | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      78000 | PA      | $86407.79     | 0.01%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                         | Northern States Power Co/MN                                                      | CUSIP: 665772CR8<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    1225000 | PA      | $822281.35    | 0.05%             | 2050-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                                 | Sensata Technologies Inc                                                         | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     120000 | PA      | $115818.72    | 0.01%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                          | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAE0<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |     350000 | PA      | $368991.35    | 0.02%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MICROSOFT CORP                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -105 | NC      | $-52762.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| INTRUM INV AND FIN                               | Intrum Investments And Financing AB                                              | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |      85774 | PA      | $88175.15     | 0.01%             | 2029-09-11      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                     | Calpine Corp                                                                     | CUSIP: 131347CR5<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |      89000 | PA      | $84765.50     | 0.01%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                             | BCP V Modular Services Finance II PLC                                            | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |     606000 | PA      | $760878.77    | 0.05%             | 2028-11-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                     | US Foods Inc                                                                     | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98504.59     | 0.01%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SONDER WARRANTS 5 YR                             | SONDER WARRANTS 5 YR                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     155888 | NS      | $85738.53     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| SYNCHRONY FINANCIAL                              | Synchrony Financial                                                              | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     100000 | PA      | $106709.44    | 0.01%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | APPLE INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -54 | NC      | $-83295.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| STENA INTERNATIONAL SA                           | Stena International SA                                                           | CUSIP: 85858EAE3<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $205999.40    | 0.01%             | 2031-02-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                   | Microsoft Corp                                                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     134059 | NS      | $69435859.05  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | WALT DISNEY CO/THE                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -19 | NC      | $-475.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL               | 2Y RTR 2.850000 22-DEC-2025                                                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  -54780000 | OU      | $-36624.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                    | Nordstrom Inc                                                                    | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90833.78     | 0.01%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                         | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAK2<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99542.44     | 0.01%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                         | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $102540.47    | 0.01%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ITELYUM REGENERATION SPA                         | Itelyum Regeneration Spa                                                         | CUSIP: 000000000<br>LEI: 815600051FBC23AA8A45 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $119447.14    | 0.01%             | 2030-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                          | United Rentals North America Inc                                                 | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     145000 | PA      | $144557.37    | 0.01%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                         | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $175209.80    | 0.01%             | 2031-04-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                               | Vertiv Holdings Co                                                               | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |       7240 | NS      | $1092226.40   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Commonwealth of Puerto Rico                      | PUERTO RICO CMWLTH                                                               | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    4218269 | PA      | $2477084.04   | 0.15%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BROADCOM INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         83 | NC      | $176997.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                          | Alcoa Nederland Holding BV                                                       | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $193399.06    | 0.01%             | 2029-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Aurium CLO                                       | Aurium CLO VII DAC                                                               | CUSIP: 000000000<br>LEI: 549300V2IBKMYWMKX423 | Long             | ABS-CBDO         | CORP              | IE        |     110000 | PA      | $130646.85    | 0.01%             | 2038-10-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | TESLA INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -10 | NC      | $-44625.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.500000 20-AUG-2028 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   11415724 | OU      | $36405.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 4.198500 23-OCT-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4949000 | OU      | $79690.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.250130 15-DEC-2028 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   21108486 | OU      | $18467.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                               | SWP: OIS 12.945000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    6345772 | OU      | $-13327.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERGE COMMON EQ                                  | VERGE COMMON EQ                                                                  | CUSIP: 000000000<br>LEI: 549300Y1L2KQEZ7TU221 | Long             | EC               | CORP              | US        |     317866 | NS      | $60394.54     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RINGCENTRAL INC                                  | RingCentral Inc                                                                  | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |    1115000 | PA      | $1186396.80   | 0.07%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AMBER FINCO PLC                                  | Amber Finco PLC                                                                  | CUSIP: 000000000<br>LEI: 9845004C0870D380O790 | Long             | DBT              | CORP              | GB        |     586000 | PA      | $723119.25    | 0.04%             | 2029-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| INTRUM INV AND FIN                               | Intrum Investments And Financing AB                                              | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |      70427 | PA      | $71985.87     | 0.00%             | 2030-09-11      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                         | Aston Martin Capital Holdings Ltd                                                | CUSIP: 000000000<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |     296000 | PA      | $387078.92    | 0.02%             | 2029-03-31      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| BLOCK INC                                        | Block Inc                                                                        | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     102000 | PA      | $100659.98    | 0.01%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | NASDAQ 100 E-MINI DEC25                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         95 | NC      | $667951.63    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INC                                | Iron Mountain Inc                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     145000 | PA      | $149427.00    | 0.01%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Stryker Corp                                     | Stryker Corp                                                                     | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      31261 | NS      | $11556253.87  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| STAR PARENT INC                                  | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |     204000 | PA      | $215667.37    | 0.01%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Trane Technologies PLC                           | Trane Technologies PLC                                                           | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      41849 | NS      | $17658604.04  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | TESLA INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-22162.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PARK INTERMED HOLDINGS                           | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              |  | US        |     100000 | PA      | $97499.66     | 0.01%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IFCO MANAGEMENT GMBH                             | IFCO Management GmbH 2024 EUR 1st Lien Term Loan B                               | CUSIP: 000000000<br>LEI: 529900W6COKZG9FWRZ51 | Long             | LON              | CORP              | DE        |    1000000 | PA      | $1177819.37   | 0.07%             | 2029-11-29      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |          1 | NC      | $-2065.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PARTS EUROPE SA                                  | PARTS EUROPE SA 2025 EUR REPRICED TERM LOAN B                                    | CUSIP: 000000000<br>LEI: 969500DL3O9K7T2M4M15 | Long             | LON              | CORP              | FR        |    1000000 | PA      | $1177537.59   | 0.07%             | 2031-02-03      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                        | Ball Corp                                                                        | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |      86000 | PA      | $88033.47     | 0.01%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                      | NVIDIA Corp                                                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     386874 | NS      | $72182950.92  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| IHO VERWALTUNGS GMBH                             | IHO Verwaltungs GmbH                                                             | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     250000 | PA      | $317713.20    | 0.02%             | 2031-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.050000 18-APR-2026 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12579481 | OU      | $-7214.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | APPLE INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -23 | NC      | $-11270.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FORTESCUE TREASURY PTY L                         | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     100000 | PA      | $103335.30    | 0.01%             | 2032-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                   | Eli Lilly & Co                                                                   | CUSIP: 532457CM8<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    2640000 | PA      | $2497712.34   | 0.15%             | 2054-02-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | CAMECO CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |        -19 | NC      | $-5405.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MAUSER PACKAGING SOLUT                           | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     748000 | PA      | $749711.42    | 0.05%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | BR        |          1 | NC      | $76850.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AROUNDTOWN FINANCE SARL                          | Aroundtown Finance Sarl                                                          | CUSIP: 000000000<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |     274000 | PA      | $339226.19    | 0.02%             | 2030-01-16      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.670000 26-DEC-2034 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7165089 | OU      | $-15356.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                            | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |      57000 | PA      | $52628.86     | 0.00%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                         | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      81000 | PA      | $81694.74     | 0.00%             | 2033-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                 | Lamar Media Corp                                                                 | CUSIP: 513075BR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $97220.03     | 0.01%             | 2028-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                    | MHC Commercial Mortgage Trust 2021-MHC                                           | CUSIP: 55316VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     810400 | PA      | $810906.51    | 0.05%             | 2038-04-15      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| DEMIRE REAL ESTATE AG                            | DEMIRE Deutsche Mittelstand Real Estate AG                                       | CUSIP: 000000000<br>LEI: 391200FHEFGXUKL2BO93 | Long             | DBT              | CORP              | DE        |     440379 | PA      | $486324.76    | 0.03%             | 2027-12-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MICRON TECHNOLOGY INC                                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-5662.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.000000 18-APR-2029 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12579481 | OU      | $250212.40    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rockford Tower Europe CLO                        | Rockford Tower Europe Clo 2025-1 DAC                                             | CUSIP: 000000000<br>LEI: 635400NARJYDXJRPGF02 | Long             | ABS-CBDO         | CORP              | IE        |     290000 | PA      | $342456.63    | 0.02%             | 2037-10-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED DKK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | DK        |          1 | NC      | $1234.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -22 | NC      | $-3443.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.052000 09-APR-2029 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7989757 | OU      | $172298.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD KRW                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $28538.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | NVIDIA CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -194 | NC      | $-86330.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Median B V                                       | Median B V 2021 EUR Term Loan B1                                                 | CUSIP: 000000000<br>LEI: 724500RPUQI0L3Z5NX16 | Long             | LON              | CORP              | NL        |     981818 | PA      | $1153061.41   | 0.07%             | 2027-10-14      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                     | Alphabet Inc                                                                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     155868 | NS      | $37961651.40  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CITYCON TREASURY BV                              | Citycon Treasury BV                                                              | CUSIP: 000000000<br>LEI: 549300WAE0CGQ0IE1H63 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $117451.42    | 0.01%             | 2030-03-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: GBP 4.095000 07-NOV-2054 SON                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2400000 | OU      | $-291754.61   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                         | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     202000 | PA      | $246810.71    | 0.01%             | 2032-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | AUST 10Y BOND FUT DEC25                                                          | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         70 | NC      | $-4934.48     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                        | BlackRock Liquidity Funds: T-Fund, Institutional Shares                          | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   40410747 | NS      | $40410747.32  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                           | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100910.10    | 0.01%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KRONOS INTERNATIONAL INC                         | Kronos International Inc                                                         | CUSIP: 000000000<br>LEI: 529900NTVDLUSYY9F493 | Long             | DBT              | CORP              | US        |     100000 | PA      | $123723.85    | 0.01%             | 2029-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                          | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABE7<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |      81000 | PA      | $80951.08     | 0.00%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         26 | NC      | $33865.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimaran CAVU Ltd                                | Trimaran Cavu 2021-2 Ltd                                                         | CUSIP: 89624UAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     550000 | PA      | $552532.04    | 0.03%             | 2034-10-25      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                           | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      92000 | PA      | $97409.32     | 0.01%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        122 | NC      | $192760.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE INC                              | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     104000 | PA      | $106810.86    | 0.01%             | 2030-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                | Ineos Finance PLC 2024 EUR 1st Lien Term Loan B                                  | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | LON              | CORP              | GB        |    1000000 | PA      | $1097373.41   | 0.07%             | 2031-06-23      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| BERTRAND FRANCHISE                               | Bertrand Franchise Finance SAS                                                   | CUSIP: 000000000<br>LEI: 969500HGPPEHSTNJFW57 | Long             | DBT              | CORP              | FR        |     337000 | PA      | $378298.69    | 0.02%             | 2030-07-18      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP                  | CUSIP: 466317AQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1729967 | PA      | $1634959.49   | 0.10%             | 2037-04-15      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                      | 30Y RTR 3.150000 26-NOV-2025                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   -5770000 | OU      | $-2287.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                         | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              |  | US        |     200000 | PA      | $205618.07    | 0.01%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ASML HOLDING NV                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | NL        |         20 | NC      | $271600.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | CAPITAL ONE FINANCIAL CORP                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -30 | NC      | $-7650.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      46000 | PA      | $47587.92     | 0.00%             | 2031-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                       | Progress Residential 2021-SFR11 Trust                                            | CUSIP: 74333XAQ3<br>LEI: 5493002EEQ4GX2578787 | Long             | ABS-O            | CORP              | US        |    3000000 | PA      | $2890646.10   | 0.18%             | 2039-01-17      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| PCF GMBH                                         | PCF GmbH                                                                         | CUSIP: 000000000<br>LEI: 5299001ZMR76CCHGY076 | Long             | DBT              | CORP              | DE        |     101000 | PA      | $91542.14     | 0.01%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | NETFLIX INC                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -2 | NC      | $-2780.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $13663.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                         | British Telecommunications PLC                                                   | CUSIP: 11102AAG6<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     380000 | PA      | $364489.20    | 0.02%             | 2081-11-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                             | SWAP/CDSWAP/SCDS: (ETLFP)                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | DE        |      95000 | OU      | $12807.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS INC                         | Team Health Holdings Inc                                                         | CUSIP: 87817AAB3<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |     200000 | PA      | $216000.00    | 0.01%             | 2028-06-30      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BROADCOM INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -14 | NC      | $-20685.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                               | Walt Disney Co/The                                                               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      75443 | NS      | $8638223.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0426A6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   76345000 | PA      | $74043797.56  | 4.49%             | 2055-10-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                            | Encompass Health Corp                                                            | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97298.71     | 0.01%             | 2031-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                                                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    8000000 | PA      | $9350984.79   | 0.57%             | 2035-10-31      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Linde PLC                                        | Linde PLC                                                                        | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |      16945 | NS      | $8048875.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.952300 03-NOV-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2363950 | OU      | $27426.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: USD 3.4459 26-JAN-2028 SOF                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   11825105 | OU      | $-40740.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     100000 | PA      | $91625.00     | 0.01%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                           | Verizon Communications Inc                                                       | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1489196.39   | 0.09%             | 2029-02-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                              | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     153000 | PA      | $147839.97    | 0.01%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      87149 | NS      | $17563137.97  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | CITIGROUP INC                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -50 | NC      | $-33750.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                      | Walmart Inc                                                                      | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     205522 | NS      | $21181097.32  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                         | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     452000 | PA      | $516040.81    | 0.03%             | 2026-08-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 4.072500 03-NOV-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    9541016 | OU      | $132709.93    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                         | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $116524.53    | 0.01%             | 2031-01-06      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Compass Group PLC                                | Compass Group PLC                                                                | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     251482 | NS      | $8571949.06   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.481000 23-JAN-2028                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   13664955 | OU      | $55678.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ServiceTitan Inc                                 | ServiceTitan Inc                                                                 | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      11422 | NS      | $1151680.26   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| LUNE HOLDINGS SARL                               | Lune Holdings Sarl                                                               | CUSIP: 000000000<br>LEI: 54930003WQ56T0558M33 | Long             | DBT              | CORP              | LU        |     315000 | PA      | $114233.15    | 0.01%             | 2028-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                          | Atos SE                                                                          | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |     338831 | PA      | $457640.83    | 0.03%             | 2029-12-18      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                         | Neuberger Berman Loan Advisers CLO 46 Ltd                                        | CUSIP: 64134QAL1<br>LEI: 549300LCOEVXWN75LP18 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249635.05    | 0.02%             | 2037-01-20      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                            | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     112000 | PA      | $117392.80    | 0.01%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust    | JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYAH                   | CUSIP: 46654EAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1767273.60   | 0.11%             | 2038-06-15      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP                             | Ryan Specialty LLC                                                               | CUSIP: 78351MAA0<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |      94000 | PA      | $91075.20     | 0.01%             | 2030-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                              | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     282000 | PA      | $342968.85    | 0.02%             | 2029-01-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 6.337000 20-MAR-2034 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   13127004 | OU      | $4224.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MongoDB Inc                                      | MongoDB Inc                                                                      | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |       2986 | NS      | $926794.68    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FOMENTO ECONOMICO MEX                            | Fomento Economico Mexicano SAB de CV                                             | CUSIP: 000000000<br>LEI: 549300A8MDWDJNMLV153 | Long             | DBT              | CORP              | MX        |     500000 | PA      | $586066.54    | 0.04%             | 2026-02-24      | Fixed         | 2.63%                 | No            |                  1 | On Loan: No      |
| REWORLD HOLDING CORP                             | Reworld Holding Corp                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |     100000 | PA      | $94046.77     | 0.01%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                   | Commerzbank AG                                                                   | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |     200000 | PA      | $232462.03    | 0.01%             | 2027-10-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | HILTON WORLDWIDE HOLDINGS INC                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -7 | NC      | $-420.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RMF Buyout Issuance Trust                        | RMF Buyout Issuance Trust 2021-HB1                                               | CUSIP: 74969TAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3500000 | PA      | $3325346.15   | 0.20%             | 2031-11-25      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                  | Yum! Brands Inc                                                                  | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     217000 | PA      | $202622.04    | 0.01%             | 2031-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | JPMORGAN CHASE + CO                                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -31 | NC      | $-11625.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BAUSCH & LOMB NL BV/INC                          | Bausch + Lomb Netherlands BV and Bausch & Lomb Inc                               | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | XX        |     100000 | PA      | $118955.52    | 0.01%             | 2031-01-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| HESTIAFLOOR 2                                    | Hestiafloor 2 2025 EUR Term Loan B                                               | CUSIP: 000000000<br>LEI: 969500P2FDMGGWHDLV86 | Long             | LON              | CORP              | FR        |     588235 | PA      | $694865.00    | 0.04%             | 2030-02-27      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | AMAZON.COM INC                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -64 | NC      | $-17664.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                      | SWAP/CDSWAP/SCDS: (EOFP)                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              |  | DE        |     107000 | OU      | $13471.23     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FRONTIER FLORIDA LLC                             | Frontier Florida LLC                                                             | CUSIP: 362333AH9<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |     500000 | PA      | $521650.00    | 0.03%             | 2028-02-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                               | Cellnex Telecom SA                                                               | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |     179638 | NS      | $6222199.22   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                         | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 03523TBF4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    2189000 | PA      | $2824785.11   | 0.17%             | 2039-01-15      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                          | Veolia Environnement SA                                                          | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $117638.23    | 0.01%             | 2032-10-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.299000 23-OCT-2027 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    3402580 | OU      | $-4172.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | NVIDIA CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -41 | NC      | $-28495.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | INTEL CORP                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -290 | NC      | $-38715.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DARLING GLOBAL FINANCE                           | Darling Global Finance BV                                                        | CUSIP: 000000000<br>LEI: 724500R2BQXOR6YG2Y67 | Long             | DBT              | CORP              | NL        |     210000 | PA      | $248924.23    | 0.02%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                   | Whirlpool Corp                                                                   | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |      65000 | PA      | $64866.18     | 0.00%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SPEED MIDCO 3 SARL                               | SPEED MIDCO 3 SARL 2025 EUR TERM LOAN                                            | CUSIP: 000000000<br>LEI: 2549003UA52U0RYFOG67 | Long             | LON              | CORP              | LU        |    1000000 | PA      | $1174050.66   | 0.07%             | 2032-09-23      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                     | ING Groep NV                                                                     | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     300000 | PA      | $317625.00    | 0.02%             | 2034-11-16      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                           | RR Donnelley & Sons Co                                                           | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     278000 | PA      | $277254.27    | 0.02%             | 2029-08-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| GATWICK AIRPORT FINANCE                          | Gatwick Airport Finance PLC                                                      | CUSIP: 000000000<br>LEI: 213800BDRHDHRGTQ1D63 | Long             | DBT              | CORP              | GB        |     245000 | PA      | $327916.55    | 0.02%             | 2026-04-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PROJECT MONTELENA                                | PROJECT MONTELENA                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    3631840 | PA      | $3896410.27   | 0.24%             | 2030-06-20      | Fixed         | 10.25%                | No            |                  3 | On Loan: No      |
| TRIVIUM PACKAGING FIN                            | Trivium Packaging Finance BV                                                     | CUSIP: 000000000<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $123417.72    | 0.01%             | 2030-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                         | Bellis Acquisition Co PLC                                                        | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |     356000 | PA      | $424179.27    | 0.03%             | 2031-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MOTION FINCO SARL                                | Motion Finco Sarl                                                                | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | DBT              | CORP              | LU        |     204000 | PA      | $215755.42    | 0.01%             | 2030-06-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.422000 02-OCT-2028 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  135611000 | OU      | $4041805.37   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                            | Palmer Square CLO 2020-3 Ltd                                                     | CUSIP: 69701RBA4<br>LEI: 549300IUW4WDDDVSMS20 | Long             | ABS-CBDO         | CORP              | JE        |     500000 | PA      | $502235.10    | 0.03%             | 2036-11-15      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     220000 | PA      | $222192.30    | 0.01%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                             | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     100000 | PA      | $110215.70    | 0.01%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING AG                      | Nidda Healthcare Holding AG 2025 EUR Term Loan B                                 | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | LON              | CORP              | DE        |    1439393 | PA      | $1692675.05   | 0.10%             | 2030-02-21      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                          | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $206968.00    | 0.01%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | NVIDIA CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -194 | NC      | $-121250.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101906.60    | 0.01%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ISHARES IBOXX HIGH YIELD COR                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -658 | NC      | $-11844.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| IMA INDUSTRIA MACCHINE                           | IMA Industria Macchine Automatiche SpA                                           | CUSIP: 000000000<br>LEI: 815600D86992FDA7B908 | Long             | DBT              | CORP              | IT        |     411000 | PA      | $487001.71    | 0.03%             | 2029-04-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                 | AMC Networks Inc                                                                 | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     183000 | PA      | $193510.61    | 0.01%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | HILTON WORLDWIDE HOLDINGS INC                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -10 | NC      | $-900.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                         | Virgin Media Secured Finance PLC                                                 | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $188568.14    | 0.01%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SONDER HOLDINGS CLS A LEGENDED                   | SONDER HOLDINGS CLS A LEGENDED                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      15727 | NS      | $19973.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | NVIDIA CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -102 | NC      | $-24939.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CAMELOT RETURN MERGER SU                         | Camelot Return Merger Sub Inc                                                    | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     139000 | PA      | $134483.22    | 0.01%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US LONG BOND(CBT) DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         10 | NC      | $29591.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MFRA Trust                                       | MFA 2022-CHM1 Trust                                                              | CUSIP: 552758AB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3581294.80   | 0.22%             | 2056-09-25      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                     | Barclays Mortgage Loan Trust 2021-NQM1                                           | CUSIP: 06744UAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2047000 | PA      | $1812197.23   | 0.11%             | 2051-09-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BROADCOM INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -26 | NC      | $-39910.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BUBBLES BIDCO SPA                                | Bubbles Bidco SPA                                                                | CUSIP: 000000000<br>LEI: 815600073942740CEB24 | Long             | DBT              | CORP              | IT        |     235000 | PA      | $278022.85    | 0.02%             | 2031-09-30      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| DYNAMO NEWCO II GMBH                             | Dynamo Newco II GmbH                                                             | CUSIP: 000000000<br>LEI: 391200FDSPYB8FKV7F97 | Long             | DBT              | CORP              | DE        |     121000 | PA      | $147297.03    | 0.01%             | 2031-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | SWAP/CDSWAP/ICE: (ITRAXX.XO.42.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    7140747 | OU      | $859820.56    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $7800.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                           | Mosaic Solar Loan Trust 2018-2-GS                                                | CUSIP: 61946LAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     264964 | PA      | $234804.91    | 0.01%             | 2044-02-22      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                   | NIKKEI 225 (OSE) DEC25                                                           | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |         28 | NC      | $283136.48    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                      | 5Y RTP 3.550000 12-DEC-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -12873000 | OU      | $-39888.54    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                               | Howard Hughes Corp/The                                                           | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99605.22     | 0.01%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                            | HUB International Ltd                                                            | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     300000 | PA      | $312401.70    | 0.02%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                         | Allison Transmission Inc                                                         | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |      86000 | PA      | $79454.72     | 0.00%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                           | Mizuho Financial Group Inc                                                       | CUSIP: 60687YBX6<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    2040000 | PA      | $1966653.96   | 0.12%             | 2030-05-22      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| SONA FIOS CLO                                    | Sona Fios Clo III DAC                                                            | CUSIP: 000000000<br>LEI: 635400CQGC8D7FRXGH67 | Long             | ABS-CBDO         | CORP              | IE        |     470000 | PA      | $557687.25    | 0.03%             | 2037-04-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | SWAP/CDSWAP/ICE: (CDX.NA.HY.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    4266000 | OU      | $-346539.62   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | INTUITIVE SURGICAL INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -4 | NC      | $-1960.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | ZA        |          1 | NC      | $25122.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                           | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     354000 | PA      | $367171.07    | 0.02%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                              | NOVA Chemicals Corp                                                              | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     159000 | PA      | $170471.06    | 0.01%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ORACLE CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -457 | NC      | $-571250.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| LITHIA MOTORS INC                                | Lithia Motors Inc                                                                | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |      47000 | PA      | $44632.02     | 0.00%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -26 | NC      | $-6721.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MAUSER PACKAGING SOLUT                           | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     637000 | PA      | $643244.51    | 0.04%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOG                   | SEAGATE DATA STOR                                                                | CUSIP: 81180LAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     100000 | PA      | $105865.80    | 0.01%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VERSA NETWORKS INC                               | VERSA NETWORKS INC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    1584337 | NS      | $9426805.15   | 0.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AIR FRANCE-KLM                                   | Air France-KLM                                                                   | CUSIP: 000000000<br>LEI: 969500AQW31GYO8JZD66 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $239606.42    | 0.01%             | 2030-05-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                            | Freedom Mortgage Corp                                                            | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |      57000 | PA      | $63585.89     | 0.00%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd                               | Viking Cruises Ltd                                                               | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     100000 | PA      | $100038.40    | 0.01%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TJX Cos Inc/The                                  | TJX Cos Inc/The                                                                  | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      32465 | NS      | $4692491.10   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW IMMO HOLDING SA                              | New Immo Holding SA                                                              | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |     300000 | PA      | $356409.03    | 0.02%             | 2028-12-08      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                                    | RCI Banque SA                                                                    | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $238908.04    | 0.01%             | 2037-03-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BANK OF AMERICA CORP                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -44 | NC      | $-1210.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BOOTS GROUP BIDCO LTD                            | BOOTS GROUP BIDCO LTD GBP TERM LOAN B                                            | CUSIP: 000000000<br>LEI: 254900Q2CMXV6QWMW891 | Long             | LON              | CORP              | GB        |    1159420 | PA      | $1570031.35   | 0.10%             | 2032-08-30      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.225000 19-FEB-2030 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    7172772 | OU      | $-94733.30    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                      | Prologis LP                                                                      | CUSIP: 74340XCB5<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |     119000 | PA      | $104746.29    | 0.01%             | 2032-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.660000 10-OCT-2034 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4339253 | OU      | $-19859.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                              | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     100000 | PA      | $124834.45    | 0.01%             | 2033-07-10      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DSV A/S                                          | DSV A/S                                                                          | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      37087 | NS      | $7408889.83   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ISHARES CHINA LARGE-CAP ETF                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -2864 | NC      | $-21480.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo SpA                              | Intesa Sanpaolo SpA                                                              | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    2509747 | NS      | $16612461.83  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                               | Steel Dynamics Inc                                                               | CUSIP: 858119BK5<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    3060000 | PA      | $2946525.87   | 0.18%             | 2030-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                 | Societe Generale SA                                                              | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     289000 | PA      | $302730.97    | 0.02%             | 2029-11-21      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                           | Stena International SA                                                           | CUSIP: 000000000<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     727000 | PA      | $741190.31    | 0.04%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                         | Live Nation Entertainment Inc                                                    | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     137000 | PA      | $133664.98    | 0.01%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PRESTIGEBIDCO GMBH                               | PrestigeBidCo GmbH                                                               | CUSIP: 000000000<br>LEI: 529900CSF1DNOCHMI763 | Long             | DBT              | CORP              | DE        |     242000 | PA      | $285732.37    | 0.02%             | 2029-07-01      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                 | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $188249.26    | 0.01%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                          | Asbury Automotive Group Inc                                                      | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97047.80     | 0.01%             | 2029-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                   | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     119000 | PA      | $103789.21    | 0.01%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                         | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $246538.80    | 0.01%             | 2032-06-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |          1 | NC      | $1370.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TransDigm Group Inc                              | TransDigm Group Inc                                                              | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1885 | NS      | $2484467.70   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                      | Netflix Inc                                                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       7770 | NS      | $9315608.40   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Q-PARK HOLDING I BV                              | Q-Park Holding I BV                                                              | CUSIP: 000000000<br>LEI: 2549003839B7HE3NDP48 | Long             | DBT              | CORP              | NL        |     463000 | PA      | $561466.72    | 0.03%             | 2030-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UKG INC                                          | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |     194000 | PA      | $200175.99    | 0.01%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems Inc                       | Cadence Design Systems Inc                                                       | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      28626 | NS      | $10055168.76  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                         | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     102000 | PA      | $105895.28    | 0.01%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                              | Intesa Sanpaolo SpA                                                              | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     250000 | PA      | $303372.05    | 0.02%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MAHLE GMBH                                       | Mahle GmbH                                                                       | CUSIP: 000000000<br>LEI: 52990098TR1QJBWIYG58 | Long             | DBT              | CORP              | DE        |     499000 | PA      | $606446.43    | 0.04%             | 2031-05-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.00000 08-APR-2029 SOF                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   10561416 | OU      | $207555.51    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                  | AstraZeneca PLC                                                                  | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |       4000 | NS      | $612803.98    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BROADCOM INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -59 | NC      | $-72127.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORP                          | SBA Communications Corp                                                          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |     260000 | PA      | $256080.67    | 0.02%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fidelity Grand Harbour CLO                       | Fidelity Grand Harbour Clo 2023-1 DAC                                            | CUSIP: 000000000<br>LEI: 635400GMXFDXRDDHLG52 | Long             | ABS-CBDO         | CORP              | IE        |     300000 | PA      | $350332.93    | 0.02%             | 2038-02-15      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                          | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |      57000 | PA      | $55370.87     | 0.00%             | 2029-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 5.002000 02-OCT-2025 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   84697900 | OU      | $424394.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc                           | Intuitive Surgical Inc                                                           | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      40040 | NS      | $17907089.20  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | MCDONALD'S CORP                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -53 | NC      | $-13303.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | ESTX BANKS (EUR) PR                                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       -197 | NC      | $-18213.93    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                    | Citigroup Inc                                                                    | CUSIP: 172967LP4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $991176.82    | 0.06%             | 2028-07-24      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                    | AIB Group PLC                                                                    | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |     300000 | PA      | $359727.95    | 0.02%             | 2031-07-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                           | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      26000 | PA      | $25049.14     | 0.00%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SCREAMING EAGLE ACQUISITION CORP                 | SCREAMING EAGLE ACQUISITION CORP                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     115000 | NS      | $785272.90    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                              | New Immo Holding SA                                                              | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $121224.73    | 0.01%             | 2028-04-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Promontoria Beech Designated Activity Co         | Promontoria Beech Designated Activity Co EUR Term Loan                           | CUSIP: 000000000<br>LEI: 54930082UZ8R6QVSNJ70 | Long             | LON              | CORP              | IE        |    1036204 | PA      | $1216556.46   | 0.07%             | 2027-05-17      | Floating      | 5.63%                 | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                      | SWAP/CDSWAP/SCDS: (TITIM)                                                        | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              |  | DE        |     190000 | OU      | $-163.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                               | Zegona Finance PLC                                                               | CUSIP: 000000000<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |     759700 | PA      | $944258.86    | 0.06%             | 2029-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MICROSOFT CORP                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -34 | NC      | $-13005.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                         | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      58000 | PA      | $59421.00     | 0.00%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Mastercard Inc                                   | Mastercard Inc                                                                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      47980 | NS      | $27291503.80  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHNEIDER ELECTRIC SE                            | Schneider Electric SE                                                            | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | DBT              | CORP              | FR        |     400000 | PA      | $474283.63    | 0.03%             | 2033-09-23      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| COMMERZBANK AG                                   | Commerzbank AG                                                                   | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |     200000 | PA      | $251427.18    | 0.02%             | 2029-10-09      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR                          | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                          | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      74000 | PA      | $76016.72     | 0.00%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                           | Froneri Lux FinCo SARL                                                           | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |     162000 | PA      | $191871.52    | 0.01%             | 2032-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arkema SA                                        | Arkema SA                                                                        | CUSIP: 000000000<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |      23768 | NS      | $1507082.97   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcano Euro CLO                                  | Arcano Euro CLO I DAC                                                            | CUSIP: 000000000<br>LEI: 635400KVFUOP733LMF93 | Long             | ABS-CBDO         | CORP              | IE        |     350000 | PA      | $417446.15    | 0.03%             | 2039-04-25      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | APPLE INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        198 | NC      | $317790.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                         | Rogers Communications Inc                                                        | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     131000 | PA      | $136567.63    | 0.01%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL               | SWP: OIS 9.990000 04-JAN-2027 BZD                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   14173155 | OU      | $-293138.58   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                     | Broadcom Inc                                                                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      72012 | NS      | $23757478.92  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstkey Homes Trust                             | FirstKey Homes 2022-SFR1 Trust                                                   | CUSIP: 33768NAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3000000 | PA      | $2969937.60   | 0.18%             | 2039-05-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                   | Azorra Finance Ltd                                                               | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |      31000 | PA      | $32511.25     | 0.00%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.470500 10-MAR-2027                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4700000 | OU      | $-26925.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                          | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     112000 | PA      | $109760.00    | 0.01%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                             | Bank of America Corp                                                             | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     297627 | NS      | $15354576.93  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | SWP: EUR 3.000000 05-MAR-2029 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    7712963 | OU      | $354760.69    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC                             | Sonic Automotive Inc                                                             | CUSIP: 83545GBE1<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |      62000 | PA      | $59285.13     | 0.00%             | 2031-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SES SA                                           | SES SA                                                                           | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $122237.52    | 0.01%             | 2033-06-24      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-863.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                              | NCL Corp Ltd                                                                     | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     119000 | PA      | $118995.54    | 0.01%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                           | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102586.00    | 0.01%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F0326A7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   18006000 | PA      | $16448862.55  | 1.00%             | 2055-10-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | TAIWAN SEMICONDUCTOR MANUFACTU                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | TW        |        -24 | NC      | $-61140.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                                      | Cameco Corp                                                                      | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     173002 | NS      | $14507947.72  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                            | Williams Scotsman Inc                                                            | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     107000 | PA      | $111744.59    | 0.01%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     234000 | PA      | $236985.10    | 0.01%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                        | Tesla Inc                                                                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      26535 | NS      | $11800645.20  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution Inc                                                           | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     200000 | PA      | $205916.20    | 0.01%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | INTUIT INC                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         15 | NC      | $37425.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                         | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     100000 | PA      | $103301.00    | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                   | GoTo Group Inc                                                                   | CUSIP: 38349YAA3<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |      35000 | PA      | $28350.00     | 0.00%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                     | ING Groep NV                                                                     | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |      63116 | NS      | $1654633.91   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | 3 MONTH SOFR FUT DEC25                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |         13 | NC      | $10382.06     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                               | Home Depot Inc/The                                                               | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      41491 | NS      | $16811738.29  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS                         | Univision Communications Inc                                                     | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100478.50    | 0.01%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $6123.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MasOrange Finco Plc                              | MasOrange Finco Plc 2025 EUR Term Loan B                                         | CUSIP: 000000000<br>LEI: 549300PONZMYNJTH6970 | Long             | LON              | CORP              | GB        |    1000000 | PA      | $1172794.43   | 0.07%             | 2031-03-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                           | RR 28 Ltd                                                                        | CUSIP: 74989NAA7<br>LEI: 254900ZSKVCYOXP11C98 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $501886.60    | 0.03%             | 2037-04-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                          | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199550.18    | 0.01%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                   | Brink's Co/The                                                                   | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |      78000 | PA      | $80269.72     | 0.00%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                       | Intel Corp                                                                       | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      29000 | NS      | $972950.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                         | Discovery Communications LLC                                                     | CUSIP: 25470DBZ1<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     200000 | PA      | $183534.00    | 0.01%             | 2040-06-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        125 | NC      | $109062.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 6.336374 20-MAR-2027 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  103210483 | OU      | $15268.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | CAPITAL ONE FINANCIAL CORP                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -8 | NC      | $-300.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | AUTODESK INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -6 | NC      | $-1530.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Henley Funding Ltd.                              | Henley Clo Xi DAC                                                                | CUSIP: 000000000<br>LEI: 6354004ZEQIYPXESRG76 | Long             | ABS-CBDO         | CORP              | IE        |     330000 | PA      | $389868.81    | 0.02%             | 2039-04-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                            | Republic Services Inc                                                            | CUSIP: 760759AX8<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    4000000 | PA      | $3465030.32   | 0.21%             | 2031-02-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                         | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     177000 | PA      | $177677.09    | 0.01%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                | Iron Mountain Inc                                                                | CUSIP: 000000000<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     296000 | PA      | $348285.63    | 0.02%             | 2034-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| National Stock Exchange Of India                 | IFSC NIFTY 50 FUT OCT25                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IN        |         43 | NC      | $-4643.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                           | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     159000 | PA      | $171663.40    | 0.01%             | 2032-05-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | SALESFORCE INC                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-3620.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LGI HOMES INC                                    | LGI Homes Inc                                                                    | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |     218000 | PA      | $212860.65    | 0.01%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    2578000 | PA      | $3054542.21   | 0.19%             | 2030-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BROADCOM INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -97 | NC      | $-142590.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                         | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     172000 | PA      | $180604.47    | 0.01%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                  | Nissan Motor Co Ltd                                                              | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $211652.57    | 0.01%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                | Service Corp International/US                                                    | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     111000 | PA      | $102848.96    | 0.01%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BANK OF AMERICA CORP                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -124 | NC      | $-12090.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CZECHOSLOVAK GROUP                               | Czechoslovak Group AS                                                            | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |     225000 | PA      | $274727.86    | 0.02%             | 2031-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                           | Energizer Holdings Inc                                                           | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98259.53     | 0.01%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO STOXX 50 DEC25                                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         74 | NC      | $126764.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                                   | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DE               |  | US        |    4404292 | OU      | $-8091.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                         | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     200000 | PA      | $212513.20    | 0.01%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | TJX COS INC/THE                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -28 | NC      | $-1050.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SCIH SALT HOLDINGS INC                           | SCIH Salt Holdings Inc                                                           | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     181000 | PA      | $176874.68    | 0.01%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | UNITED AIRLINES HOLDINGS INC                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -8 | NC      | $-2436.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TEAMSYSTEM SPA                                   | TeamSystem SpA                                                                   | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |     222000 | PA      | $261395.69    | 0.02%             | 2031-07-31      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT                                             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     400000 | PA      | $459515.92    | 0.03%             | 2035-05-25      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                         | AT&T Inc                                                                         | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     718000 | PA      | $744224.44    | 0.05%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     115000 | PA      | $118655.28    | 0.01%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 5YR NOTE (CBT) DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       1026 | NC      | $146302.67    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | SWP: EUR 2.200000 04-JUN-2030 EUR                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1505741 | OU      | $-11798.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                             | 30Y RTR 3.500000 30-OCT-2025                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |   -3891000 | OU      | $-2649.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.900000 24-FEB-2030 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12279477 | OU      | $227776.24    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                          | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     337000 | PA      | $341569.44    | 0.02%             | 2032-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| SCHOEN KLINIK SE                                 | Schoen Klinik SE 2025 EUR Term Loan B                                            | CUSIP: 000000000<br>LEI: 5299005C8FSZLNO2KW98 | Long             | LON              | CORP              | DE        |     666666 | PA      | $783920.67    | 0.05%             | 2031-01-12      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                          | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     139000 | PA      | $169925.32    | 0.01%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                         | Builders FirstSource Inc                                                         | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      37000 | PA      | $36623.81     | 0.00%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | WALT DISNEY CO/THE                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -19 | NC      | $-1520.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                         | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 26873CAB8<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103865.40    | 0.01%             | 2031-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PACHELBEL BIDCO SPA                              | Pachelbel Bidco SpA                                                              | CUSIP: 000000000<br>LEI: 8156005DA07CDD50CC46 | Long             | DBT              | CORP              | IT        |     125000 | PA      | $147850.72    | 0.01%             | 2031-05-17      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MASTERCARD INC                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -16 | NC      | $-5336.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| INSIGHT M INC WARRANTS                           | INSIGHT M INC WARRANTS                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    2957679 | NS      | $207924.83    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| MOLINA HEALTHCARE INC                            | Molina Healthcare Inc                                                            | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      11000 | PA      | $10727.68     | 0.00%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Palmer Square European Loan Funding              | Palmer Square European Loan Funding 2024-2 DAC                                   | CUSIP: 000000000<br>LEI: 254900G4AVDGFB7U1712 | Long             | ABS-CBDO         | CORP              | IE        |     270000 | PA      | $317822.99    | 0.02%             | 2034-05-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| FIBER MIDCO SPA                                  | Fiber Midco Spa                                                                  | CUSIP: 000000000<br>LEI: 8156000AFE5C06C4D309 | Long             | DBT              | CORP              | IT        |     197000 | PA      | $213809.90    | 0.01%             | 2029-06-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     104000 | PA      | $106088.94    | 0.01%             | 2034-02-15      | Fixed         | 6.75%                 | 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        |     144000 | PA      | $150507.50    | 0.01%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                       | Viasat Inc                                                                       | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     146000 | PA      | $145411.84    | 0.01%             | 2027-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CD&R Firefly Bidco Limited                       | CD&R Firefly Bidco Limited 2025 GBP Term Loan                                    | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | LON              | CORP              | GB        |    1000000 | PA      | $1345598.82   | 0.08%             | 2029-04-29      | Floating      | 8.97%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-OAT FUTURE DEC25                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -20 | NC      | $-32188.24    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                     | Apollo Global Management Inc                                                     | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      38791 | NS      | $5169676.57   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DANA INC                                         | Dana Inc                                                                         | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99863.95     | 0.01%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                             | 30Y RTR 3.800000 30-OCT-2025                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    3891000 | OU      | $26684.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FMC CORP                                         | FMC Corp                                                                         | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |      86000 | PA      | $90763.02     | 0.01%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -26 | NC      | $-7930.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | APPLE INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         64 | NC      | $75040.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank SA                                     | CaixaBank SA                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |      86464 | NS      | $913225.49    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED SEK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | SE        |          1 | NC      | $-19326.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO                  | CUSIP: 46655AAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     860000 | PA      | $696718.94    | 0.04%             | 2039-01-05      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $94441.47     | 0.01%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Areas Worldwide SA                               | Areas Worldwide SA 2025 EUR Term Loan B                                          | CUSIP: 000000000<br>LEI: 5493003QHT6ZHQO67865 | Long             | LON              | CORP              | FR        |    1000000 | PA      | $1180531.42   | 0.07%             | 2029-12-31      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                  | Republic Finance Issuance Trust 2021-A                                           | CUSIP: 76042UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     800000 | PA      | $783385.60    | 0.05%             | 2031-12-22      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                         | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     300000 | PA      | $361917.17    | 0.02%             | 2082-03-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                         | Huntsman International LLC                                                       | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |      82000 | PA      | $78476.08     | 0.00%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIPOL ASSICURAZIONI SPA                         | Unipol Assicurazioni SpA                                                         | CUSIP: 000000000<br>LEI: 8156005CE5E7340CCA86 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $123629.05    | 0.01%             | 2034-05-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | JP        |          1 | NC      | $-44739.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HARVEST CLO                                      | HARVEST CLO                                                                      | CUSIP: 000000000<br>LEI: 635400AU6OVIWCGACH33 | Long             | ABS-CBDO         | CORP              | IE        |     230000 | PA      | $274329.83    | 0.02%             | 2037-07-25      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                           | Match Group Holdings II LLC                                                      | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |      89000 | PA      | $87427.27     | 0.01%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                             | Garda World Security Corp                                                        | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     200000 | PA      | $207605.33    | 0.01%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                               | SWP: OIS 13.000000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    7385135 | OU      | $-13006.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Elmwood CLO VII Ltd.                             | Elmwood CLO VII Ltd                                                              | CUSIP: 29002RAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $425575.00    | 0.03%             | 2037-10-17      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                         | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     114000 | PA      | $116565.23    | 0.01%             | 2029-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                      | Chemours Co/The                                                                  | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90345.72     | 0.01%             | 2029-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                         | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $274330.44    | 0.02%             | 2035-06-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                   | TeamSystem SpA                                                                   | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $119049.37    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | SALESFORCE INC                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-5297.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                             | Edison International                                                             | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     172000 | PA      | $175784.69    | 0.01%             | 2053-06-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                   | SWAP/CDSWAP/SCDS: (ETLFP)                                                        | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DCR              |  | DE        |     154000 | OU      | $20858.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                         | Telenet Finance Luxembourg Notes Sarl                                            | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |     600000 | PA      | $596486.89    | 0.04%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | GB        |          1 | NC      | $43.51        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square European Loan Funding              | Palmer Square European Loan Funding 2024-3 DAC                                   | CUSIP: 000000000<br>LEI: 254900IYUKLJNYNCCC63 | Long             | ABS-CBDO         | CORP              | IE        |     220000 | PA      | $260434.06    | 0.02%             | 2034-05-15      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    2534000 | PA      | $3439964.04   | 0.21%             | 2030-03-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | JPMORGAN CHASE + CO                                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -16 | NC      | $-17080.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    2180000 | PA      | $2116626.59   | 0.13%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                     | Magnera Corp                                                                     | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |     100000 | PA      | $94098.00     | 0.01%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                           | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $121839.63    | 0.01%             | 2033-11-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-1                      | CHNGE Mortgage Trust 2022-1                                                      | CUSIP: 17030JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1726227.20   | 0.10%             | 2067-01-25      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                             | Freeport-McMoRan Inc                                                             | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      42231 | NS      | $1656299.82   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                   | ServiceNow Inc                                                                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       5893 | NS      | $5423210.04   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                         | Chobani LLC / Chobani Finance Corp Inc                                           | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     126000 | PA      | $131386.12    | 0.01%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.311000 29-SEP-2033 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   26166300 | OU      | $1380780.74   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                | Stonegate Pub Co Financing 2019 PLC                                              | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |     125000 | PA      | $144622.74    | 0.01%             | 2029-07-31      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| ZIGGO BV                                         | Ziggo BV                                                                         | CUSIP: 98955DAA8<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $188771.36    | 0.01%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                         | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      37000 | PA      | $34700.08     | 0.00%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101108.30    | 0.01%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     108000 | PA      | $112456.30    | 0.01%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                              | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     100000 | PA      | $121057.34    | 0.01%             | 2029-10-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                        | Ball Corp                                                                        | CUSIP: 000000000<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     181000 | PA      | $217351.89    | 0.01%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |          1 | NC      | $-21167.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTRUM INV AND FIN                               | Intrum Investments And Financing AB                                              | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |      68620 | PA      | $74319.59     | 0.00%             | 2027-09-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.000000 17-JAN-2034 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1388625 | OU      | $38708.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                          | Beach Acquisition Bidco LLC                                                      | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |     200000 | PA      | $215732.40    | 0.01%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | JPMORGAN CHASE + CO                                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -80 | NC      | $-63000.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | APPLE INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -49 | NC      | $-38832.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $380704.12    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DUOMO BIDCO SPA                                  | Duomo Bidco SpA                                                                  | CUSIP: 000000000<br>LEI: 8156008BEDB552B30829 | Long             | DBT              | CORP              | IT        |     305000 | PA      | $360227.91    | 0.02%             | 2031-07-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                 | SWAP/CDSWAP/SCDS: (ZFFNGR)                                                       | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              |  | DE        |     156000 | OU      | $11183.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                              | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     238000 | PA      | $235942.06    | 0.01%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                    | UniCredit SpA                                                                    | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     177194 | NS      | $13483592.31  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                         | Charles River Laboratories International Inc                                     | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     100000 | PA      | $93136.14     | 0.01%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MATTERHORN TELECOM HOLDING SA                    | Matterhorn Telecom Holding SA EUR Term Loan B                                    | CUSIP: 000000000<br>LEI: 549300MTB0YI26SMUT22 | Long             | LON              | CORP              | LU        |    1000000 | PA      | $1176668.80   | 0.07%             | 2032-01-30      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| General Electric Co                              | General Electric Co                                                              | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       9190 | NS      | $2764535.80   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD BUILDING SOLUTI                         | Standard Building Solutions Inc                                                  | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     186000 | PA      | $190839.91    | 0.01%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                         | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     267000 | PA      | $249336.29    | 0.02%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                            | McGraw-Hill Education Inc                                                        | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |      68000 | PA      | $70648.53     | 0.00%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                             | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              |  | US        |     280000 | PA      | $277175.19    | 0.02%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                   | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     311000 | PA      | $317729.42    | 0.02%             | 2032-07-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                           | Edgewell Personal Care Co                                                        | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |     100000 | PA      | $95115.15     | 0.01%             | 2029-04-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                          | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     255000 | PA      | $258639.36    | 0.02%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MCDONALD'S CORP                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         53 | NC      | $9010.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FIBERCOP SPA                                     | Fibercop SpA                                                                     | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     200000 | PA      | $201475.57    | 0.01%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                         | Olympus Water US Holding Corp                                                    | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     246000 | PA      | $289504.07    | 0.02%             | 2033-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                         | Banco Bilbao Vizcaya Argentaria SA                                               | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |     400000 | PA      | $506990.77    | 0.03%             | 2030-12-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc                                        | IQVIA Inc                                                                        | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199755.98    | 0.01%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                                 | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    1294000 | PA      | $1134429.87   | 0.07%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ANTHROPIC PBC                                    | ANTHROPIC PBC                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       4922 | NS      | $693854.34    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KIOXIA HOLDINGS CORP                             | Kioxia Holdings Corp                                                             | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $205606.00    | 0.01%             | 2033-07-24      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | WALT DISNEY CO/THE                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -19 | NC      | $-2071.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | APPLE INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -97 | NC      | $-97727.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR NOTE (CBT)DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -384 | NC      | $-250712.17   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | SWP: GBP 4.123300 21-NOV-2028 SON                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    3004000 | OU      | $30429.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                   | SWAP/CDSWAP/CDS: (ITRAXX.XO.42.V2 20-35%)                                        | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DCR              |  | DE        |     682000 | OU      | $111910.85    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                    | SCHAEFFLER AG                                                                    | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $122935.70    | 0.01%             | 2031-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                                 | Pitney Bowes Inc 2025 Term Loan B                                                | CUSIP: 72448FAW5<br>LEI: 549300N2O26NW4ST6W55 | Long             | LON              | CORP              | US        |     562075 | PA      | $561372.66    | 0.03%             | 2032-03-19      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                         | Standard Industries Inc/NY                                                       | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     114000 | PA      | $103234.76    | 0.01%             | 2031-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RESORT CMNTYS LOANCO LP                          | RESORT CMNTYS LOANCO LP                                                          | CUSIP: 76125UAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    4426119 | PA      | $4531460.63   | 0.28%             | 2028-11-21      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Meta Platforms Inc                               | Meta Platforms Inc                                                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      33425 | NS      | $24546651.50  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: USD 4.1485 30-MAY-2027 SOF                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   15272212 | OU      | $157275.89    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Europa University Education Group, S.L           | Europa University Education Group SL 2024 EUR 1st Lien Term Loan B               | CUSIP: 000000000<br>LEI: 2549009PF73QPWLZWG67 | Long             | LON              | CORP              | ES        |     741599 | PA      | $874906.28    | 0.05%             | 2031-10-30      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | SPDR GOLD SHARES                                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        733 | NC      | $1378040.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANA A NOTE 4 YEAR                             | OCEANA A NOTE 4 YEAR                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    4206000 | PA      | $2908349.93   | 0.18%             | 2027-07-31      | Fixed         | 12.50%                | No            |                  3 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | JP        |          1 | NC      | $-1543.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Inspired FinCo Holdings Limited                  | Inspired FinCo Holdings Limited 2025 EUR Term Loan B6                            | CUSIP: 000000000<br>LEI: 21380079CKTODVMD9183 | Long             | LON              | CORP              | GB        |     719212 | PA      | $847034.27    | 0.05%             | 2031-02-28      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| LUNA 1.5 SARL                                    | Luna 1.5 Sarl                                                                    | CUSIP: 000000000<br>LEI: 64884UZ60Y77J5XK5C41 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $121663.94    | 0.01%             | 2032-07-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                              | Gilead Sciences Inc                                                              | CUSIP: 375558BF9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    1729000 | PA      | $1726105.03   | 0.10%             | 2026-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| INSIGHT M INC SERIES D                           | INSIGHT M INC SERIES D                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    2854422 | NS      | $574595.15    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| PRYSMIAN SPA                                     | Prysmian SpA                                                                     | CUSIP: 000000000<br>LEI: 529900X0H1IO3RS1A464 | Long             | DBT              | CORP              | IT        |     275000 | PA      | $336792.28    | 0.02%             | 2030-05-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | AMAZON.COM INC                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -136 | NC      | $-52360.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                          | Summer BC Holdco B SARL                                                          | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |     131000 | PA      | $151035.64    | 0.01%             | 2030-02-15      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      21000 | PA      | $21645.46     | 0.00%             | 2031-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | FREEPORT-MCMORAN INC                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        100 | NC      | $550.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                      | Oracle Corp                                                                      | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      47743 | NS      | $13427241.32  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | DR HORTON INC                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -32 | NC      | $-5920.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GARDA WORLD SECURITY                             | Garda World Security Corp                                                        | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $103659.30    | 0.01%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Figma Inc                                        | Figma Inc                                                                        | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |       4658 | NS      | $241610.46    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| HILTON GRAND VAC LLC/INC                         | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43283QAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $101565.40    | 0.01%             | 2032-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | META PLATFORMS INC                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         20 | NC      | $2210.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AIVEN SERIES D PREFERRED                         | AIVEN SERIES D PREFERRED                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | FI        |      35053 | NS      | $1949647.86   | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| FLYR SECURED NOTES WTS                           | FLYR SECURED NOTES WTS                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    1111543 | NS      | $339687.67    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| MAGNERA CORP                                     | Magnera Corp                                                                     | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |     100000 | PA      | $88530.30     | 0.01%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                              | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      79000 | PA      | $76025.86     | 0.00%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | DR HORTON INC                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         32 | NC      | $13120.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEFLEX INC                                     | Teleflex Inc                                                                     | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97618.68     | 0.01%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                                                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    2869000 | PA      | $3395190.37   | 0.21%             | 2030-01-31      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.000000 28-OCT-2026 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   19216100 | OU      | $-7651.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     200000 | PA      | $200031.81    | 0.01%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AERNNOVA AEROSPACE SAU                           | Aernnova Aerospace SAU 2024 EUR Term Loan B                                      | CUSIP: 000000000<br>LEI: 95980020140005473208 | Long             | LON              | CORP              | ES        |    1302917 | PA      | $1519655.79   | 0.09%             | 2030-02-27      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                     | Autodesk Inc                                                                     | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      22844 | NS      | $7256853.48   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ZF NA CAPITAL                                    | ZF North America Capital Inc                                                     | CUSIP: 98877DAE5<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |     270000 | PA      | $267351.92    | 0.02%             | 2030-04-14      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | INTUIT INC                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -1 | NC      | $-227.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CEDACRI SPA                                      | Cedacri SpA                                                                      | CUSIP: 000000000<br>LEI: 815600E85FCD78B3EE61 | Long             | DBT              | CORP              | IT        |     102000 | PA      | $120438.65    | 0.01%             | 2028-05-15      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                            | Directv Financing LLC                                                            | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $99171.00     | 0.01%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                | Stonegate Pub Co Financing 2019 PLC                                              | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |     155000 | PA      | $209029.53    | 0.01%             | 2029-07-31      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                  | Nissan Motor Co Ltd                                                              | CUSIP: 000000000<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     231000 | PA      | $276393.03    | 0.02%             | 2029-07-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                         | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      57000 | PA      | $58263.12     | 0.00%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | CAMECO CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |        -30 | NC      | $-15225.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                               | SWP: OIS 13.115000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   29662346 | OU      | $-31164.05    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARENA LUX FIN SARL                               | Arena Luxembourg Finance Sarl                                                    | CUSIP: 000000000<br>LEI: 222100KX2LPK5KRSIG74 | Long             | DBT              | CORP              | LU        |     194000 | PA      | $229176.98    | 0.01%             | 2030-05-01      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      78000 | PA      | $76062.71     | 0.00%             | 2029-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                         | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     224000 | PA      | $236903.30    | 0.01%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | CRH PLC                                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |        -25 | NC      | $-2625.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Capital Four CLO                                 | Capital Four CLO VIII DAC                                                        | CUSIP: 000000000<br>LEI: 2549006Z0XBVN3OW8T93 | Long             | ABS-CBDO         | CORP              | IE        |     350000 | PA      | $415102.89    | 0.03%             | 2037-10-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                           | Global Atlantic Fin Co                                                           | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     111000 | PA      | $117447.88    | 0.01%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                           | Match Group Holdings II LLC                                                      | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     100000 | PA      | $94449.26     | 0.01%             | 2030-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD HKD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $449.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 9.040000 14-NOV-2029 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   81547600 | OU      | $291100.37    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                  | Contego CLO XI DAC                                                               | CUSIP: 000000000<br>LEI: 6354008HTD4GEZHRKR02 | Long             | ABS-CBDO         | CORP              | IE        |     220000 | PA      | $261114.14    | 0.02%             | 2038-11-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $102270.00    | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ORACLE CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -12 | NC      | $-35280.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.700000 06-JAN-2035 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    5610000 | OU      | $3176.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEWIRE EQUITY                                  | FREEWIRE EQUITY                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         63 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TRAVEL + LEISURE CO                              | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     148000 | PA      | $149099.64    | 0.01%             | 2026-07-31      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     199000 | PA      | $196719.80    | 0.01%             | 2026-07-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                            | Mineral Resources Ltd                                                            | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     393000 | PA      | $411788.94    | 0.02%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Signal Harmonic CLO                              | Signal Harmonic CLO I DAC                                                        | CUSIP: 000000000<br>LEI: 635400CPGNMPPUYRUY64 | Long             | ABS-CBDO         | CORP              | IE        |     190000 | PA      | $225634.30    | 0.01%             | 2038-07-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Froneri Lux Finco Sarl                           | Froneri Lux Finco Sarl 2024 EUR Term Loan B3                                     | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | LON              | CORP              | LU        |    1000000 | PA      | $1173076.20   | 0.07%             | 2031-09-30      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                         | Snap Inc                                                                         | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |      89000 | PA      | $90966.78     | 0.01%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.000000 12-JAN-2034 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4817000 | OU      | $134145.54    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | SPDR S+P 500 ETF TRUST                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        296 | NC      | $12580.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                                | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99600.82     | 0.01%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIBAIL-RODAMCO-WESTFLD                          | Unibail-Rodamco-Westfield SE                                                     | CUSIP: 000000000<br>LEI: 969500SHQITWXSIS7N89 | Long             | DBT              |  | FR        |     200000 | PA      | $238510.07    | 0.01%             | 2031-06-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                   | Commerzbank AG                                                                   | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |     200000 | PA      | $265072.93    | 0.02%             | 2031-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: JPY 0.283000 09-MAR-2026 FTO                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 2930800634 | OU      | $53222.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                          | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAG1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     750000 | PA      | $774453.44    | 0.05%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp                              | Carrier Global Corp                                                              | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |       6100 | NS      | $364170.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| IBERDROLA FINANZAS SAU                           | Iberdrola Finanzas SA                                                            | CUSIP: 000000000<br>LEI: 5493004PZNZWWBOUV388 | Long             | DBT              | CORP              | ES        |     100000 | PA      | $120530.44    | 0.01%             | 2030-03-27      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | ESTX BANKS (EUR) PR                                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        394 | NC      | $114487.55    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA                         | Hermes International SCA                                                         | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |       4896 | NS      | $12039457.96  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101905.90    | 0.01%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Sanofi SA                                        | Sanofi SA                                                                        | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      53836 | NS      | $5097943.92   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                 | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     165000 | PA      | $203023.71    | 0.01%             | 2031-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |          1 | NC      | $26535.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                                | Imola Merger Corp                                                                | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      40000 | PA      | $38904.98     | 0.00%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO XXIII Ltd.                      | Marble Point CLO XXIII Ltd                                                       | CUSIP: 56607TAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250530.75    | 0.02%             | 2035-01-22      | Floating      | 8.24%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                | INEOS Finance PLC                                                                | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     201000 | PA      | $235649.39    | 0.01%             | 2031-03-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMF MF Portfolio                                 | AMF MF Portfolio Term Loan                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3241916 | PA      | $3326367.44   | 0.20%             | 2028-11-01      | Fixed         | 7.29%                 | No            |                  3 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                           | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     119000 | PA      | $111783.51    | 0.01%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                  | Contego Clo V DAC                                                                | CUSIP: 000000000<br>LEI: 549300RF10WJ1D9VYK55 | Long             | ABS-CBDO         | CORP              | IE        |     230000 | PA      | $271829.42    | 0.02%             | 2037-10-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                | Service Corp International/US                                                    | CUSIP: 817565CD4<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19902.20     | 0.00%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-2                      | CHNGE Mortgage Trust 2022-2                                                      | CUSIP: 12546YAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $4477089.50   | 0.27%             | 2067-03-25      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                 | Arches Buyer Inc                                                                 | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     143000 | PA      | $140131.58    | 0.01%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | SWAP/CDSWAP/ICE: (ITRAXX.XO.43.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     954935 | OU      | $122136.90    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     289000 | PA      | $266235.85    | 0.02%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FLYR SERIES D X PREF EQ                          | FLYR SERIES D X PREF EQ                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     392187 | NS      | $3.92         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CNTRL PARENT/CDK GLB INC                         | Central Parent Inc / CDK Global Inc                                              | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     104000 | PA      | $89549.72     | 0.01%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                         | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |     207000 | PA      | $212785.44    | 0.01%             | 2030-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC                         | Sensata Technologies Inc                                                         | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |      74000 | PA      | $68293.02     | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                            | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     281000 | PA      | $293125.99    | 0.02%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                   | NRG Energy Inc                                                                   | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     100000 | PA      | $94531.78     | 0.01%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MOBICO GROUP PLC                                 | Mobico Group PLC                                                                 | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |     165000 | PA      | $135482.97    | 0.01%             | 2025-11-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.922300 03-NOV-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2363950 | OU      | $26065.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     226000 | PA      | $235921.85    | 0.01%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                               | Tricon Residential 2021-SFR1 Trust                                               | CUSIP: 89614YAH9<br>LEI: 549300Z2X1L1L3MID765 | Long             | ABS-O            | CORP              | US        |     887000 | PA      | $874112.51    | 0.05%             | 2038-07-17      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                   | Mariner Finance Issuance Trust 2021-B                                            | CUSIP: 56847JAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     470000 | PA      | $437395.82    | 0.03%             | 2036-11-20      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |          1 | NC      | $32305.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                           | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     102000 | PA      | $106966.28    | 0.01%             | 2033-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MCKESSON CORP                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-8925.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| WOLFSPEED INC                                    | Wolfspeed Inc                                                                    | CUSIP: 977852AP7<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |       4000 | PA      | $3807.59      | 0.00%             | 2031-06-15      | Fixed         | 2.50%                 | No            |                  3 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                          | Nationwide Building Society                                                      | CUSIP: 000000000<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |     440000 | PA      | $606656.18    | 0.04%             | 2030-12-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                   | SWAP/CDSWAP/CDS: (ITRAXX.XO.42 10-20%)                                           | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DCR              |  | DE        |     310000 | OU      | $23467.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AROUNDTOWN FINANCE SARL                          | Aroundtown Finance Sarl                                                          | CUSIP: 000000000<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |     420000 | PA      | $581683.41    | 0.04%             | 2029-05-07      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | NVIDIA CORP                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        194 | NC      | $309915.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.660000 10-OCT-2029 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    6443423 | OU      | $19866.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                         | Jefferson Capital Holdings LLC                                                   | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     141000 | PA      | $147461.33    | 0.01%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GS FINANCE CORP                                  | GS Finance Corp                                                                  | CUSIP: 40058GUK5<br>LEI: 549300FR80KBVO6DRL61 | Long             | SN               | CORP              | US        |    2890000 | PA      | $2918842.20   | 0.18%             | 2030-02-14      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| ELO SACA                                         | ELO SACA                                                                         | CUSIP: 000000000<br>LEI: 969500ASEC557H5A4F22 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $116894.19    | 0.01%             | 2026-01-29      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.000000 23-JAN-2030 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    6913400 | OU      | $155363.82    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                         | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     266000 | PA      | $305984.56    | 0.02%             | 2026-08-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                    | Live Nation Entertainment Inc                                                    | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      35038 | NS      | $5725209.20   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                         | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     318000 | PA      | $336792.85    | 0.02%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                            | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     404000 | PA      | $437265.76    | 0.03%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                          | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABG2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |     515000 | PA      | $520137.13    | 0.03%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SONA FIOS CLO                                    | Sona Fios CLO V DAC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     180000 | PA      | $213733.28    | 0.01%             | 2038-08-25      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| LESSEN HLDS SERIES BX                            | LESSEN HLDS SERIES BX                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     456729 | NS      | $168989.73    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                         | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |     400000 | PA      | $398585.72    | 0.02%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OCEANA A NOTE 3 YEAR                             | OCEANA A NOTE 3 YEAR                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    2524000 | PA      | $1705704.45   | 0.10%             | 2026-07-31      | Fixed         | 12.50%                | No            |                  3 | On Loan: No      |
| CINEMARK USA INC                                 | Cinemark USA Inc                                                                 | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99448.16     | 0.01%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     133000 | PA      | $138477.98    | 0.01%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                         | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      44000 | PA      | $44915.02     | 0.00%             | 2033-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | INTUIT INC                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -2 | NC      | $-1350.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE BANK                             | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    2852226 | OU      | $-5275.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                   | Bombardier Inc                                                                   | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $104355.84    | 0.01%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                         | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     400000 | PA      | $391338.76    | 0.02%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                           | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $121188.67    | 0.01%             | 2030-11-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                   | JPN 10Y BOND(OSE) DEC25                                                          | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |         -6 | NC      | $53135.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                         | Prime Security Services Borrower LLC / Prime Finance Inc                         | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     154000 | PA      | $149699.15    | 0.01%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| KRONOS INTERNATIONAL INC                         | Kronos International Inc                                                         | CUSIP: 000000000<br>LEI: 529900NTVDLUSYY9F493 | Long             | DBT              | CORP              | US        |     100000 | PA      | $123723.85    | 0.01%             | 2029-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.750000 27-MAR-2035 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    5561000 | OU      | $34216.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Project Montage                                  | Project Montage PIK Term Loan                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1273969 | PA      | $1226195.31   | 0.07%             | 2029-02-16      | Floating      | 13.25%                | No            |                  3 | On Loan: No      |
| AB CarVal Euro CLO                               | AB Carval Euro CLO II-C DAC                                                      | CUSIP: 000000000<br>LEI: 6354004BYSUDKD9P4215 | Long             | ABS-CBDO         | CORP              | IE        |     270000 | PA      | $320836.33    | 0.02%             | 2037-02-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.500000 08-MAY-2026 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12488000 | OU      | $54560.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | DELTA AIR LINES INC                                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -6 | NC      | $-618.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FREMF Mortgage Trust                             | FREMF 2018-KW05 Trust                                                            | CUSIP: 30307MAN8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1923000 | PA      | $1790688.37   | 0.11%             | 2028-04-25      | Variable      | 3.79%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                             | BCP V Modular Services Finance II PLC                                            | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |     555000 | PA      | $609177.87    | 0.04%             | 2031-07-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                   | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     140000 | PA      | $135583.00    | 0.01%             | 2030-07-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                      | 5Y RTR 3.070000 21-NOV-2025                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | KY        |  -12010000 | OU      | $-17165.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                         | Madison Park Funding XXXVIII Ltd                                                 | CUSIP: 55821KAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $500949.95    | 0.03%             | 2034-07-17      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                           | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $208350.00    | 0.01%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Korea Exchange (Futures Market)                  | KOSPI2 INX FUT DEC25                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | KR        |         43 | NC      | $260792.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT SEC CORP                                     | ADT Security Corp/The                                                            | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96701.61     | 0.01%             | 2029-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| RAPIDSOS WARRANTS                                | RAPIDSOS WARRANTS                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     946544 | NS      | $1088525.60   | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| TEREX CORP                                       | Terex Corp                                                                       | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     151000 | PA      | $153823.10    | 0.01%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRAVIATA BV                                      | Traviata BV 2025 EUR PIK Term Loan                                               | CUSIP: 000000000<br>LEI: 529900TJUCAM0UQXSF21 | Long             | LON              | CORP              | DE        |    1043435 | PA      | $1214387.31   | 0.07%             | 2033-01-22      | Floating      | 9.93%                 | No            |                  3 | On Loan: No      |
| PLATEA BC BIDCO AB                               | Platea BC Bidco AB EUR Term Loan                                                 | CUSIP: 000000000<br>LEI: 254900AWWXX5NUVV4A03 | Long             | LON              | CORP              | SE        |     833333 | PA      | $983727.26    | 0.06%             | 2031-04-03      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| INTRUM INV AND FIN                               | Intrum Investments And Financing AB                                              | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |     141196 | PA      | $168579.73    | 0.01%             | 2027-09-11      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NN GROUP NV                                      | NN Group NV                                                                      | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $237913.85    | 0.01%             | 2034-09-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     100000 | PA      | $106129.70    | 0.01%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LIONS GATE CAPITAL HOL 1                         | Starz Capital Holdings 1 Inc                                                     | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1171000 | PA      | $1110506.14   | 0.07%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.000000 24-APR-2029 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    6325957 | OU      | $126919.52    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                 | TotalEnergies SE                                                                 | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      44000 | NS      | $2626360.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | CAPITAL ONE FINANCIAL CORP                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -23 | NC      | $-5232.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BOELS TOPHOLDING BV                              | Boels Topholding BV                                                              | CUSIP: 000000000<br>LEI: 724500V913SEHSEW2O75 | Long             | DBT              | CORP              | NL        |     335000 | PA      | $407913.30    | 0.02%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | GB        |          1 | NC      | $-2230.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MONGODB INC                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -29 | NC      | $-11237.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| WINDSTREAM SERVICES LLC                          | Windstream Services LLC                                                          | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |      65000 | PA      | $64982.45     | 0.00%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                           | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     118000 | PA      | $123664.00    | 0.01%             | 2031-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI                         | PetSmart LLC / PetSmart Finance Corp                                             | CUSIP: 71677KAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     250000 | PA      | $252289.57    | 0.02%             | 2033-09-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                               | Ally Financial Inc                                                               | CUSIP: 02005NBY5<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      99000 | PA      | $98965.97     | 0.01%             | 2040-01-17      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| RAPIDSOS SERIES C 1 EQUITY                       | RAPIDSOS SERIES C 1 EQUITY                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1707127 | NS      | $1980267.32   | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| LOXAM SAS                                        | Loxam SAS                                                                        | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |     595800 | PA      | $724519.65    | 0.04%             | 2029-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DAVIDSON HOMES WARRANTS                          | DAVIDSON HOMES WARRANTS                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      50374 | NS      | $308288.88    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| UNIVISION COMMUNICATIONS                         | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     237000 | PA      | $252563.08    | 0.02%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                              | EssilorLuxottica SA                                                              | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |      48240 | NS      | $15714361.57  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                           | TK Elevator Midco GmbH 2025 EUR Term Loan B1                                     | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | LON              | CORP              | DE        |    1000000 | PA      | $1177478.89   | 0.07%             | 2030-04-30      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                               | Howard Hughes Corp/The                                                           | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     102000 | PA      | $97846.77     | 0.01%             | 2029-02-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SPDR S&P Biotech ETF                             | SPDR S&P Biotech ETF                                                             | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |      40000 | NS      | $4008000.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Options Clearing Corp.                           | INTUIT INC                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -15 | NC      | $-17550.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                         | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      26000 | PA      | $27428.52     | 0.00%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                     | CaixaBank SA                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     200000 | PA      | $243251.09    | 0.01%             | 2027-10-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                   | GoTo Group Inc                                                                   | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |     274660 | PA      | $88921.18     | 0.01%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust                   | Home Partners of America 2021-2 Trust                                            | CUSIP: 43732VAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2398739 | PA      | $2337103.24   | 0.14%             | 2026-12-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $25006.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DF RESIDENTIAL III EQUITY                        | DF RESIDENTIAL III EQUITY                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    2270079 | NS      | $2383583.09   | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| PARKLAND CORP                                    | Parkland Corp                                                                    | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     109000 | PA      | $112004.26    | 0.01%             | 2032-08-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                         | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     166000 | PA      | $156442.28    | 0.01%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FEDRIGONI SPA                                    | Fedrigoni SpA                                                                    | CUSIP: 000000000<br>LEI: 8156004CE82074779D19 | Long             | DBT              | CORP              | IT        |     410000 | PA      | $478479.06    | 0.03%             | 2031-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | SWAP/CDSWAP/ICE: (CDX.NA.HY.41.V2)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    3316401 | OU      | $264167.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                 | GGAM Finance Ltd                                                                 | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     141000 | PA      | $144308.38    | 0.01%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | LIVE NATION ENTERTAINMENT INC                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -17 | NC      | $-2082.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| A2A SPA                                          | A2A SpA                                                                          | CUSIP: 000000000<br>LEI: 81560076E3944316DB24 | Long             | DBT              | CORP              | IT        |     200000 | PA      | $244538.97    | 0.01%             | 2029-06-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McKesson Corp                                    | McKesson Corp                                                                    | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      23968 | NS      | $18516238.72  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Regional Banking ETF                    | SPDR S&P Regional Banking ETF                                                    | CUSIP: 78464A698<br>LEI: 549300EFWJBKUN6WJX52 | Long             | EC               | RF                | US        |      37784 | NS      | $2391727.20   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RAKUTEN GROUP INC                                | Rakuten Group Inc                                                                | CUSIP: 75102WAM0<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     400000 | PA      | $415798.27    | 0.03%             | 2029-12-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                     | CUSIP: 902613BN7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     500000 | PA      | $515591.50    | 0.03%             | 2029-09-10      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                         | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AP6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     184000 | PA      | $187802.54    | 0.01%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                          | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     178000 | PA      | $169149.79    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                           | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     683000 | PA      | $822010.70    | 0.05%             | 2032-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | SWP: GBP 4.860000 20-JUN-2028 SON                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    6370000 | OU      | $255475.98    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                              | American Tower Corp                                                              | CUSIP: 03027XBK5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    2500000 | PA      | $1619680.00   | 0.10%             | 2051-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| SPDR Gold Shares                                 | SPDR Gold Shares                                                                 | CUSIP: 78463V107<br>LEI: 549300SMREV46EHBHL79 | Long             | EC               | RF                | US        |      79338 | NS      | $28202278.86  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| GARFUNKELUX HOLDCO 3 SA                          | Garfunkelux Holdco 3 SA                                                          | CUSIP: 000000000<br>LEI: 2221007QVSNJV7EWBX69 | Long             | DBT              | CORP              | LU        |     179000 | PA      | $213644.79    | 0.01%             | 2028-09-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                         | Banco Bilbao Vizcaya Argentaria SA                                               | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |     200000 | PA      | $260404.44    | 0.02%             | 2028-06-21      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                          | VZ Secured Financing BV                                                          | CUSIP: 000000000<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     258000 | PA      | $302891.38    | 0.02%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                              | PURCHASED CHF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | CH        |          1 | NC      | $1551.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                     | United Airlines Holdings Inc                                                     | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      32465 | NS      | $3132872.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                         | iHeartCommunications Inc                                                         | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     112000 | PA      | $100731.25    | 0.01%             | 2029-05-01      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| KraneShares CSI China Internet ETF               | KraneShares CSI China Internet ETF                                               | CUSIP: 500767306<br>LEI: 549300URDNVSGEWBN526 | Long             | EC               | RF                | US        |      52473 | NS      | $2204390.73   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GATEGROUP FINANCE LUX SA                         | gategroup Finance Luxembourg SA                                                  | CUSIP: 000000000<br>LEI: 529900Q1OR7LI4GOGW68 | Long             | DBT              | CORP              | LU        |     270000 | PA      | $335518.21    | 0.02%             | 2027-02-28      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | SPDR S+P 500 ETF TRUST                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       1169 | NC      | $97611.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| QUIKRETE HOLDINGS INC                            | Quikrete Holdings Inc                                                            | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |      76000 | PA      | $79016.72     | 0.00%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                           | Cie de Saint-Gobain SA                                                           | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     165453 | NS      | $17927097.85  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                     | Voya CLO 2019-3 Ltd                                                              | CUSIP: 92918FAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250250.03    | 0.02%             | 2032-10-17      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| FABBRICA ITA SINTETICI                           | FIS Fabbrica Italiana Sintetici SpA                                              | CUSIP: 000000000<br>LEI: 8156004D7056C63EC525 | Long             | DBT              | CORP              | IT        |     263000 | PA      | $311111.03    | 0.02%             | 2027-08-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 6.347000 20-MAR-2034 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   13127003 | OU      | $4321.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PCF GMBH                                         | PCF GmbH                                                                         | CUSIP: 000000000<br>LEI: 5299001ZMR76CCHGY076 | Long             | DBT              | CORP              | DE        |     131300 | PA      | $118455.34    | 0.01%             | 2029-04-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                        | Apple Inc                                                                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     169738 | NS      | $43220386.94  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                           | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101465.93    | 0.01%             | 2030-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| FRESSNAPF HOLDING SE                             | Fressnapf Holding SE                                                             | CUSIP: 000000000<br>LEI: 529900NLSO3VLFW8JQ35 | Long             | DBT              | CORP              | DE        |     138000 | PA      | $164198.52    | 0.01%             | 2031-10-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MICROSOFT CORP                                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -34 | NC      | $-9333.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | SPDR GOLD SHARES                                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -2348 | NC      | $-650396.00   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC                               | Vodafone Group PLC                                                               | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      76000 | PA      | $80297.45     | 0.00%             | 2079-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DEEP INSTINCT ORDINARY                           | DEEP INSTINCT ORDINARY                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      52360 | NS      | $3141.60      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                            | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     200000 | PA      | $210435.12    | 0.01%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SOURCE GLOBAL PBC COMMON                         | SOURCE GLOBAL PBC COMMON                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       4243 | NS      | $339.44       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS BANK USA                           | Goldman Sachs Bank USA/New York NY                                               | CUSIP: 38151G5B3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | SN               | CORP              | US        |    2000000 | PA      | $2000000.00   | 0.12%             | 2030-09-12      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                | SWP: OIS 13.000000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   11361747 | OU      | $-20009.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                                       | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     325000 | PA      | $340318.01    | 0.02%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                          | Darling Ingredients Inc                                                          | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     263000 | PA      | $265514.54    | 0.02%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                   | TeamSystem SpA                                                                   | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |     125000 | PA      | $146918.68    | 0.01%             | 2032-07-01      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                             | LifePoint Health Inc                                                             | CUSIP: 53219LAY5<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |      78000 | PA      | $83125.24     | 0.01%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                            | HUB International Ltd                                                            | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     127000 | PA      | $126872.28    | 0.01%             | 2029-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| WOLFSPEED INC                                    | Wolfspeed Inc                                                                    | CUSIP: 977852AQ5<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |       3000 | PA      | $2739.73      | 0.00%             | 2031-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                        | Amgen Inc                                                                        | CUSIP: 031162CY4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    2025000 | PA      | $1228558.08   | 0.07%             | 2053-09-01      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | MONGODB INC                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         29 | NC      | $16530.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDR8<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      90000 | PA      | $87529.11     | 0.01%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | CRH PLC                                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |        -25 | NC      | $-7312.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TKC HOLDINGS INC                                 | TKC Holdings Inc                                                                 | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     290000 | PA      | $296985.23    | 0.02%             | 2029-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | META PLATFORMS INC                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-12870.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS                          | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAB6<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40470.52     | 0.00%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust    | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC                    | CUSIP: 466330AN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2114000 | PA      | $2116642.50   | 0.13%             | 2038-04-15      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| ENCORE ISSUANCES SA                              | Encore Issuances SA                                                              | CUSIP: 000000000<br>LEI: 529900AZGF6OODGSBY09 | Long             | DBT              | CORP              | LU        |      49014 | PA      | $56376.76     | 0.00%             | 2025-11-06      | Floating      | 12.05%                | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                         | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     231000 | PA      | $276315.88    | 0.02%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                 | UWM Holdings LLC                                                                 | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $99523.74     | 0.01%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                            | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |      72000 | PA      | $75089.17     | 0.00%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | WALT DISNEY CO/THE                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         65 | NC      | $21125.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     138000 | PA      | $137337.34    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TACKLE SARL                                      | Tackle SARL 2025 EUR Repriced Term Loan B2                                       | CUSIP: 000000000<br>LEI: 222100DLH8KKOD63ZQ23 | Long             | LON              | CORP              | LU        |     656250 | PA      | $772543.31    | 0.05%             | 2028-05-22      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd        | Taiwan Semiconductor Manufacturing Co Ltd                                        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     126557 | NS      | $35346104.53  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FNZ GROUP SERVICES LTD                           | FNZ Group Services Ltd 2024 GBP Term Loan B                                      | CUSIP: 30339HAC5<br>LEI: 254900MQTZKERVE6YB70 | Long             | LON              | CORP              | NZ        |    1000000 | PA      | $1075919.58   | 0.07%             | 2031-11-05      | Floating      | 9.97%                 | No            |                  2 | On Loan: No      |
| VOC Escrow Ltd                                   | VOC Escrow Ltd                                                                   | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     100000 | PA      | $99727.94     | 0.01%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                          | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      67000 | PA      | $69270.70     | 0.00%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO STOXX BANK DEC25                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        312 | NC      | $69846.81     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                         | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      67000 | PA      | $63899.68     | 0.00%             | 2029-03-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                | Polaris Newco LLC EUR Term Loan B                                                | CUSIP: 73108RAC2<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |     992248 | PA      | $1083135.09   | 0.07%             | 2028-06-02      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                            | Endo Finance Holdings Inc                                                        | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     248000 | PA      | $266071.51    | 0.02%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                               | Mattamy Group Corp                                                               | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $96515.19     | 0.01%             | 2030-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                              | Century Communities Inc                                                          | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100875.92    | 0.01%             | 2033-09-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK GREECE SA                          | National Bank of Greece SA                                                       | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | DBT              | CORP              | GR        |     246000 | PA      | $310701.86    | 0.02%             | 2035-06-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         94 | NC      | $190585.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OBOL FRANCE 3 SAS                                | Obol France 3 SAS 2024 EUR Term Loan B                                           | CUSIP: 000000000<br>LEI: 969500K3AWY66FOPOS97 | Long             | LON              | CORP              | FR        |    1000000 | PA      | $1151062.75   | 0.07%             | 2028-12-31      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                    | CoreWeave Inc                                                                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102487.90    | 0.01%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | INTEL CORP                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -724 | NC      | $-20634.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                         | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     200000 | PA      | $200355.80    | 0.01%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                          | Duke Energy Florida LLC                                                          | CUSIP: 26444HAK7<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1348336.25   | 0.08%             | 2031-12-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BOOKING HOLDINGS INC                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-56125.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ARDAGH METAL PACKAGING                           | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     200000 | PA      | $199951.76    | 0.01%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                                 | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    1264000 | PA      | $915359.73    | 0.06%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                       | Progress Residential 2022-SFR1 Trust                                             | CUSIP: 74333YAN8<br>LEI: 5493002EEQ4GX2578787 | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $1949203.40   | 0.12%             | 2041-02-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                    | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     130000 | PA      | $131461.58    | 0.01%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BANKINTER SA                                     | Bankinter SA                                                                     | CUSIP: 000000000<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | DBT              | CORP              | ES        |     200000 | PA      | $254954.02    | 0.02%             | 2028-08-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                               | Tricon Residential 2022-SFR1 Trust                                               | CUSIP: 89616QAF8<br>LEI: 549300Z2X1L1L3MID765 | Long             | ABS-O            | CORP              | US        |    1200000 | PA      | $1193628.36   | 0.07%             | 2039-04-17      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                         | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      95000 | PA      | $85941.20     | 0.01%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                                   | GoTo Group Inc 2024 Second Out Term Loan                                         | CUSIP: 38349FAD8<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |     114674 | PA      | $37326.36     | 0.00%             | 2028-04-28      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                         | Charles River Laboratories International Inc                                     | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |      42000 | PA      | $39773.99     | 0.00%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                             | SWP: OIS 10.025000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |   14157917 | OU      | $-289437.54   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                | Newell Brands Inc                                                                | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     168000 | PA      | $166453.49    | 0.01%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ILIAD SA                                         | iliad SA                                                                         | CUSIP: 000000000<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |     300000 | PA      | $354127.25    | 0.02%             | 2032-01-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TAG IMMOBILIEN AG                                | TAG Immobilien AG                                                                | CUSIP: 000000000<br>LEI: 529900TAE68USJNXLR59 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $122692.39    | 0.01%             | 2031-03-11      | Fixed         | 0.63%                 | No            |                  1 | On Loan: No      |
| LUNA 2 5SARL                                     | Luna 2 5SARL                                                                     | CUSIP: 000000000<br>LEI: 894500N8J2QVEYP0UI86 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $119444.76    | 0.01%             | 2032-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 54 Ltd               | Octagon 54 Ltd                                                                   | CUSIP: 67577FAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1499897.55   | 0.09%             | 2034-07-15      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | NEXTERA ENERGY INC                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -50 | NC      | $-2300.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                         | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     161000 | PA      | $160910.08    | 0.01%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                   | NCR Atleos Corp                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     478000 | PA      | $517445.52    | 0.03%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                    | CUSIP: 17292GAT2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | SN               | CORP              | US        |    2000000 | PA      | $2000000.00   | 0.12%             | 2030-09-09      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| National Grid PLC                                | National Grid PLC                                                                | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     930323 | NS      | $13367494.69  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | SPDR GOLD SHARES                                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -1565 | NC      | $-346647.50   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK INC                                        | Block Inc                                                                        | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     123000 | PA      | $124620.89    | 0.01%             | 2030-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | APPLE INC                                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         97 | NC      | $231587.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Starz Entertainment Corp                         | Starz Entertainment Corp                                                         | CUSIP: 855919106<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | CA        |       1506 | NS      | $22183.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IPD 3 BV                                         | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |     282000 | PA      | $336222.25    | 0.02%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 4.169300 23-OCT-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    9509300 | OU      | $54664.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                   | SWAP/CDSWAP/CDS: (ITRAXX.XO.42 10-20%)                                           | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DCR              |  | DE        |     310000 | OU      | $23468.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     360000 | PA      | $332914.25    | 0.02%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BRACKEN MIDCO ONE                                | Bracken MidCo1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800AFGHKES7J58805 | Long             | DBT              | CORP              | GB        |     123000 | PA      | $164774.51    | 0.01%             | 2027-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | APOLLO GLOBAL MANAGEMENT INC                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-1625.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HOWDEN UK REFINANCE / US                         | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC    | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     200000 | PA      | $205914.20    | 0.01%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                             | Tencent Holdings Ltd                                                             | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |       3110 | NS      | $265001.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | LIVE NATION ENTERTAINMENT INC                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -23 | NC      | $-1265.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                              | Delta Air Lines Inc                                                              | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     127300 | NS      | $7224275.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TEYA SERVICES LTD                                | TEYA SERVICES LTD                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |        566 | NS      | $185166.90    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 4.212000 27-OCT-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   18989400 | OU      | $119043.87    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | META PLATFORMS INC                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -39 | NC      | $-23302.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BUBBLES BIDCO SPA                                | Bubbles Bidco SPA                                                                | CUSIP: 000000000<br>LEI: 815600073942740CEB24 | Long             | DBT              | CORP              | IT        |     241000 | PA      | $289803.17    | 0.02%             | 2031-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                      | Avient Corp                                                                      | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101552.35    | 0.01%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                             | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    5331397 | OU      | $7366.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                               | CP Atlas Buyer Inc                                                               | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |     182000 | PA      | $190608.60    | 0.01%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TACKLE SARL                                      | TACKLE SARL 2025 EUR Add-On TERM LOAN                                            | CUSIP: 000000000<br>LEI: 222100DLH8KKOD63ZQ23 | Long             | LON              | CORP              | LU        |     593750 | PA      | $697963.95    | 0.04%             | 2028-05-22      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR ULTRA FUT DEC25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -356 | NC      | $-579094.52   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                         | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |     200000 | PA      | $212178.80    | 0.01%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                   | TRSWAP: USHY US EQUITY                                                           | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DE               |  | US        |    2581438 | OU      | $-4194.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                             | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     119000 | PA      | $105692.25    | 0.01%             | 2031-10-24      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                   | NRG Energy Inc                                                                   | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     292000 | PA      | $269961.15    | 0.02%             | 2031-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                      | Wayfair LLC                                                                      | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103104.07    | 0.01%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                     | Fibercop SpA                                                                     | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $119252.90    | 0.01%             | 2030-06-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ireland Government Bonds                         | Ireland Government Bonds                                                         | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |    5800000 | PA      | $6621688.00   | 0.40%             | 2034-10-18      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Coreweave Compute Acquisition Co II LLC          | Coreweave Compute Acquisition Co II LLC Delayed Draw Term Loan                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5262775 | PA      | $5236461.13   | 0.32%             | 2028-07-31      | Floating      | 14.81%                | No            |                  3 | On Loan: No      |
| TRONOX INC                                       | Tronox Inc                                                                       | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |     454000 | PA      | $296120.00    | 0.02%             | 2029-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VERSA NETWORKS INC                               | VERSA NETWORKS INC                                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     195273 | NS      | $933404.94    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-5531.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |          1 | NC      | $-267556.65   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Belron UK Finance PLC                            | Belron UK Finance PLC 2024 EUR Incremental Term Loan B                           | CUSIP: 08078UAL7<br>LEI: 9845006BC9D1A77B8178 | Long             | LON              | CORP              | GB        |    1325301 | PA      | $1560560.63   | 0.09%             | 2031-10-16      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                  | Contego CLO VII DAC                                                              | CUSIP: 000000000<br>LEI: 549300HTBV5M1YNUW859 | Long             | ABS-CBDO         | CORP              | IE        |     290000 | PA      | $344288.15    | 0.02%             | 2038-01-23      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Henley Funding Ltd.                              | Henley CLO XII DAC                                                               | CUSIP: 000000000<br>LEI: 635400SQELBB2FR6QN30 | Long             | ABS-CBDO         | CORP              | IE        |     220000 | PA      | $261937.21    | 0.02%             | 2038-01-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: USD 4.098500 30-MAY-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   15272212 | OU      | $142430.43    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: USD 3.270000 05-FEB-2028 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   11932500 | OU      | $-2828.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Volta Trucks                                     | Volta Trucks                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SE        |       2492 | NS      | $0.02         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MAYA SAS/FRANCE                                  | Maya SAS/Paris France                                                            | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $203960.80    | 0.01%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                              | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     100000 | PA      | $114141.73    | 0.01%             | 2029-07-06      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |          1 | NC      | $-1199.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                            | Qnity Electronics Inc                                                            | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |      57000 | PA      | $57434.73     | 0.00%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XEU6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    2575000 | PA      | $2658980.66   | 0.16%             | 2029-07-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                         | Graphic Packaging International LLC                                              | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101546.70    | 0.01%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE LUFTHANSA AG                            | Deutsche Lufthansa AG                                                            | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | DBT              | CORP              | DE        |     500000 | PA      | $605732.80    | 0.04%             | 2055-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                       | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104449.30    | 0.01%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                         | Sappi Papier Holding GmbH                                                        | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |     152000 | PA      | $176038.69    | 0.01%             | 2032-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                          | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | GB        |          1 | NC      | $-1405.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                  | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     149000 | PA      | $140823.10    | 0.01%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                           | Cogent Communications Group LLC / Cogent Finance Inc                             | CUSIP: 19240WAB5<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97148.55     | 0.01%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CRH PLC                                          | CRH PLC                                                                          | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     133231 | NS      | $15974396.90  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 4.300000 24-APR-2026 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   15182296 | OU      | $31058.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TUI CRUISES GMBH                                 | TUI Cruises GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900SVD83QUUIZYY18 | Long             | DBT              | CORP              | DE        |     108000 | PA      | $130181.56    | 0.01%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                   | Eli Lilly & Co                                                                   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      34490 | NS      | $26315870.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| FIBERCOP SPA                                     | Fibercop SpA                                                                     | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $119331.99    | 0.01%             | 2032-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | APOLLO GLOBAL MANAGEMENT INC                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-3575.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ALBION FINANCING 1SARL /                         | Albion Financing 1 SARL / Aggreko Holdings Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     186000 | PA      | $226533.63    | 0.01%             | 2030-05-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | CIRCLE INTERNET GROUP INC                                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -129 | NC      | $-19285.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NOVELIS CORP                                     | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     187000 | PA      | $180205.36    | 0.01%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                         | Ford Motor Credit Co LLC                                                         | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    1915000 | PA      | $1913363.50   | 0.12%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                          | Nationwide Building Society                                                      | CUSIP: 000000000<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $267634.99    | 0.02%             | 2027-06-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                | INEOS Finance PLC                                                                | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $194579.48    | 0.01%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co                                                              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      60882 | NS      | $19204009.26  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                   | Amazon.com Inc                                                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     104579 | NS      | $22962411.03  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | MCKESSON CORP                                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-2500.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                            | Schneider Electric SE                                                            | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      62857 | NS      | $17692503.08  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CLARIFY HEALTH                                   | CLARIFY HEALTH                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     318926 | NS      | $959967.26    | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                           | MICRON TECHNOLOGY INC                                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -17 | NC      | $-43477.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Tikehau                                          | Tikehau CLO XII DAC                                                              | CUSIP: 000000000<br>LEI: 635400XEDWHMLUXZJY76 | Long             | ABS-CBDO         | CORP              | IE        |     380000 | PA      | $448396.22    | 0.03%             | 2038-10-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| ION TRADING FINANCE LIMITED                      | ION Trading Finance Limited 2025 EUR Term Loan B                                 | CUSIP: 000000000<br>LEI: 2138006ZTGCXJPF5GD07 | Long             | LON              | CORP              | IE        |    1000000 | PA      | $1169647.97   | 0.07%             | 2028-04-01      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| DEEPOCEAN LTD                                    | Deepocean Ltd                                                                    | CUSIP: 000000000<br>LEI: 213800OYKN2J6ZFIFU40 | Long             | DBT              | CORP              | JE        |     100000 | PA      | $118991.19    | 0.01%             | 2031-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEEP INSTINCT LTD                                | DEEP INSTINCT LTD                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IL        |      36915 | NS      | $369.15       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $104595.10    | 0.01%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CITYCON TREASURY BV                              | Citycon Treasury BV                                                              | CUSIP: 000000000<br>LEI: 549300WAE0CGQ0IE1H63 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $118057.73    | 0.01%             | 2031-07-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                              | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     386000 | PA      | $473529.76    | 0.03%             | 2032-07-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                           | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |      93000 | PA      | $93838.89     | 0.01%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                         | Liberty Mutual Group Inc                                                         | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |      60000 | PA      | $58931.59     | 0.00%             | 2051-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 3.750000 09-JUL-2035 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2730564 | OU      | $19263.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | META PLATFORMS INC                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -13 | NC      | $-10855.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PARAMOUNT GLOBAL                                 | Paramount Global                                                                 | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     400000 | PA      | $394272.00    | 0.02%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                              | Coinbase Global Inc                                                              | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |        796 | NS      | $268642.04    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $-7787.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | SPDR S+P REGIONAL BANKING ETF                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -269 | NC      | $-8339.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | ALPHABET INC                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -50 | NC      | $-196500.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                           | SPDR S+P 500 ETF TRUST                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        117 | NC      | $52357.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BANK AG                                 | Deutsche Bank AG                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     200000 | PA      | $247724.69    | 0.02%             | 2030-10-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                  | United Group BV                                                                  | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |     104000 | PA      | $123644.50    | 0.01%             | 2031-10-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hambridge Euro CLO DAC                           | Hambridge Euro Clo 1 DAC                                                         | CUSIP: 000000000<br>LEI: 635400P8G4JAUUUQGV26 | Long             | ABS-CBDO         | CORP              | IE        |     210000 | PA      | $246550.64    | 0.01%             | 2038-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                         | Builders FirstSource Inc                                                         | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     200000 | PA      | $208826.51    | 0.01%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                         | Encore Capital Group Inc                                                         | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |     200000 | PA      | $211032.00    | 0.01%             | 2029-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                                    | RCI Banque SA                                                                    | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $234692.73    | 0.01%             | 2030-09-24      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                     | ING Groep NV                                                                     | CUSIP: 456837AY9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $191741.08    | 0.01%             | 2027-05-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED USD / SOLD TWD                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |          1 | NC      | $310879.56    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MEHILAINEN YHTIOT OY                             | Mehilainen Yhtiot Oy                                                             | CUSIP: 000000000<br>LEI: 2138006X78HGYRHS5865 | Long             | DBT              | CORP              | FI        |     162000 | PA      | $194230.29    | 0.01%             | 2032-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: USD 3.870000 05-FEB-2028 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   11932500 | OU      | $139503.80    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CD&R FIREFLY BIDCO LTD                           | CD&R Firefly Bidco PLC                                                           | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $141299.52    | 0.01%             | 2029-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                       | BYD Co Ltd                                                                       | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     567000 | NS      | $8014362.47   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| APCOA HOLDINGS GMBH                              | APCOA Group GmbH/Germany                                                         | CUSIP: 000000000<br>LEI: 529900H8FIYAOV5FUW68 | Long             | DBT              | CORP              | DE        |     315000 | PA      | $372211.72    | 0.02%             | 2031-04-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Gracechurch Mortgage Finance Plc                 | Grace Trust 2020-GRCE                                                            | CUSIP: 38406JAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1745126.80   | 0.11%             | 2040-12-10      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp                       | Capital One Financial Corp                                                       | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      61492 | NS      | $13071969.36  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| METHANEX US OPERATIONS                           | Methanex US Operations Inc                                                       | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     133000 | PA      | $135323.24    | 0.01%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                        | Forvia SE                                                                        | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |     360000 | PA      | $434557.30    | 0.03%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIQUE PUB FINANCE CO                            | Unique Pub Finance Co PLC/The                                                    | CUSIP: 000000000<br>LEI: 213800FOMWLKHQTI5562 | Long             | DBT              | CORP              | GB        |     302457 | PA      | $424565.97    | 0.03%             | 2032-03-30      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| ADLER PELZER HLDG GMBH                           | Adler Pelzer Holding GmbH                                                        | CUSIP: 000000000<br>LEI: 984500950ABB2CB7E742 | Long             | DBT              | CORP              | DE        |     177000 | PA      | $197673.97    | 0.01%             | 2027-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NEXI SPA                                         | Nexi SpA                                                                         | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | DBT              | CORP              | IT        |     200000 | PA      | $215003.80    | 0.01%             | 2028-02-24      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| FLYR SERIES D X WRNT 12/31/49                    | FLYR SERIES D X WRNT 12/31/49                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       5576 | NS      | $0.06         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                          | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    1301000 | PA      | $1298147.13   | 0.08%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Mill City Solar Loan Ltd.                        | Mill City Solar Loan 2019-1 Ltd                                                  | CUSIP: 59982WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     988619 | PA      | $743804.84    | 0.05%             | 2043-03-20      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                   | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      83000 | PA      | $89506.54     | 0.01%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                                   | Eaton Corp PLC                                                                   | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      16339 | NS      | $6114870.75   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| RCI BANQUE SA                                    | RCI Banque SA                                                                    | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |     600000 | PA      | $740978.36    | 0.04%             | 2034-10-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Confluent Inc                                    | Confluent Inc                                                                    | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |     169815 | NS      | $3362337.00   | 0.20%             |  |  |  | No            |                  1 | 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        |     243000 | PA      | $214145.23    | 0.01%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DAVIDSON HOMES PREF EQIUTY/PFD                   | DAVIDSON HOMES PREF EQIUTY/PFD                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       7258 | NS      | $7876962.24   | 0.48%             |  |  |  | No            |                  3 | On Loan: No      |
| AFFLELOU SAS                                     | Afflelou SAS                                                                     | CUSIP: 000000000<br>LEI: 969500I7CS80FNB7CZ43 | Long             | DBT              | CORP              | FR        |     299000 | PA      | $366172.88    | 0.02%             | 2029-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                              | Go Daddy Operating Co LLC / GD Finance Co Inc                                    | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      78000 | PA      | $73903.17     | 0.00%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | SPDR GOLD SHARES                                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -488 | NC      | $-34160.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GoTo Group Inc                                   | GoTo Group Inc 2024 First Out Term Loan                                          | CUSIP: 38349FAC0<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |     149620 | PA      | $126179.25    | 0.01%             | 2028-04-28      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | COSTCO WHOLESALE CORP                                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         -5 | NC      | $-407.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | JP        |          1 | NC      | $-550.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                               | Sunrise FinCo I BV                                                               | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |     780000 | PA      | $743067.00    | 0.05%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-393.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HEATHROW FINANCE PLC                             | Heathrow Finance PLC                                                             | CUSIP: 000000000<br>LEI: 549300F740QSGMPHQJ60 | Long             | DBT              | CORP              | GB        |     756000 | PA      | $1021608.84   | 0.06%             | 2031-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                           | BOSTON SCIENTIFIC CORP                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -41 | NC      | $-8917.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** BlackRock ESG Capital Allocation Term Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer